THE IMPACT OF DECISION-MAKING PROCESS ON TENDERING STRATEGIES IN THE OIL AND GAS INDUSTRY: ...

THE IMPACT OF DECISION-MAKING PROCESS ON TENDERING STRATEGIES IN THE OIL AND GAS INDUSTRY: CASE STUDY OF OMAN
Suaad Al-Fannah, Modern College of Business and Science, Oman

(Presented at the International Conference on Research in Education and Science (ICRES) which took place on April 27-30, 2024, in Antalya, TURKEY (https://www.2024.icres.net/) and at the nternational Conference on Education in Mathematics, Science and Technology (ICEMST) (https://www.2024.icemst.com/) organized by the International Society for Technology, Education and Science (ISTES) http://www.istes.org).

The aim of this study is to explore – from the perspectives of employees at Oil & Gas company, in the Eastern part of the Sultanate of Oman - the extent to which the decision-making frameworks impact the tendering process and increase operational efficiency. In addition to revealing how decision-making frameworks are perceived, the study reports on the correlation between technological integration and risk management. The study assumes that sophisticated decision -making frameworks increase and enhance operational and tendering efficiency. A scientific philosophy underpins the research design of the study focusing on numerical and measurable outcomes. A quantitative method using surveys distributed to employees at Oil & Gas company, for data collection purposes. The survey questions were structured to examine the perception and effectiveness of decision-making, technological integration, and risk management practices. Descriptive statistics and correlation analysis are used for data analysis of the quantitative component and relationships between the variables. The findings suggest that robust decision-making frameworks, effective risk management, and technological integrations substantially increase the tendering process and operational efficiency at Oil & Gas company. The results also reveal the importance of these factors in achieving strategic and operational efficiency. Despite, the sample is taken from case study in a limited geographical area in Oman, which may compromise the generalizability of the findings, but it might validate the results in similar locations. The study provides insights, via the quantitative findings, into the effectiveness of decision-making frameworks, risk management practices, and technological integration at the company. It spotlights the critical role of these factors in improving tendering and operational efficiency. The insights gained from this study are useful to stakeholders within the petroleum industry. Moreover, it provides them with an understanding of the importance of sophisticated decision-making frameworks and technological integration in achieving operational excellence.