COMMON ASKED QUESTIONS
Frequently Asked Questions
Explore frequently asked questions about probabilistic modelling, workflow automation, and how iQx™ improves planning accuracy across complex drilling operations.
What are Monte Carlo models?
Monte Carlo models are a powerful way to understand uncertainty in complex systems. Read more
Why should you think in terms of probabilities, not guesses?
Probabilistic methods can incorporate prior knowledge and update beliefs as new data comes in. Read more
What is a probability distribution?
A probability distribution is a way to map out how likely each possible result is when randomness is involved. Read more
Why do you need distribution for well time and cost modelling?
When data is limited, distributions help turn uncertainty into numbers and quantify them. Read more
What can you model when you have no historical offset data?
By encoding the data you already have into a probabilistic model, you create a starting point. Read more
What defines a simulation?
It is running the model many times with different inputs to see the range of possible total outcomes. Read more
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