Drilling Risk Assessment
The Rapid Response Institute developed its Project Management Simulation Solution to address the pressing needs of the engineering and construction industry and their clients. This methodology provides a robust fully integrated approach that adds significant value to firms faced with the changing dynamics of the global marketplace.
According to one source—“The most dramatic example comes from billion-dollar class projects, which have experienced an average cost overrun of more than 40% over the last decade.” Moreover, personnel and material shortages demand new ways of managing large complex global projects if the industry is to be more successful than it has been in the past. In an earlier study principals at The Rapid Response Institute determined that up to 50% saving can be attributed to advanced integrated project management techniques that include scenario simulations.
Working with a Super Independent oil & gas operator, the firm developed a drilling risk assessment module of its overall project simulation process. The purpose of this solution was to conduct “What If” financial assessments prior to CAPEX commitments for expensive and challenging oil and gas wells.
With today’s personnel and capital constraints it is more important than ever to maximize operational performance. Cost savings exceed 18% using this process simulation model.
For more information check out the video.