MLchartDataset catalogue

Monte Carlo risk analysis

Term · Oil and gas · MLC-T-OAG-002422

A quantitative risk assessment technique that uses random sampling to simulate the outcomes of a project or decision under uncertainty. In reservoir characterization, it involves running numerous simulations with input parameters drawn from probability distributions to generate a range of possible outcomes for reserves or production. This provides a probabilistic estimate of project success.

Table 1. Record
IdentifierMLC-T-OAG-002422
FieldOil and gas
SubjectReservoir Characterization
Record as JSON 
{
  "id": "MLC-T-OAG-002422",
  "term": "Monte Carlo risk analysis",
  "field": "Oil and gas",
  "definition": "A quantitative risk assessment technique that uses random sampling to simulate the outcomes of a project or decision under uncertainty. In reservoir characterization, it involves running numerous simulations with input parameters drawn from probability distributions to generate a range of possible outcomes for reserves or production. This provides a probabilistic estimate of project success.",
  "subject": "Reservoir Characterization",
  "url": "https://mlchart.com/terminology/oil-and-gas/monte-carlo-risk-analysis/"
}

Record 2,597 of 4,499 in Oil and gas terminology (MLC-0103). Request the full dataset.