Bidding for offshore U.S. oil and gas leases is a major corporate resource allocation problem involving enormous uncertainties and very high stakes. This paper presents two new, operationally useful decision analysis models to aid in bidding for oil and gas leases. They are unique in that they...

This paper builds upon earlier work from the decision/risk analysis area in presenting simple, easy-to-use approximations for the mean and variance of PERT activity times. These approximations offer significant advantages over the PERT formulas currently being taught and used, as well as over...