... reservoir models representing the field data, and (2) the estimation of pertinent parameters of the selected theoretical reservoir model. The second phase is well established in the literature, whereas many problems are associated with model selection, such as uncertain data, incomplete data...

...James A. Murtha Summary This paper demonstrates how to incorporate historical data into Monte Carlo simulations, describes how the parameters are distributed, and quantifies dependencies among them. It also shows the effect of ignoring dependency and presents summary statistics on field data...