<p>In this new second edition, M. A. Mian has expanded and updated the first volume of <i>Project Economics and Decision Analysis</i> by incorporating new advancements and clarifying concepts to facilitate their understanding.</p><p>New to the second edition of <i>Project Economics and Decision Analysis, Volume 1</i> is a section on netback pricing and indexed netback pricing. Additionally, the new edition expands the weighted average cost of capital (WACC) concept for better comprehension and to recognise its weakness in practice. The concept of unit technical cost, also known as long-run marginal cost (LRMC), has been expanded as well to aid with its calculation and application. </p>

This new second edition expands and updates the first volume by incorporating new advances and clarifying concepts to facilitate their understanding. New to the second edition is a section on netback pricing and indexed netback pricing. Additionally, the new edition expands the weighted average cost of capital (WACC) concept for better comprehension and to recognise its weakness in practice.

Volume 1. Deterministic Models 1. Introduction 2. The Time Value of Money 3. Before-Tax Cash Flow Models 4. After-Tax Cash Flow Model 5. International Petroleum Economics 6. Capital Budgeting Techniques 7.Investment Selection Decision Making Volume 2. Probabilistic Models 1. Introduction 2. Statistics and Probability Concepts 3. Expected Value and Decision Trees 4. Incorporating Attitudes Toward Risk 5. Determining Venture Participation 6. Simulation in Decision Analysis 7. Exploration Economics and Optimization