Changes

* Geotechnical personnel must operate using the risk preferences of the management or client, not their own personal risk preferences. For example, if a firm is seeking only near-certain development well opportunities, the development geologist should be cautious in generating risky edge wells or new zone ventures.

* Geotechnical personnel must operate using the risk preferences of the management or client, not their own personal risk preferences. For example, if a firm is seeking only near-certain development well opportunities, the development geologist should be cautious in generating risky edge wells or new zone ventures.

* Constant use of the expected value concept as a benchmark is of considerable help.

* Constant use of the expected value concept as a benchmark is of considerable help. Usage of [http://www.buythesisonline.org/thesis-help.php thesis help] can also be advantageous when you entrust professionals execution of your documentation and assets. 

* Risk aversion commonly operates when decision makers fear criticism or loss of position. Here the most common consequence is that the firm will not participate in highly imaginative or controversial projects, many of which have substantial reserve potential, preferring instead those that are orthodox in concept and execution—and commonly mediocre in results!

* Risk aversion commonly operates when decision makers fear criticism or loss of position. Here the most common consequence is that the firm will not participate in highly imaginative or controversial projects, many of which have substantial reserve potential, preferring instead those that are orthodox in concept and execution—and commonly mediocre in results!

* Hidden hurdles—overly conservative parameters within the economic evaluation process and ordinarily not readily perceived by geotechnical professionals—tend to screen out many projects from consideration, often for the wrong reasons and often counterproductively. Good examples of hidden hurdles include (a) unrealistically high DCFROR or corporate discount rates, (b) overly cautious cost estimates, and (c) overly pessimistic wellhead price forecasts.

* Hidden hurdles—overly conservative parameters within the economic evaluation process and ordinarily not readily perceived by geotechnical professionals—tend to screen out many projects from consideration, often for the wrong reasons and often counterproductively. Good examples of hidden hurdles include (a) unrealistically high DCFROR or corporate discount rates, (b) overly cautious cost estimates, and (c) overly pessimistic wellhead price forecasts.