PEEN4001 Petroleum Project Management & Decision Analysis Report

This assignment solution provides a comprehensive analysis of petroleum project management and decision analysis, addressing key aspects such as project management tools and techniques, cash flow analysis, and critical path method. The report begins by identifying and discussing five key project management tools, including network diagrams, the critical path method, PERT charts, Gantt charts, and work breakdown structures. It also explores essential project management techniques like stakeholder matrices, brainstorming, decision trees, SWOT analysis, and RACI matrices. The assignment further examines the effect of a hypothetical scenario on cash flow, utilizing a decision tree to illustrate potential outcomes. Additionally, the report includes a network diagram and computations to determine the critical path, minimum project time, and the impact of fast-tracking specific activities. The analysis encompasses various aspects of petroleum project management, offering insights into effective decision-making and project execution strategies. Desklib provides access to similar solved assignments and past papers for students.

Running head: PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
Petroleum Project Management & Decision Analysis
Name of the Student
Name of the University
Author note

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PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
Table of Contents
1. Question 1....................................................................................................................................2
1.1 Key project management tools..............................................................................................2
1.2 Key project management techniques.....................................................................................2
2. Question 2....................................................................................................................................3
2.1 Effect on cash flow................................................................................................................3
3. Question 3....................................................................................................................................0
3.1. Network Diagram.................................................................................................................0
3.2. Computing............................................................................................................................0
3.3. Activities in Critical Path......................................................................................................1
3.4. Minimum time......................................................................................................................1
3.5. Activity G.............................................................................................................................1

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PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
1. Question 1
1.1 Key project management tools
Network diagrams: It is one of the recommended tool for the project planning that
presents a visual representation of the activities and their predecessors those need to be
completed within the expected duration.
Critical path method: It is method of identifying the critical tasks those need to be
completed exactly as per the planning and changes should be applied in other tasks or activities if
there is any issue in meeting the project constraints.
PERT chart: This tool is helpful in evaluating the project activities and determining how
efficiently and effectively the project was driven including the critical path analysis.
Gantt chart: It is another visual representation of the timeline in the form of the bars that
demonstrates the exact timeline needed for the delivery of the entire project.
Work Break down Structure: It is essential to determine the activities and the sub-
activities those are very necessary for the development and growth of the project in manner to
assure that the resources and activities has been determined in an effective and efficient manner.
1.2 Key project management techniques
Stakeholder matrix: Determining the roles and responsibilities as per the need of the
project can be done through utilizing this technique and thus, allocation of the jobs can be done
considering the capability of the individuals.

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PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
Brainstorming: Group discussions always result in innovative and creative ideas for
problem solving and this is a technique that allows the manner to communicate with the
stakeholders and get innovative ideas through thorough questioning and answering.
Decision tree: This technique helps in identifying the course of the actions of the
decisions made on a particular topic and based on that allows the project manager to execute the
decision that is favorable for everyone.
SWOT analysis: Strength, Weakness, Opportunity, and Technology determination can
be done through executing this technique.
RACI matrix: Responsibilities and roles of the stakeholders can be determined
effectively through this technique.

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PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
2. Question 2
2.1 Effect on cash flow
Figure 1: Decision Tree
(Source: Created by Author)

Running head: PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
3. Question 3
3.1. Network Diagram

Running head: PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
3.2. Computing
Task
Name
Durat
ion Start Finish
Pred
eces
sors
Early Start Early Finish Late Start Late Finish Free
Float Total Float
A 0 wks Thu 5/24/18 Thu
5/24/18 Thu 5/24/18 Thu 5/24/18 Thu 5/24/18 Thu 5/24/18 0 wks 0 wks
B 1 wk Thu 7/12/18 Wed
7/18/18 5 Thu 7/12/18 Wed 7/18/18 Thu 7/19/18 Wed 7/25/18 1 wk 1 wk
C 6 wks Thu 5/24/18 Wed
7/4/18 1 Thu 5/24/18 Wed 7/4/18 Thu 5/24/18 Wed 7/4/18 0 wks 0 wks
D 2 wks Thu 5/24/18 Wed
6/6/18 1 Thu 5/24/18 Wed 6/6/18 Thu 7/12/18 Wed 7/25/18 0 wks 7 wks
E 1 wk Thu 7/5/18 Wed
7/11/18 3,1 Thu 7/5/18 Wed 7/11/18 Thu 7/5/18 Wed 7/11/18 0 wks 0 wks
F 1 wk Thu 7/12/18 Wed
7/18/18 5 Thu 7/12/18 Wed 7/18/18 Thu 7/19/18 Wed 7/25/18 1 wk 1 wk
G 4 wks Thu 5/24/18 Wed
6/20/18 1 Thu 5/24/18 Wed 6/20/18 Thu 6/28/18 Wed 7/25/18 5 wks 5 wks
H 1 wk Thu 7/26/18 Wed
8/1/18
7,2,
11,6 Thu 7/26/18 Wed 8/1/18 Thu 7/26/18 Wed 8/1/18 0 wks 0 wks
I 2 wks Thu 6/7/18 Wed
6/20/18 4 Thu 6/7/18 Wed 6/20/18 Thu 7/26/18 Wed 8/8/18 7 wks 7 wks
J 1 wk Thu 8/2/18 Wed
8/8/18 8 Thu 8/2/18 Wed 8/8/18 Thu 8/2/18 Wed 8/8/18 0 wks 0 wks
K 2 wks Thu 7/12/18 Wed
7/25/18 5 Thu 7/12/18 Wed 7/25/18 Thu 7/12/18 Wed 7/25/18 0 wks 0 wks
L 1 wk Thu 7/12/18 Wed
7/18/18 5 Thu 7/12/18 Wed 7/18/18 Thu 8/2/18 Wed 8/8/18 3 wks 3 wks

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PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
M 0 wks Wed 8/8/18 Wed
8/8/18
12,1
0 Wed 8/8/18 Wed 8/8/18 Wed 8/8/18 Wed 8/8/18 0 wks 0 wks
3.3. Activities in Critical Path
A, C, E, K, H, J, and M are the critical activities
3.4. Minimum time
Task Name Duration
A 0 wks
C 6 wks
E 1 wk
H 1 wk
J 1 wk
K 2 wks
M 0 wks
Total 11 weeks
3.5. Activity G
Activity G should not be fast tracked as event after fast tracking the activity, there is not
any change in the critical path and this activity does not came in the path of the critical path. This
increment will only increase the load on the resources and increase the timeline.

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PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
4. Bibliography
Binder, Jean. Global project management: communication, collaboration and management
across borders. Routledge, 2016.
Cameron, Esther, and Mike Green. Making sense of change management: A complete guide to
the models, tools and techniques of organizational change. Kogan Page Publishers, 2015.
Cleden, David. Managing project uncertainty. Routledge, 2017.
Heagney, Joseph. Fundamentals of project management. AMACOM Div American Mgmt Assn,
2016.
JOSEPH. PHILLIPS, P. M. P., IIBA CBAP, and CompTIA PMP. PMP PROJECT
MANAGEMENT PROFESSIONAL STUDY GUIDE. McGraw-Hill Education, 2018.
Kerzner, Harold, and Harold R. Kerzner. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons, 2017.
Martinelli, Russ J., and Dragan Z. Milosevic. Project management toolbox: tools and techniques
for the practicing project manager. John Wiley & Sons, 2016.
McNeil, Alexander J., Rüdiger Frey, and Paul Embrechts. Quantitative risk management:
Concepts, techniques and tools. Princeton university press, 2015.
Schwalbe, Kathy. Information technology project management. Cengage Learning, 2015.