Engineering Decision-Making Under Uncertainty in Petroleum Engineering
Engineering Decision-Making Under Uncertainty: Why Every Petroleum Engineer Needs More Than Accurate Calculations Every petroleum engineer at some point in their career comes to terms with the fact that they will have to make important decisions long before all of the answers appear. Engineering Decision-Making Under Uncertainty Decisions, such as whether to complete a well immediately or defer the completion to gain more insight on the well's potential. Decisions, such as whether a well's production decline is transient or a permanent loss of production. Decisions, such as whether to increase the choke size to improve production, or if that decision would lead to faster water production, and cause a premature abandonment. However, the reality is that most of these decisions do not always have clear cut answers. A petroleum engineer should not be penalized for making a decision in the face of uncertainty, because that is the environment petroleum engineers work in. Uncertainty ...