Chevron Wins 2015 INFORMS Prize
The 2015 INFORMS Prize is awarded to Chevron Corporation for its long and innovative history in applying advanced analytics and operations research across the company.
Chevron, dedicated to providing the energy that drives human progress, for decades has leveraged a variety of operations research and advanced analytics techniques in its business, creating significant value. The company pioneered applying operations research to refinery planning in the 1970s, it adopted decision analysis in 1991, and it has been employing artificial intelligence techniques to improve asset performance for more than 10 years.
From building and running reservoir models with seismic data to managing its crude-to-customer value chain to forecasting resources that fuel its major capital projects, Chevron utilizes operations research and advanced analytics technologies to make data-driven decisions. The results enable Chevron to operate more safely, reliably, and efficiently; reduce material costs; deliver higher value products; effectively recover resources; and better understand and manage risks and uncertainties.
Chevron has more than 700 operations research and advanced analytics practitioners around the world, both in centralized groups and in business units. The company offers extensive training programs and frequent opportunities for practitioners to share lessons learned. Career paths support operations research and advanced analytics from entry level positions to experienced professionals.
Leadership at Chevron recognizes that the strategic decision to employ advanced analytics across the enterprise has delivered significant returns along its value chain. The results enable Chevron to develop the energy that people and businesses depend on—helping spur economic growth and improve the quality of life for communities worldwide.
“At Chevron, operations research and advanced analytics are not an exception; they are important pieces of the fabric upon which we differentiate our performance,” said Louie Ehrlich, Chevron’s chief information officer and president of their Information Technology Company.
Purpose of the Award
The INFORMS Prize is awarded for effective integration of advanced analytics and operations research/management sciences (OR/MS) in an organization. The award is given to an organization that has repeatedly applied the principles of advanced analytics and OR/MS in pioneering, varied, novel, and lasting ways.