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Decision trees are a useful way to describe alternative scenarios and select the decision that maximizes the NPV or whatever the decision maker is trying to optimize. In decision theory, the most desired outcome is based on the goals and preferences of the decision maker. The reservoir engineer can use decision trees to describe complex […]

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The concept of using simulations to estimate variability and risk has evolved in acceptance and popularity over my career. An understanding of the concepts involved is so fundamental for reservoir engineers that I have chose to illustrate those concepts very simply. A number of excellent references are given for further study. Commercial software is available that can […]

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