How to Make Better Decisions. Examples from Exploration

Language: English

Published by GRIN Verlag, GRIN Verlag Dez 2021, 2021

3346545989 / 9783346545985

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Seller: BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, GermanyBuchWeltWeit Ludwig Meier e.K.

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This item is printed on demand - it takes 3-4 days longer - Neuware -Scientific Essay from the year 2014 in the subject Psychology - Industrial and organizational psychology, grade: A, , language: English, abstract: Good decision-making creates value for a company. The decision to drill in the right place (or not) has strong economic repercussions. Moreover, the human approach to decision-making can be flawed. Many of the common flaws in decision-making are related to heuristic factors; that is, by human ways of thinking and drawing conclusions. These factors can negatively impact the outcomes of an exploration program. This paper gives examples of cases in which geoscientific reasoning can lead to pitfalls, and explores why this is so. The paper then discusses the merits of the multiple working hypotheses (MWH) concept as an aid to harnessing seemingly contradictory data relating to several, often mutually exclusive, interpretations or scenarios. A simple method using a spreadsheet and decision-tree analysis is proposed to quantify the outcomes of multiple scenarios. The method is illustrated by a subsurface example in which two possible interpretations, reef versus volcano, are considered. An outlook of Bayesian statistics and other methods is included. 24 pp. Englisch.…

Seller Inventory # 9783346545985

Title
How to Make Better Decisions. Examples from Exploration
Author
Bernhard Seubert
Publisher
GRIN Verlag, GRIN Verlag Dez 2021
Publication year
2021
Condition
Neu
Binding
Taschenbuch
Language
English
ISBN 10
3346545989
ISBN 13
9783346545985
Item weight
51 grams
Dimensions
210x148x3 mm

BuchWeltWeit Ludwig Meier e.K.

Bergisch Gladbach, Germany

5-star seller

AbeBooks seller since January 11, 2012

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BuchWeltWeit Ludwig Meier e.K.

Germany