IntroductionThe oil and gas industry providing the necessary items and services required by the global oil and gas sector to explore extract and transport natural gas and oil at the refinery, and finally to the consumer. Schlumberger is the biggest oil producer in the world, and one of the most well-known service companies in South America. It has been operating since 1920. Decision making It's a procedure that allows an organization to take or make important decisions. The decision-making process helps an organization in identifying the problem and gave potential solutions to the problem. Companies can utilize the step-by step decision-making process to take an international , well-informed and informed decision. Standard model for decision making The decision-making process begins with the analysis of the nature of the problem then followed by the generation and analysis of potential options , and then the decision to select an alternative. It is made up of five steps. Going here: https://flipsimu.com/dice-roller/roll-d20/ for more information. First step: analyzing the nature of problem Stage 2: Generation of solutions Stage 3: Selecting from all possible options Stage four: execution of the decision Stage five: Follow-up, and monitoring Participants in the decision-making process The decision-making groups are comprised of diverse employees from different departments. They vary in size from 5 to 8. They are comprised of employees from different departments like departmental management of finance, department safety for the legal department and department maintainer. The groups consist of two members from Maintance one from finance and 2 from the legal department and 1 the safety officer, or safety advisor, and two within managerial position. Good decision making It's possible to make educated decisions after analyzing the key information and identifying options. Thus, the overall performance of the company must be taken into account as well as results. In attempting to assess solely the results of processes and products, you are likely to overlook the significance of how decisions are made which could impact the effectiveness of decision-making processes, without taking into account all the effects of the stakeholder. Problems and difficulties It can be a difficult task managing large assets such as facilities and take decisions within oil service businesses. Industrial people make decisions based on maintenance inputs data and management frameworks. However the decisions that concern large facilities such as facilities are usually influenced by costs. This is mainly because there isn't sufficient historical documents and data. Managers have to come up with the best solution to their problems without weighing the constraints of both internal and external sources. Example as per Schlumberger: The facilities were operational up to 2015, when the low prices for oil led to an ebb in activity and low in financial gain was affected by cost of maintenance. Based on recent market conditions Schlumberger can achieve in a very precise and specific manners to justify the asset of its large facilities and diminish its impact in order to reduce costs and expenses to increase financial profit.
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