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Rra Critique

In: Business and Management

Submitted By chereelena
Words 286
Pages 2
Managers evaluate RRA method by the effect it has on them (and not on an investor or a company).
1. RRA is not a reliable measure of management’s performance
- Managers have nothing to do with oil estimates and search of new sources.
2. RRA is not a representation of the value of the company’s reserves
- RRA is an estimate, and the real quantity may sufficiently fluctuate from the estimated amount
3. RRA is dependent on market prices
- If oil prices in the market drop, this will cause a decrease in RRA revenue. Managers are not in control id the market prices; therefore, they are not responsible for the loss.
- Also, RRA uses a year-end market price. That means that in a rising market, the amount will be biased downwards relative to real value, and vice versa.
4. RRA uses a fixed discount rate
- In real world ideal conditions cannot be applied; therefore the usage of a single fixed discount rate does not give any reliable information.
5. RRA requires a lot of estimates
- Objective state probabilities are not available; hence, estimates are needed to determine subjective probabilities.
- Estimates are subject to bias and error, and are likely to change in future.
6. Only applied to proven reserves.
- That means that managers are not able to show the possible reserves that are not yet proven. The process of approving the reserves by engineers is very long and costly.
7. RRA is not reliable
- RRA is not giving reliable information, as it requires the use of many estimates.
To sum it up, RRA is not giving managers an opportunity to show everything they have (or might have) found on financial statements, and earn bonuses on that.

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