Success is one of the key drivers of an industry, and success is aided by good decision making. In the oil and gas industry, success is remaining competitive and profitable. This takes good decision making regarding company-wide programs. However, these key decisions are often based on Excel graphs that compare several variables over time. While this method can give a good overview, it fails to capture both the dependency of the variables on each other, and the probability that the results were derived by chance. There are several statistical analysis tools, including Multivariate Linear Regression, Spearman R, and the Analysis of Variance, which can be used to increase the chance of making the most profitable decision, by numerically measuring if the results were derived by chance, and if the variables are statistically dependant on each other. These statistical analysis tools need to be better incorporated in daily decision making to ensure that variable relations are not due to chance, and that all the possible variables are considered. By including this additional analysis, companies can help drive their own success by making the decisions that help them keep their competitive edge.

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