- Saturday, January 1, 2000
- Modeling the Oil Industry Norms
- Published at:Not Found
: Norm tables are used to estimate and plan projects . Different Norms are used by different operators . The standard Norm tables were used by the operators to derive their own estimating Norms by applying factors to them . These factors have been developed from the experience of each operator and are discipline specific .
In this paper the Norm tables used for offshore and onshore estimating were investigated and analyzed to understand the way in which they were derived . The procedures used in updating and modifying the Norms in practice were also discussed . The Norms Were simplified and modeled using regression analysis and other statistical techniques and the accuracy of these models was examined to test their reliability and validity , and it was found that it is within ± 7.61 %