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On the diffusion of probabilistic investment appraisal and decision-making procedures in the UK's upstream oil and gas industry

Finch, J.H. and Macmillan, F. and Simpson, G. (2002) On the diffusion of probabilistic investment appraisal and decision-making procedures in the UK's upstream oil and gas industry. Research Policy, 31 (6). pp. 969-988. ISSN 0048-7333

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Abstract

A critical activity for companies involved in the upstream oil and gas industry is deciding whether or not to invest in developing hydrocarbon prospects. Decisions are characterised by combinations of uncertainty and incomplete information assembled by professionals with different, but highly complementary areas of expertise. This paper presents evidence of variation among companies in the industry in the extent to which formal appraisal and decision-making procedures are adopted, and, where adopted, in the manner of application. An explanation is set out in which the importance of senior managers' attitudes is tempered by limits to the adaptability of organisational routines, of which appraisal and decision-making processes are prominent.

Item type: Article
ID code: 9184
Keywords: Investment appraisal procedures, Upstream oil and gas industry, Organisational routines, Uncertainty, Monte Carlo simulation, Marketing. Distribution of products, Technology (General), Social Sciences (General), Industries. Land use. Labor, Strategy and Management, Management Science and Operations Research, Engineering(all), Management of Technology and Innovation
Subjects: Social Sciences > Commerce > Marketing. Distribution of products
Technology > Technology (General)
Social Sciences > Social Sciences (General)
Social Sciences > Industries. Land use. Labor
Department: Strathclyde Business School > Marketing
Faculty of Humanities and Social Sciences (HaSS) > School of Psychological Science and Health > Physical Activity for Health
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Depositing user: Strathprints Administrator
Date Deposited: 03 Dec 2009 14:37
Last modified: 04 Sep 2014 19:05
URI: http://strathprints.strath.ac.uk/id/eprint/9184

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