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Implementing Effective Risk Analysis at Getty Oil Company

Author

Listed:
  • Lynn B. Davidson

    (Getty Oil Company, 3810 Wilshire Boulevard, Los Angeles, California 90010)

  • Dale O. Cooper

    (Getty Oil Company, 3810 Wilshire Boulevard, Los Angeles, California 90010)

Abstract

Risk analysis is having a major influence on management decisions involving investments totaling billions of dollars at the Getty Oil Company. It is now used for all major decisions on investments in exploration and production and in refinery additions. In addition, it is used for decisions on major divestments and acquisitions, where some of the most significant risk analysis work has been done. Making risk analysis a practical management tool has involved development of simple but effective techniques, development of management understanding and support, and implementation of an income uncertainty analysis system which has helped build risk analysis skills and concepts.

Suggested Citation

  • Lynn B. Davidson & Dale O. Cooper, 1980. "Implementing Effective Risk Analysis at Getty Oil Company," Interfaces, INFORMS, vol. 10(6), pages 62-75, December.
    • Handle: RePEc:inm:orinte:v:10:y:1980:i:6:p:62-75
    DOI: 10.1287/inte.10.6.62
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    Cited by:

    1. Kotz, Samuel & van Dorp, J. René, 2005. "A link between two-sided power and asymmetric Laplace distributions: with applications to mean and variance approximations," Statistics & Probability Letters, Elsevier, vol. 71(4), pages 383-394, March.
    2. Robert K. Hammond & J. Eric Bickel, 2013. "Reexamining Discrete Approximations to Continuous Distributions," Decision Analysis, INFORMS, vol. 10(1), pages 6-25, March.
    3. Johan René van Dorp & Salvador Cruz Rambaud & José García Pérez & Rafael Herrerías Pleguezuelo, 2007. "An Elicitation Procedure for the Generalized Trapezoidal Distribution with a Uniform Central Stage," Decision Analysis, INFORMS, vol. 4(3), pages 156-166, September.
    4. López Martín, M.M. & García García, C.B. & García Pérez, J. & Sánchez Granero, M.A., 2012. "An alternative for robust estimation in Project Management," European Journal of Operational Research, Elsevier, vol. 220(2), pages 443-451.

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