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Business analytics (BA) refers to the skills, technologies, and practices for iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods .
The oil and gas industry is usually divided into three major sectors: upstream (also called exploration and production or E&P), midstream and downstream. [1] [2] The upstream sector includes searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently operating the wells that recover and bring the crude oil or raw natural gas ...
Ambidexterity in an organization is achieved by balancing exploration and exploitation, which allows the organization to be creative and adaptable, while also continuing to rely on more traditional, proven methods of business. [2] Exploration includes things such as search, variation, risk taking, experimentation, flexibility, discovery or ...
E – exploration; E&A – exploration and appraisal; E&I – electrical and instrumentation; E&P – exploration and production, another name for the upstream sector; EA – exploration asset; EAGE – European Association of Geoscientists and Engineers [11] ECA – Easington Catchment Area; ECD – equivalent circulating density
Exploration refers to search, risk taking, experimentation, and innovation in organizations, whereas exploitation has to do with refinement, efficiency, implementation, and execution. [3] Successful ambidextrous leaders must be able to achieve the appropriate mix of explorative and exploitative activities, unique for each organization, that ...
Business analytics (BA) refers to the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods.
Upstream regards exploration and extraction of crude oil, midstream encompasses transportation and storage of crude, and downstream concerns refining crude oil into various end products. Petroleum is vital to many industries, and is necessary for the maintenance of industrial civilization in its current configuration, making it a critical ...
The exploration reward (also called exploration bonus) methods convert the exploration-exploitation dilemma into a balance of exploitations. That is, instead of trying to get the agent to balance exploration and exploitation, exploration is simply treated as another form of exploitation, and the agent simply attempts to maximize the sum of ...