OMAE 2002-28018 UNCERTAINTY IN PETROLEUM FIELD DEVELOPMENT PROJECTS

ABSTRACT The development of petroleum fields involves both technical and commercial uncertainties. The technical uncertainties associate with the geological and technical complexity of producing hydrocarbon resources, especially in hostile environments. The commercial uncertainties, in turn, associate with the capital intensity of the petroleum field development projects and the volatility of the petroleum markets. In addition, petroleum field development projects are usually large and complex, and their successful realization requires effective management of numerous activities, and, often, resolving conflicting interests of the parties involved in the projects. A better understanding of uncertainty is therefore essential for successful management of petroleum field development projects. The sample examined in this study included 48 Western and Russian experts in petroleum field development. The experts' responses to a questionnaire were used to identify the key uncertainty factors in the petroleum field development process and analyze the heterogeneity of the experts' opinions

‘Ready for Take-off’: How Open Innovation influences startup success

The formation of new ventures is among the most significant sources of technological innovation and fast economic development. Nonetheless, most attempts at starting new businesses will be unsuccessful. This study seeks to predict new venture success (‘Take‐off’) based on different factors observed in the pre‐startup phase. We apply the resource‐based view of the firm (RBV) to develop a framework synthesizing the entrepreneurship and Open Innovation (OI) literatures on new venture creation. We then assess the influence of three categories of internal resources (finance, technology, human capital) and introduce the concept of teams' ‘openness’ in the founding process as a crucial organizational capital resource shaping startup success. Drawing on a sample of 134 business plans submitted to the final round of the INTEL Global Challenge at UC Berkeley, we significantly associate ‘Take‐off’ to each category of resources. To the best of our knowledge, this is the first study to emphasize the relevance of teams' ability to combine and transform their initial resources through the pursuit of OI (i.e., the elaboration of organizational capital resources) in explaining startup success. Our analysis extends RBV‐based research on nascent entrepreneurship and suggests new fields of research into OI