A Project Management Institute, Inc. (PMI)®Registered Training Course
The 10-Day Advanced Project Economics & Performance Management for Oil & Gas Professionals
Managing Uncertainty and Value-driven Metrics to
Improve Project Performance
Course Overview
This 10-Day Advanced Project Economics & Performance Management for Oil & Gas Professionals training course addresses the need for professionals in the Oil & Gas industry to manage and control projects. An in-depth treatment of project uncertainty enables delegates to tackle the economic challenges facing the petroleum industry and use effective risk planning and management techniques to support effective decision-making. This ability to control projects is further enhanced through the establishment of effective project governance systems to establish key performance indicators and measure project progress.
Key highlights of this GLOMACS training course are:
- Identification of the stages required in the risk analysis process, i.e., preparing, modeling, and running risk analysis
- Development of the risk model, assessing probabilities to various variables, risk analysis, and explore the impact of uncertain variables
- Enable the participants to perform quantitative risk management techniques and conduct data-driven decision-making using probabilistic profitability indicators
- Exploration of the concept of value and value-driven project management
- Definition of key performance indicators, metrics and reporting dashboards
- Examination of effective governance mechanisms to support planning, execution (change) and performance management
- Application of core planning techniques
Modules
This training course is split into two modules:
Module I - Advanced Project Economics, Risk & Decision Analysis
Module II - Project Performance Measurement and Management
Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a 2-week training course.
Training Outline
Module 1: Advanced Project Economics, Risk & Decision Analysis
DAY 1: Development Economics
- A brief history of energy usage
- Principles of development economics
- Understanding of economic terms
- Inflation and its impact on nominal & real cashflows
- Project financing
DAY 2: Uncertainty in Investments
- Handling uncertainty in capital projects
- Understanding probability concepts
- The expected value concept: features and pitfalls
- Expected Monetary Value (EMV)
- Expected Profitability Index (EPI)
- Expected Opportunity Loss (EOL)
DAY 3: Risks and Uncertainties
- Risk & uncertainty
- Risk aversion and risk premium
- Exploration project threats and opportunities
- Economic decision criteria
- Decision tree analysis
- Probability distribution
- Monte Carlo simulation
DAY 4: Setting-up Spreadsheet Calculations Using Excel
- Spreadsheet Calculations
- Cashflow analysis
- Sensitivity analysis calculations
- Tornado diagrams
- Introduction to Monte Carlo simulations using @Risk
DAY 5: Practical Use of the @Risk add-on
- Developing an integrated economic model
- Developing and using an @Risk Model Analysis
- Project sensitivity analysis utilizing data from @Risk Model
- Training course final review and close
Module 2: Project Performance Measurement and Management
DAY 6: Building Projects for Success
- Project Definitions and Characteristics
- The Fundamentals of Project Management
- The Importance of Understanding Project Context and Environment
- Defining Project Scope
- Establishing Project Commercial Viability
DAY 7: Planning Projects for Effective Performance Measurement and Management
- The Project Planning, Organising, Implementing, and Controlling Sequence
- Developing Work and Cost Breakdown Structures
- Project Management Roles and Responsibilities
- Project Time and Cost Estimating Techniques
- Project Schedule Development and Analysis
DAY 8: Monitoring, Measuring, and Managing Project Performance
- Setting up Project Control Systems
- Selecting Appropriate Key Performance Indicators
- Monitoring Performance through Earned Value Management
- Project Progress Measurement and Analysis
- Controlling Project Handover to Operations
DAY 9: Maintaining Project Performance through Effective Risk Management
- Risk Management Planning
- Risk Identification
- Risk Analysis
- Risk Response Planning
- Risk Control and Closure
DAY 10: Project Team Building and Stakeholder Management
- The Team Development Cycle
- Building Effective Project Teams
- The Difference between Leadership and Management
- The Keys to Effective Influence
- Managing Stakeholders and Stakeholder Expectations
Certificates
- On successful completion of this training course, GLOMACS Certificate with eligible Continuing Professional Education credits (CPE) from National Registry of CPE Sponsor and Professional Development Units (PDUs) / Contact Hours from Project Management Institute (PMI®), will be awarded to the delegates
Accreditation
GLOMACS is proud to be an Authorized Training Partner (ATP No. 2759) with PMI®. As an ATP, GLOMACS is authorized to issue applicable Professional Development Units (PDUs) and Educational Contact Hours to participants of any of its PMI® approved training courses for PMI® Certification and Re-Certification.
GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.
Providers and Associations
About Saudi Glomacs
At Saudi GLOMACS, we specialize in delivering world-class training courses in Saudi Arabia and across various international locations. Our training courses are tailored to meet the unique demands of Saudi Vision 2030 and the Human Capability Development Program, focusing on empowering Saudi citizens and enhancing workforce skills. We offer diverse courses spanning leadership, management, engineering, and technical disciplines to cultivate expertise and drive professional growth. Our flexible learning options—whether in-person, online, or in-house—ensure accessibility and convenience for individuals and organizations alike.
With over 30+ years of experience through the GLOMACS global network, we are committed to delivering innovative, results-driven training solutions. Our expert instructors combine industry knowledge with dynamic teaching methods, fostering practical skill development and long-term career success. By choosing Saudi GLOMACS, you're investing in personal excellence and contributing to the Kingdom’s sustainable economic growth and vision-driven transformation.
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