DynamicForecaster is Software as a Service (SaaS) for upstream oil and gas companies who want “to know sooner, decide better and act faster.”
The purpose is to improve their production:
– By faster and more frequent analysis of past and future production
– Using the intelligence of multiple users, unlike tools restricted to individual specialists.
DynamicForecaster to know sooner, decide better and act faster
See also: ‘prescriptive analytics‘ applications for oil and gas (link to Wikipedia article opens in a new page).
Informed decisions require evaluation of multiple options
DynamicForecaster helps organisations implement a ‘CAN DO’ cycle, to turn raw data into actionable information:
- Collect data
- Analyze models
- report News
- Decide
- Operate
The purpose of ‘predictive analytics’ is to improve business operations – by feeding data into appropriate mathematical models, hence gaining insight to inform decisions. This is an iterative process for continuous improvement. With appropriate optimization technology, the information gained can be prescriptive analytics.
Collect_data-Analyze-report News-Decide-Operate
See also Shewart’s/Deming’s Plan-Do-Study-Act loop and Boyd’s Observe Orient Decide Act loop.
Investigate-Design-Execute-Adjust cycle
Based on eight years of experience in Toyota, Matthew May presents the Investigate-Design-Execute-Adjust cycle in his book ‘The Elegant Solution: Toyota’s Formula for Mastering Innovation‘.
Smart Choices – A practical guide to making better decisions
This book is one of the best guides and includes the PrOACT model (Problem, Objectives, Alternatives, Consequences, Tradeoffs): Smart Choices: A Practical Guide to Making Better Decisions
There is a good summary here: SmartChoices2010.pdf
Why move beyond Excel spreadsheets to a web application?
Collaboration and Teamwork bring value
“Training often gives people solutions to problems already solved. Collaboration addresses challenges no one has overcome before.” Marcia Conner (2010) http://marciaconner.com/blog/social-everything/
Business value from web applications / interfaces
- Collaboration on shared methods and results
- Many users can run and review case studies, instead of only a few specialist analysts
- The collective wisdom of ‘many eyeballs on the data’
- Leads to evidence-based business decisions.
Challenges with spreadsheets
- Inefficient distribution and update cycle, when circulated by email
- Access security
- Version control
- Maintenance of Visual Basic macros
- Database connections
- Individual versus team problem-solving.