Good news! Our paper on stochastic modelling as a solution to the challenges of drilling time and cost scheduling has been accepted for the Celle Drilling conference in September where experts from industry and academia will gather to discuss the future of drilling technology.
The paper describes the benefits Monte Carlo probabilistic planning method offers when estimating cost and schedule of a project.
Applying the statistical simulation method, cost and schedule distributions are quantified by the means of uncertainty analyses, giving the project team clear and transparent understanding of the risks and possible outcomes, enabling them to reach a well-informed investment decision.
Read our case studies how our P1 application using Monte Carlo planning approach has helped other users to increase accuracy in cost and time scheduling.