Conoco, Decisioneering Sign Worldwide Licensing Agreement.DENVER--(BUSINESS WIRE)--April 7, 1998-- Popular Crystal Ball Software Becomes Risk-Analysis Standard At 7th Largest U.S. Petroleum Company Conoco, the 7th largest U.S. petroleum company, has signed a worldwide licensing agreement to incorporate Decisioneering's Crystal Ball risk-analysis and modeling software into its business practices. With the deal, Conoco can expand its current usage of Crystal Ball to a projected user base of more than 2,000 strategic planners, reservoir analysts, drilling engineers and others at Conoco. "Organizations are recognizing the need to perform risk-analysis at all levels, from product development all the way up to mergers and acquisitions," said Decisioneering CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Eric Weissmann. "This agreement shows Conoco's serious commitment to establishing corporate-wide risk management practices." Conoco chose Crystal Ball for its intuitive interface, attractive reports and ease-of-use after comparing it with competing products. "Crystal Ball allows us to accurately project the uncertainty of exploration projects in an easy-to-apply Monte Carlo Simulation Monte Carlo Simulation A problem solving technique used to approximate the probability of certain outcomes by running multiple trial runs, called simulations, using random variables. ," said Matt Fox, a senior reservoir engineer at Conoco. Fox initially made the recommendation for a worldwide site license after recognizing the need for Crystal Ball among Conoco's geoscientists. Now, Conoco plans to apply Crystal Ball in other areas including cash flow analysis, mergers and acquisitions, and strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. . Crystal Ball is a spreadsheet spreadsheet Computer software that allows the user to enter columns and rows of numbers in a ledgerlike format. Any cell of the ledger may contain either data or a formula that describes the value that should be inserted therein based on the values in other cells. add-in that allows users to determine the likelihood of meeting or exceeding any targeted business goal. Applications for Crystal Ball range far beyond the oil and gas industry to include capital budgeting, estimating ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). , environmental risk assessments of hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. sites, estimating time and expenses for computer programming and construction scheduling and cost estimating. Conoco is the energy subsidiary of Dupont. Founded in 1986, Denver-based Decisioneering Inc. provides software tools that simplify analysis and improve decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from . Decisioneering's software is used in over 85 percent of all Fortune 1000 companies, including all of the top 10 petroleum companies in the world. Further information on the company can be accessed on the Internet at http://www.decisioneering.com/. CONTACT: Decisioneering, Inc. Michael K. Reagan, 303/534-1515 mreagan@decisioneering.com or Metzger Associates James Clark James Clark - Dr. James H. Clark , 303/786-7000 jclark@metzger.com |
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