Lean Energy Management—10: How Martingale stochastic control navigates computer-aided lean energy management

The complex interactions of the financial, logistical, and geological processes that are involved in the production and delivery of oil and gas to market are driving the industry to real-time business processes.No longer can decisions be made based on yearly projections, quarterly business plans, monthly royalty allocations, weekly inventory updates, daily prices, hourly blend changes, or minute-by-minute SCADA updates. Processes developed in other industries are showing the way towards this real-time business transition.Toyota, GE, Boeing, Wal-Mart, Pfizer, Wall Street, and even the Pentagon have developed the real-time planning and operational optimization tools and processes that colle...

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