Project Economics and Decision Analysis, Volume 2: Probabilistic Models, 2nd Edition

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The Project Economics and Decision Analysis books provide all the necessary concepts of capital investment evaluation, capital budgeting, and decision analysis. They take the reader step-by-step through the decision-making process, providing comprehensive coverage of all decision analysis tools currently available while outlining how investment decisions are made under different stages of risk. Further, he focuses on practical application, using a straightforward approach with solved "real-life" examples and solutions, end-of-chapter problems, and illustrations throughout the book.

In the updated second edition, M. A. Mian has expanded and updated the second volume by incorporating new advancements and clarifying concepts to facilitate their understanding. The book presents a balanced blend of theoretical concepts and their practical utility. Volume 2: Probabilistic Models presents the concepts of decision analysis, incorporating risk and uncertainty as applied to capital investments. New to the second edition of is a chapter on exploration economics. Additionally, the new edition presents problems solved using the most recent version of Palisade DecisionToolsTM.

Features & Benefits

  • Explain the ever-expanding role of economics in prudent capital investment decision-making.
  • Assist readers in developing a knowledgeable vocabulary of the terms associated with economic analysis.
  • Review the procedures used in preparing capital investment evaluations and decision analysis.
  • Relate the new vocabulary and knowledge to some specific problems.
  • Present ways of interpreting estimates that include uncertainty (i.e., converting probabilistic description into a measure of profitability).
  • Provide solid hands-on experience with capital investment evaluation and decision analysis.
  • Expanded spreadsheet applications sections to elaborate MS Excel's capabilities
  • Companion CD with applications, spreadsheets, and tables that expand the practical application of the book's material


  • Engineers
  • Geologists
  • Accountants
  • Financial Analysts
  • Anyone who seeks to understand how, or relies upon, energy markets
  • Students

About the Author

M.A. Mian, a registered professional engineer in the state of Colorado with more than 30 years of practical experience, is currently a Petroleum Engineering Consultant with Saudi Aramco. Mian has been involved in reservoir engineering, reserves evaluation, field development plans, and project economics-evaluating multi-billion-dollar oil and gas field development, liquefied natural gas (LNG) and gas-to-liquids (GTL) plants, aluminum smelters, refineries, petrochemical plants, and power projects. He has designed fiscal terms for international contracts and practically managed the day-to-day modalities of pre- and post-agreement functions. Mian earned a B.Sc. degree in Mechanical Engineering, an M.Sc. in Petroleum Engineering, and an M.Sc. in Mineral Economics from Colorado School of Mines. In addition, he has published extensively in the oil industry trade journals, is the author of Petroleum Engineering Handbook for the Practicing Engineer (PennWell 1992) and teaches seminars on various subjects in the industry. Mian has a unique ability to drill down to the key points and make complex terminology much easier to understand.

Type: Hardcover
Size: 6 x 9 inches
Pages: 426
Published: 2011
ISBN: 9781593702090

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M. A. Mian
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