Abstract
This research paper aims at developing a triplex multi-criteria decision model to achieve an optimum allocation of resources to a portfolio of oilfields based on a number of criteria that pertain to the oilfields’ technical and contextual characteristics. It also offers an approach for validating the prioritization results generated by the methods used through a two-dimensional test that compares the internal and external prioritization stability of three multi-criteria decision making (MCDM) methods against a conventional Intuitive approach. The MCDM methods used include Analytic Hierarchy Process (AHP), Preference Ranking Organization METHod for Enriched Evaluation (PROMETHEE), and Technique of Order Preference Similarity to the Ideal Solution (TOPSIS). The internal and external consistency testing results are outlined in nine possible scenarios through which a conclusion is derived confirming the competitive advantage of MCDM methods.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Journal of Petroleum Exploration and Production Technology
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
