Statistics

{
  "id": "MLC-T-OAG-003601",
  "term": "Statistics",
  "field": "Oil and gas",
  "definition": "The mathematical science of collecting, analyzing, interpreting, and presenting data to understand reservoir properties and predict performance. It involves methods such as regression, correlation, and hypothesis testing to quantify uncertainties and make informed decisions in exploration and production. Common applications include reserve estimation, well performance forecasting, and risk assessment.",
  "subject": "Reservoir Characterization",
  "url": "https://mlchart.com/terminology/oil-and-gas/statistics/"
}