CANCELLED: SPEI: Monte Carlo Simulation
THIS EVENT HAS BEEN CANCELLED.
Description
This hands-on course features spreadsheet add-in risk simulation software (either Crystal Ball or @Risk).
Models in exploration (reserves and P(S)), drilling, production, and economics, along with descriptive
statistics in Excel will give a close look at several probability distributions and their applications. The
course will cover software basics including menus, settings, distributions, outputs, graphics, statistics,
sensitivity analysis, interpreting results, and creating reports. Focus of the course is on examining and
modifying prepared models and building simple models. In addition, participants will analyze historical
data using histograms, crossplots, correlation in Excel, and software to fit probability distributions to data.
Several worksheet models are included. Some familiarity with Excel is expected.
Topics Covered
♦ Monte Carlo Simulation
♦ Language of Statistics
♦ Steps in Simulation Design
♦ Crystal Ball (or @RISK) Features: Inputs, Outputs, Settings, Simulation, Reports
♦ Models to Estimate Reserves * Changing Distribution Types and Parameters
♦ Production and Economic Forecasts
♦ Prices
♦ Operating Expenses
♦ Capital Expenditures
♦ Cross Plots and Correlation in Excel
♦ ost Estimating Models
♦ Handling Rare Events
♦ Comprehensive Models
♦ Linking Model Components
♦ Class Problems
Location:
TBA