Project Management in the Oil Industry
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This paper explores the use of project management in the oil industry and how, if used properly, it may give a company an edge in a very competitive market. Various aspects and approaches to project management are described, especially as they apply to the oil industry. These include planning and the use of information technology. Additionally, the paper highlights the importance of goals in project management and how they may differ depending on whether a company is in the production or engineering end of this industry. The paper concludes by stating that oil producing companies are seeking high-return, well-managed projects which will justify the large investments made in this field.
From the Paper:"The use of quantitative decision analysis as a tool of project management has been in wide use in the oil exploration industry for more than two and a half decades. This is because the risks and rewards related to the oil industry are comparatively higher than in other industries. Moreover, only large companies like petroleum companies could afford to invest in appropriately complex computer hardware and software at a time when these were relatively unaffordable and inaccessible for smaller companies. Proper project management culminating in the discovery of an extremely productive oil field was worth many hundred million dollars justifying the investment in project management tools and techniques."
Sample of Sources Used:
- Barkley, Bruce T. Integrated Project Management. McGraw-Hill Professional, 2006.
- Braunschweig, Bertrand; Day, Ron. Artificial Intelligence in the Petroleum Industry: Symbolic and Computational Applications. TECHNIP. 1995.
- Canadian Standards Association. Product details consists of Z662-07, Oil and Gas Pipeline Systems. 2004. <http://www.csa-intl.org/onlinestore/GetCatalogItemDetails.asp?mat=2019238>
- Cleland, David I; Gareis, Roland. Global Project Management Handbook: Planning, Organizing, and Controlling International Projects. McGraw-Hill Professional, 2006.
- Cook, Steve. Best practices in program and project management. Offshore Magazine, vol. 65, no. 10. October 2005. pp: 17-21.
Cite this Research Paper:
Project Management in the Oil Industry (2010, October 05) Retrieved January 27, 2021, from https://www.academon.com/research-paper/project-management-in-the-oil-industry-144781/
"Project Management in the Oil Industry" 05 October 2010. Web. 27 January. 2021. <https://www.academon.com/research-paper/project-management-in-the-oil-industry-144781/>