MLchartDataset catalogue

Greedy algorithm

Term · Oil and gas · MLC-T-OAG-001748

A computational approach that makes the locally optimal choice at each stage of a problem with the hope of finding a global optimum. In reservoir characterization, it is applied to problems like well placement or history matching by iteratively selecting the best option available at the current step without regard for future consequences. For example, a greedy approach to well placement would add one well at a time to the location that provides the greatest immediate increase in net present value.

Table 1. Record
IdentifierMLC-T-OAG-001748
FieldOil and gas
SubjectReservoir Characterization
Record as JSON 
{
  "id": "MLC-T-OAG-001748",
  "term": "Greedy algorithm",
  "field": "Oil and gas",
  "definition": "A computational approach that makes the locally optimal choice at each stage of a problem with the hope of finding a global optimum. In reservoir characterization, it is applied to problems like well placement or history matching by iteratively selecting the best option available at the current step without regard for future consequences. For example, a greedy approach to well placement would add one well at a time to the location that provides the greatest immediate increase in net present value.",
  "subject": "Reservoir Characterization",
  "url": "https://mlchart.com/terminology/oil-and-gas/greedy-algorithm/"
}

Record 1,877 of 4,468 in Oil and gas terminology (MLC-0103). Request the full dataset.