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Open Access research with a European policy impact...

The Strathprints institutional repository is a digital archive of University of Strathclyde's Open Access research outputs. Strathprints provides access to thousands of Open Access research papers by Strathclyde researchers, including by researchers from the European Policies Research Centre (EPRC).

EPRC is a leading institute in Europe for comparative research on public policy, with a particular focus on regional development policies. Spanning 30 European countries, EPRC research programmes have a strong emphasis on applied research and knowledge exchange, including the provision of policy advice to EU institutions and national and sub-national government authorities throughout Europe.

Explore research outputs by the European Policies Research Centre...

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.