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Volume 17
Issue 1
Online publication date 2017-04-10
Title Application of 2k full factorial experiment for the determination of risk factors significance of oil and gas production enterprises’ activity
Author Oksana Gryniuk
Abstract
The efficiency of risk management software depends on the quality of risk assessment at the stage of such system development. The number of potential variables (factors) in many risk management software applications is large. Another important aspect is that the scientists and engineers face to challenge which risk factors are significant or what the acceptable range of its values is at the initial stage of the risk controlling system development. The paper suggests a way to determine the significant specific risk factors of domestic oil and gas production enterprises’ activity and to screen out the insignificant factors. In order to achieve these goals, the simulation analysis was conducted by the aid of 2-level full factorial experiment. Empirical data-processing operation was carried out through the instrumentality of mathematical statistics methods. It has been suggested to exclude (screen) at the stage of model construction eleven risk factors (of thirty-five ones identified), which impact on the financial and economical state of analyzed companies is insignificant (less than 5%).
Citation
References
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Keywords Risk, risk factors, factor screening, 2^k full factorial experiment, oil and gas production enterprises
DOI http://dx.doi.org/10.15208/pieb.2017.04
Pages 37-51
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