Title

Variance Simulation: A Practical Alternative to Monte-Carlo Simulation and Sensitivity Analysis

Abstract

The technique of variance simulation is presented as an alternative to Monte Carlo simulation for the practical petroleum reservoir evaluation. It provides a measure of simultaneous sensitivity of the output to the combined effect of all the uncertainties and the rate at which the sensitivity changes with increasing uncertainty in the data. The method is demonstrated by illustrating the effect on payout and economic limit of decline data containing quantifiable uncertainty.

Meeting Name

Petroleum Computer Conference

Department(s)

Mining and Nuclear Engineering

Document Type

Article - Conference proceedings

Document Version

Citation

File Type

text

Language(s)

English

Rights

© 1994 Society of Petroleum Engineers (SPE), All rights reserved.


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