UnRiskIT™ Objectives

  • Provide a consistent approach to well cost estimating activities
  • Improve well cost and time estimating accuracy
  • Integrate risk assessment activities with the cost estimating process
  • Provide key information to budget holders and key stakeholders regarding risk, uncertainties and assumptions included in the cost estimate and facilitate improved business decisions.
AFE Generation Life Cycle

Bow-tie Risk Analysis & Risk Management Modelling

Bowtie analysis is a risk assessment method that uses a visual representation of a process to identify and assess potential hazards and the controls in place to prevent them. The name “bowtie” comes from the shape of the diagram, which consists of a central “risk” node that is connected to a number of potential hazards on one side and controls on the other side. Bowtie analysis is used to identify and evaluate the effectiveness of controls and to identify potential gaps or weaknesses in a process that could lead to accidents or incidents. It is a useful tool for identifying potential risks and developing strategies to mitigate them.

UnRiskIT™ provides an interface to analyze the impact and effectiveness of managing identified risks in a manner conistent with bow-tie risk analysis.

Bowtie Risk Analysis