Globals vs. Econ Models

The Global economic model is intended as the place economic variables common to many projects are stored. The scope of applicability of a Global model usually ranges from a group of related projects within a team to all the projects of the company over a certain period of time. Examples of widely used parameters include prices, price inflation and cost inflation. PetroVR Econ models, on the other hand, are intended to model more specific parameters of a more restricted group of projects. A good example of the scope of applicability of a PetroVR Econ model is the country where contracts are celebrated, because different countries usually have different fiscal regimes. In addition to general parameters, Econ models often include calculations with more specific results that are useful for a given project. Because of this, the Scenarios tool supports the addition of changes specific to particular scenarios, and each scenario can have its own economic model. As a general rule, if your scenarios appear to necessitate changes in the Global model, it might be an indication that those parameters that need changing belong in the separate scenarios and should be defined directly in the economic model, at the scenario level rather than the Global model.