Risk Analysis with Probabilistic Time and Cost Estimation

Built as a flexible and generic tool RMX captures your existing workflow and processes and converts them into a powerful model for probabilistic estimation and reporting.

It is difficult to account for the risk inherent in drilling operations while creating a time and cost estimate and subsequently challenging for the engineer producing the estimate to communicate that risk to all project stakeholders.

RMX delivers a standardised, systematic approach to understanding and communicating project risk. By turning your existing Excel spreadsheets into a robust Microsoft .NET application users also get a tool that is simple and fast to use, without the errors that large Excel spreadsheets are prone to.

RMX is template driven so you can build a model for any type of activity. For drilling teams this means the product is appropriate whether it be early appraisal work or a detailed well plan, a single deepwater exploration well or a fifty well onshore campaign.

Reporting can be tailored for each template to ensure that you get the results presented in the right way to communicate the right information to project stakeholders.

By using Cost Templates, RMX extends the model to allow accurate generation of a cost estimate alongside the time results and costs can be standardised, moved between projects or imported from other systems to make them as easy to manage as possible.

Advanced users of probabilistic tools will be amazed by the speed of RMX and reassured by the implementation of features such as:

• Correlation - using both global factors and a "Correlation Mapper" for detailed work
• Scenarios - save and compare scenarios in seconds
• Management of Projects - check-in/out enables safe sharing of data between users

Advanced users are also able customise the model with all charts, impact relationships and values editable if required. The entire model could be restructured by an advanced user without breaking the underlying template and thus ensuring the consistency of the process.

All of this flexibility means that you have a platform for making informed decisions from concept through to project execution.

If your projects require a consistent, clear and realistic representation of risked time and cost to stakeholders then contact Well Data Technologies today.