Benefits Profiles

Test Your Knowledge

Quiz: Benefits Profiles in Oil & Gas

Instructions: Choose the best answer for each question.

1. What is the primary purpose of Benefits Profiles in Oil & Gas projects?

a) To track project expenses. b) To define project timelines. c) To outline the anticipated benefits of the project. d) To manage project risks.

2. Which of the following is NOT a key component of a Benefits Profile?

a) Benefit Statement b) Target Value c) Project budget d) Measurement Method

3. How do Benefits Profiles contribute to prioritizing resources?

a) By identifying the most expensive project activities. b) By highlighting the benefits that align with strategic goals. c) By ensuring that all project stakeholders have equal input. d) By outlining the minimum resources required for project completion.

4. Which of the following is an example of a financial benefit that could be included in a Benefits Profile?

a) Improved safety procedures b) Reduced environmental impact c) Increased production capacity d) Access to new technology

5. What is the significance of defining a "Timeline" for each benefit in a Benefits Profile?

a) To ensure project completion within a specific timeframe. b) To track the progress of benefit realization over time. c) To identify potential delays in achieving project objectives. d) To determine the duration of the project's operational phase.

Exercise: Building a Benefits Profile

Scenario: An Oil & Gas company is planning a project to install new drilling equipment that will allow them to access a previously untapped oil reserve.

Task: Create a Benefits Profile for this project. Include the following components:

• Benefit Statement: Briefly describe the anticipated benefit of installing the new drilling equipment.
• Target Value: Set a quantifiable target for this benefit.
• Measurement Method: Describe how you will measure the achievement of the target value.
• Timeline: Specify a projected timeframe for realizing the benefit.
• Responsible Party: Identify the team or individual responsible for delivering and monitoring the benefit.

Example:

Benefit Statement: Increase oil production from the new reserve.

Target Value: Achieve an average daily production of 5,000 barrels of oil within the first year of operation.

Measurement Method: Track daily oil production data from the new reserve and calculate the average daily production over a 12-month period.

Timeline: 12 months from the completion of the installation and commissioning of the drilling equipment.

Responsible Party: Production and Operations Team.

Techniques