Decision Networks—A Simplified Application to North Sea Oil

Abstract

Decision networks are a network presentation of dynamic and Markov programming problems. The technique is particularly useful in identifying preferred decisions, from a range of possible decisions, in sequential decision making formulations of a given problem. The technique is introduced by considering an aggregate stock control problem and then applied to an extraction rate problem facing oil companies exploiting North Sea oil reserves.

Citation

Bestwick, P.F. and Sadjadi, J. (1978), "Decision Networks—A Simplified Application to North Sea Oil", Managerial Finance, Vol. 4 No. 3, pp. 235-251. https://doi.org/10.1108/eb013427