An Optimal Risk Matrix Based on Factor Analysis for Oilfield Operation Management

EasyChair Preprint 1313

Abstract

Traditional Risk Matrices are usually considered as applicable method for risk assessment. However, such techniques, mainly analyzing in the likelihood and consequence of danger, are often limited. Thus, this method can not be simply used with facing multidimensional data set. Therefor, this paper proposes an approach to solve the problem by combining RiskMatrix with FactorAnalysis. It will be based on data of oilfield operation risk, on Factor analysis and on Risk Matrix providing an Optimal Risk Matrix. In order to prove the effect of the approach, both graphical analysis of traditional and optimal risk matrix are clearly depicted. Finally, some views and perspectives of this approach are proposed.

Keyphrases: Oilfield management, Optimal risk matrix, data analysis, factor analysis, risk assessment

@booklet{EasyChair:1313,
  author    = {Zhao Chunlan and Yuan Xihang and Xie Xiangjun},
  title     = {An Optimal Risk Matrix Based on Factor Analysis for Oilfield Operation Management},
  howpublished = {EasyChair Preprint 1313},
  year      = {EasyChair, 2019}}