A Decision Model for Selecting the Optimum Oil Production Profile Using Multi Criteria Decision Making and Social Choice Theory

Abstract

Applying a MCDM model has many benefits for decision makers in the course of oil field master development plans preparation and evaluation. In this study, a multi-criteria decision making model is proposed in order to achieve an optimum production profile. The most important criteria and parameters for selection of best production profile are identified. These parameters are derived by several interviews with Iranian oil Industry’s experts. The candidate alternatives for production profile are ranked using a combination of group decision making approach and social choice theory. The degree of group consensus is evaluated by using a statistic model to confirm the validity of decision making model.

Application of fuzzy group analytic hierarchy process in partner selection of international joint venture projects

“…According to this reference, The Analytic Hierarchy Process (AHP) proposed by Saaty [12] is very popular and has been applied in a wide variety of areas. The AHP methodology steps are illustrated in Figure 1 (see [78] for more details). Our proposed model is designed based on AHP structure, but a fuzzy extension was used to compare the IJVs partners.…”

“…Moreover, a lot of sources of uncertainties in the decision-making process with the sparse information are added to the complexity of the problem. Developing a systematic approach to decision-making in such a complex situation can aid top managers to facilitate decision-making and alleviate the uncertainties [78]. The conceptual framework for establishing IJVs for NPCs, including the drivers, the problem context, and long-term bene ts, is illustrated in Figure 3.…”