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Weather Risk in Offshore Projects
J. A. Bowers and G. I. Mould
The Journal of the Operational Research Society
Vol. 45, No. 4 (Apr., 1994), pp. 409-418
Stable URL: http://www.jstor.org/stable/2584212
Page Count: 10
You can always find the topics here!Topics: Weather, Risk analysis, Markov models, Financial risk, Observational research, Modeling, Simulations, Resource availability, Weather forecasting, Sea states
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Risk analysis tools have been used to help manage various projects. This paper describes a case study in which an extension to the stochastic project network model was developed for a risk analysis of an oil platform installation, quantifying the possible impact of the weather on the project's schedule. Examination of the weather data suggested the use of a Markov weather model combined with a separate residence time distribution for key states. The weather model was incorporated into the stochastic project network allowing the interactions of the various project uncertainties to be examined. While the weather introduced a significant additional risk to the project, analysis of management's options indicated that much of the risk might be avoided. In particular, the analysis quantified the benefits of scheduling the project start to take advantage of the seasonal variations and hiring heavy duty equipment to operate in more arduous conditions.
The Journal of the Operational Research Society © 1994 Operational Research Society