Sinopec Engineering (Group) Co., Ltd (SEG)
 
 

Petroleum and Petrochemical Leader
Sinopec uses @RISK to Evaluate Major Projects

 
 

Headquartered in Beijing, petrochemical giant Sinopec often encounters projects worth up to US$10bn. Such projects not only have enormous risks in the process, but also have long construction periods that may be 5 to 6 years from commencement to completion in normal conditions. During this period, risks are manifold and scenarios unpredictable, making risk analysis essential.

Jin Feng, Project Risk Manager at Sinopec Engineering Group, has responsibility for risk quantification, the mathematical model of risks, and related topics. At Sinopec, he uses @RISK frequently. Examples of applications include refinery bidding, mergers, and investment projects.

Generally speaking, we may think that the biggest risk for an oil company is the price fluctuation of crude oil, but there are other factors. After building an investment model in @RISK, Sinopec analysts found that oil price risk is not the most important risk – other risks such as contract risk should also be considered.

The popularity of @RISK has grown rapidly at Sinopec, particularly in departments related to foreign-oriented investment engineering construction. @RISK has become indispensable for major projects above US$100 million.

 
 
Read the Case Study
 
 
 
 

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Denver - 2 events! - Hilton Garden Inn, Sept 14 & 
  Marriott Westminster, Sept 15
Nashville - November 15-16 - Register Now

Save the dates! Registration is open for 2 events in Denver, and for our biggest event of the year in Nashville. These events are invaluable opportunities for broadening knowledge of risk modelling, and networking with decision-making professionals in a range of industries.

If you would like to present in Nashville, we're looking for interesting applications of @RISK and The DecisionTools Suite. See the call for papers.

Benefits of Palisade Risk Conferences:

  • Get more from @RISK and the DecisionTools Suite – Get exposure to the latest techniques in risk and decision analysis so you can apply them to your own models.  
  • Learn from experts – Sessions are taught by Palisade's consultants and trainers and industry pros.  
  • Networking opportunities – Share ideas and speak with presenters, other attendees, and Palisade staff to gain valuable insight from many backgrounds
 
More about Palisade Conferences
 
 
 

Communicating Reliability, Risk, & Resiliency to Decision Makers

 

How to Get Your Boss' Boss to Understand -- New book by JD Solomon

 

Regional TrainingsEffective communication of concepts and solutions related to reliability, risk, and resiliency is frequently cited by technical professionals as the most challenging and overlooked aspect of their work. We often hear about the importance of better communication, but there are few practical examples and limited practical guidance. This book fills many of these gaps for practitioners. Communicating Reliability, Risk and Resiliency to Decision Makers provides the hands-on approaches and techniques that will make you more effective in getting decision makers to move from discussion to action. 

JD Solomon is the Vice President with CH2M and serves as a senior consultant focusing on risk, reliability, and strategic decision making. He is a longtime user of Palisade's DecisionTools Suite software. 

For more information on the book, visit Amazon.com.

Also, watch a webinar delivered by JD Solomon based on this work. 

 
 
 
 

Watch Now: Introduction to Risk Analysis
using @RISK (Oil and Gas Focus)

 

@RISK for reserves estimation, production & NPV forecasting, capital projects estimation,
risk registers, oil field development optimization, portfolio optimization, and more

 

Uncertainty is everywhere in the oil and gas industry, with big bets being placed by companies in the hope of securing even bigger payouts. The industry has seen fluctuations in the price of a barrel, emphasizing the need for the robust modelling of uncertainty that @RISK can provide. In this session, we will look at some common applications of @RISK within the oil and gas industry, using a selection of simple-but-powerful example models. These will include reserves estimation, production & NPV forecasting, capital projects estimation, risk registers, oil field development optimization, and portfolio optimization.

 
Download the Full Example and Files
   
 
 
 

@RISK Tips: Convergence Monitoring

 

Excerpted from Palisade's Knowledge Base

 

Convergence monitoring means @RISK keeps simulating until it has reached stable results for the outputs.  Click the link below to learn about convergence monitoring during an @RISK simulation.

 
Download the Full Example and Files
   
 
 
 

Regional Training Seminars

 

Attend an intensive course to learn how to apply @RISK and the DecisionTools Suite to real-life problems.

 

Regional TrainingsOur worldwide Palisade Regional Training courses are professional public courses designed to teach you how to apply @RISK and the DecisionTools Suite to real-life problems. The training is hands-on, and includes course notes and example files. Palisade Regional Training courses have been accredited by a number of industry groups, enabling professionals in those industries to earn continuing education credits. Lunch and breaks are also provided, giving you a great opportunity to network with other professionals interested in risk analysis.

2017 locations include Rome, Moscow, Munich, Melbourne, Brisbane, Washington DC, Seattle, Calgary, and more.

 
View Schedule
 
 
 

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Live Webinars
Attend an hour-long event to learn how Palisade software works, and ask questions. See the schedule here.

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On-Demand Webinars
Watch a variety of Palisade webinars at your convenience. View a complete listing of on-demand webinars here.
 
The DecisionTools Suite
 
Contact Details
 

Palisade Corporation

798 Cascadilla St.,
Ithaca, NY 14850 USA

sales@palisade.com

www.palisade.com

About Us
 

Palisade Corporation is the world's leading provider of risk and decision analysis software and solutions. Founded in 1984, its products @RISK and the DecisionTools Suite are used by over 95% of the Fortune 100, in nearly every industry around the world. Palisade is headquartered in New York State, and has offices in London, Sydney, Rio de Janeiro, and Tokyo.

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