Hossein Algdamsi, Ahmed Amtereg, Ammar Agnia, Jamal Alusta, Ahmed Alkouh
Typically, the Monte Carlo simulation (MCS) approach was generally applied to assess and quantify uncertainty in probabilistic reserve estimates and improve risk decision making, regrdless of that it can be quite computationally intensive, MCS method has the advantages of generating possible outcomes That contain more information relative to deterministic and scenario approach by taking into consideration the uncertainty associated with the range of various input variable. However, MCS …
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