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OverviewExcerpt from The Size Distribution of Oil and Gas Fields Statistical decision theory is the mathematical analysis of decision problems in which uncertainty is a key element. Use of it can give the oil and gas operator ordered insight into the way exploration decisions should be made in order to achieve preassigned goals; e.g. Maximize the net expected present value of an exploratory drilling program. It does this by forcing the decision-maker to make explicit assumptions and judgements that are implicit in every such decision problem. In other words, statistical decision theory is a vehicle for rendering precise the key variables and relations among them that constitute the core of exploration problems. It is important to recognize, however, that people-22GBP mathematical models-make decisions, so statistical decision theory is only an aid to decision-making, not a decision-making device. Rather than emphasize the specifics of how statistical decision theory comes into play in analysis of exploration problems, in this paper we will concentrate on illustrating how statistical methodology can be used to build a probabilistic cornerstone of mathematical models of some important exploration decision problems. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works. Full Product DetailsAuthor: Gordon M KaufmanPublisher: Forgotten Books Imprint: Forgotten Books Dimensions: Width: 15.20cm , Height: 0.40cm , Length: 22.90cm Weight: 0.118kg ISBN: 9781334538797ISBN 10: 1334538794 Pages: 80 Publication Date: 23 December 2018 Audience: General/trade , General Format: Paperback Publisher's Status: Unknown Availability: Available To Order ![]() Limited stock is available. It will be ordered for you and shipped pending supplier's limited stock. Table of ContentsReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |