The research presented in this paper is based on existing decision theory and literature used in the oil and gas industry. The outcomes of the study would provides an evidence that in oil and gas industry there is a strong linkage between the use of integrated decision making approach, informed decisions and hence good process performance. The existing state of decision making in industry is being limited, in terms of both user and its functionality per se.
Also it is commonly acknowledged that organizations have not really used as it was predicted at its conception. Allthough, there are initiatives under smart oilfield programs, where organizations are considering integrated approaches of decision making, and that would be the way forward to optimize process time, efforts and cost.
The bottleneck for lower attention to integrated approach is that there is no study or experience captured on improved performance metrics or parameters. Some of the recent surveys indicated from different industries, that making use of integrated approach, efficient tools and standard methodologies in decision making process can help individuals and organizations to meet their objectives.
Initial part of this study introduces decision making and its standard process flow componants. Subsequent part of the study elaborates existing state of decision making in the industry, and integrated decision making approach to new investment analysis in upstream. Lastly, it ascertains the importance of process, method, tool selection for making an informed decision and further optimization.