24 research outputs found
Variance Simulation: A Practical Alternative to Monte-Carlo Simulation and Sensitivity Analysis
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