Monte Carlo sampling

{
  "id": "MLC-T-OAG-002423",
  "term": "Monte Carlo sampling",
  "field": "Oil and gas",
  "definition": "A computational technique that uses repeated random sampling to obtain numerical results, often for problems that are difficult to solve analytically. In reservoir characterization, it is used to quantify uncertainty by generating hundreds or thousands of possible reservoir models, each with a different combination of parameters like porosity, permeability, and fault locations drawn from their respective probability distributions. The range of outcomes from these simulations provides a probabilistic forecast of production or reserves, such as P10, P50, and P90 estimates.",
  "subject": "Reservoir Characterization",
  "url": "https://mlchart.com/terminology/oil-and-gas/monte-carlo-sampling/"
}