Managing Oil & Gas Companies: Probabilistic methods with simulation help predict timing, costs of projects. Wood, D. Oil and Gas Journal,12th November 2001, 99(46) pp.

Continuous probabilistic techniques involving simulation can help managers predict the likelihood of time and cost overruns in all types and sizes of oil and gas projects. By deriving time and cost forecasts from a series of trials, simulation offers insight into project risks and quantifies the chances that a project will be completed within budget targets and deadlines.

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