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Unformatted text preview: searcher to identify as fully as possible all published material that broadly related to aspects of the research subject. From this comprehensive search, relevant articles and texts were obtained, analysed, annotated and classified. Subsequently, the references and bibliographies of key articles and texts identified from these databases were searched in order to follow up additional potentially relevant material. This literature review was continually updated throughout the duration of the research process as additional relevant material was published. The new publications, though not impacting on the development of the underlying research questions or the specific research instruments, enhanced the subsequent analysis of the primary data gathered during the field research. In seeking to explore the investment decision-making process of the upstream oil and gas industry, the literature review for the study, presented in Chapters 2 and 3, examined research from two different areas. Firstly, it investigated the academic literature on investment decision-making and, in particular, that relating to decision theory and secondly, it explored the literature relating to the industry and its investment decision-making process. Reviewing these literatures highlighted gaps in existing knowledge and the identification of the research questions for the current study. These three questions are: 58 1. Which techniques are the most appropriate for companies to utilise in their investment decision-making? 2. Which techniques do companies use to make investment decisions and how are they used in the investment decision-making process? 3. Is there a relationship between using decision analysis techniques in investment appraisal decision-making and good organisational performance? This section will examine the specific research instruments used to explore these questions in turn. The following section will evaluate the effectiveness of the methodological approach. To answer the first research question and identify the decision analysis tools that are most appropriate for investment appraisal decision-making in the upstream oil and gas literature, the current study drew primarily on the decision theory and oil industry literatures. This involved firstly, identifying the whole range of techniques that are available and, secondly deciding which of these tools are the most appropriate for upstream investment decision-making. It demanded careful consideration of factors such as the business environment of the upstream industry and the level and type of information used for investment decision-making in the industry. Through this process, the research identified the decision analysis techniques that are particularly useful for upstream investment decision-making. Then, drawing again on the investment appraisal and industry literatures, and also on insights gained at conferences and seminars, an approach to investment decision-making in the oil industry was developed that utilised the full spectrum of tools identified. Some decision...
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This document was uploaded on 03/30/2014.

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