Decision Making and Team Theory is a study that advises on how to make the best choices with the distribution of expertise between team members. Identifying the decision is the first step in decision-making which precisely defines the nature of the choice one must make. Relevant information is then gathered from the best sources through internal and external work. Possible avenues of alternatives or actions must be identified using additional information and imagination. The evidence must then be evaluated to obtain a particular action or a combination of options with higher potential to achieve the organization's objective is selected. The action must be followed by a review of the decision and its consequences. As team members, it is crucial to fill the right roles, get feedback separately and then share their views, as well as improve communication on why, what and how they added specific information. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essayTeams and decision making consist of simple to complex situations to identify the best path forward and resolve problems. For example, different members come together with new practical information, a shortcut to software, previous experience on a particular task, or in-depth knowledge. Teamwork is more likely to solve a problem than individual work. Sharing knowledge within the group also benefits each member to add to what they already know and what they get is likely to stay better, immediate and free. Decision making is not fully optimized in the Venezuelan oil industry in terms of cost, effort and time (Vazquez, 2014). However, standard methodologies, effective tools and an integrated approach can be used in decision making to help the industry and individuals achieve their goals. Making informed and fair decisions is one of the crucial choices to improve the operations and performance of the organization. The industry can use decision-making tools and systems to improve reliability, agility and responsiveness. In the oil and gas industry, a decision-making framework for project evaluations and conceptual design is presented. An evaluation of the proposed structure and the results of the conceptual process is carried out. A person interested in working in the oil industry must know how to develop designs and a framework that yield realistic results to facilitate strategic decision making. When formulating such models, all uncertainties should be included in order to improve the design results. Knowledge management theories focus on various organizational factors such as technology and ecology. For example, ecology theory focuses on internal and external factors that include relationships and interactions among individuals in an organization (Hjrland, 2013). Technology has a role to play in knowledge management to implement business strategies. With advances in technology, organizations have replaced conventional, hierarchical administration with managerial decision-making and operational activity. Knowledge management challenges involve managing community participation, engagement, and quality of time, as well as the ethical sharing of community information..