Category: Monte Carlo

Topics related to Monte Carlo simulations

Downtime for Maintenance Simulation

Downtime, or non-productive time, commonly abbreviated as NPT, is usually used as a measure of time where there is no progress during drilling operations. However, I am using it here as a term to...

Simulating Oil Production with Monte Carlo

In this article I will build a basic oil production forecast simulation through Monte Carlo simulation, using R and Shiny. Introduction Imagine you would like to understand the effects of operational measures to an...

Monte Carlo Simulation – Introduction

In this article I will explain about Monte Carlo simulations – what they are, when they are useful and how they can be done with Excel with an easy example. Whenever I have a...