Studying online

There are now 2 possible online modes for units:

Units with modes Online timetabled and Online flexible are available for any student to self-enrol and study online.

Click on an offering mode for more details.

Unit Overview


This unit provides students with a solid understanding of the quantitative techniques and methods used in the oil and gas industry for decision making under conditions of risk and uncertainty. The unit focuses on practical techniques in real-life petroleum industry situations. Using industry case studies, the unit covers applications of risk analysis in the oil and gas industry; basic probability and statistics concepts; risk-taking managers; methods for information gathering; decision theory; decision tree analysis; utility theory and Bayesian methods; value of information (perfect and imperfect); deterministic and stochastic models (Monte Carlo simulation); portfolio management models and applications; basic real options analysis concepts; expected value concept; influence diagrams; prospect evaluation decisions; and oil and gas reserves booking guidelines.

6 points

Students are able to (1) understand the key elements of the typical decision-making process; (2) analyse complex industry scenarios, distinguish between the various types of decisions involved and decide on the appropriate tool for each type; (3) understand Decision Tree Theory and the Monte Carlo simulation techniques; and (4) draw insights and extract relevant conclusions for management from their decision models and apply the acquired skills to all aspects of petroleum exploration and production as well as business planning and corporate processes.


Indicative assessments in this unit are as follows: (1) assignments; (2) a case study; and (3) a final examination. Further information is available in the unit outline.

Student may be offered supplementary assessment in this unit if they meet the eligibility criteria.

Unit Coordinator(s)
Dr Brendan Graham
  • The availability of units in Semester 1, 2, etc. was correct at the time of publication but may be subject to change.
  • All students are responsible for identifying when they need assistance to improve their academic learning, research, English language and numeracy skills; seeking out the services and resources available to help them; and applying what they learn. Students are encouraged to register for free online support through GETSmart; to help themselves to the extensive range of resources on UWA's STUDYSmarter website; and to participate in WRITESmart and (ma+hs)Smart drop-ins and workshops.
  • Unit readings, including any essential textbooks, are listed in the unit outline for each unit, one week prior the commencement of study. The unit outline will be available via the LMS and the UWA Handbook one week prior the commencement of study. Reading lists and essential textbooks are subject to change each semester. Information on essential textbooks will also be made available on the Essential Textbooks. This website is updated regularly in the lead up to semester so content may change. It is recommended that students purchase essential textbooks for convenience due to the frequency with which they will be required during the unit. A limited number of textbooks will be made available from the Library in print and will also be made available online wherever possible. Essential textbooks can be purchased from the commercial vendors to secure the best deal. The Student Guild can provide assistance on where to purchase books if required. Books can be purchased second hand at the Guild Secondhand bookshop (second floor, Guild Village), which is located on campus.
  • Contact hours provide an indication of the type and extent of in-class activities this unit may contain. The total amount of student work (including contact hours, assessment time, and self-study) will approximate 150 hours per 6 credit points.