Mitigating Bias, Blindness and Illusion in E&P Decision Making

Course Description

Mitigating Bias, Blindness and Illusion in E&P Decision Making

This event will be held virtually.
Course information will be sent via email upon registration
May 9 - May 12 8:00AM - 12:00PM (GMT-5)

USD $1,475.00

Decisions in E&P ventures are affected by Bias, Blindness, and Illusion (BBI) which permeate our analyses, interpretations and decisions. This two-day course examines the influence of these cognitive pitfalls and presents techniques that can be used to mitigate their impact. Bias refers to errors in thinking whereby interpretations and judgments are drawn in an illogical fashion. Blindness is the condition where we fail to see an unexpected event in plain sight. Illusion refers to misleading beliefs based on a false impression of reality. All three can lead to poor decisions regarding which work to undertake, what issues to focus on, and whether to forge ahead or walk away from a project.

This course begins by examining the types of BBI that affect us. Awareness exercises, videos, examples, and mitigation exercises help illustrate how these manifest themselves and how we can lessen their impact. We then address their role in the oil and gas industry by presenting case studies that show their impact on decision-making and asking course participants to identify what types of cognitive errors contributed to project outcomes. This is followed by a real-world exercise using project data to give participants practice in addressing and mitigating BBI in their technical work. The course concludes by presenting a mitigation ‘toolkit’ that can be applied to project work.

Course Description Link

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