Uncertainty

{
  "id": "MLC-T-OAG-004487",
  "term": "Uncertainty",
  "field": "Oil and gas",
  "definition": "The quantitative expression of the range of possible values for a calculated parameter, such as porosity or reserves, arising from measurement errors, model assumptions, and limited data. It reflects the degree of confidence in an estimate by defining a distribution of potential outcomes rather than a single deterministic value. In reserves estimation, uncertainty is formally expressed using probabilistic terms such as P10, P50, and P90, representing the values that have a 10%, 50%, and 90% probability of being exceeded.",
  "subject": "Formation Evaluation",
  "url": "https://mlchart.com/terminology/oil-and-gas/uncertainty/"
}