You must log in to edit PetroWiki. Help with editing

Content of PetroWiki is intended for personal use only and to supplement, not replace, engineering judgment. SPE disclaims any and all liability for your use of such content. More information

Glossary:Monte Carlo simulation

Jump to navigation Jump to search

The principal tool of risk analysis, in which input variables are assumed to be density functions. Hundreds or thousands of trials are executed, sampling from these inputs and evaluating one or more outputs. At the end of the simulation, descriptive statistics are given, and histograms and cumulative functions are exhibited for each output and a sensitivity chart prioritizes the inputs for a given output.