Simple Oil and Gas Production Forecasting

@RISK can be very effectively used to forecast the production of oil and gas reserves about which little is known. This is a simple model forecasting production for a particular oil well. The estimated reserves within the well are uncertain and are represented with a Lognormal distribution function. The mean is 500,000 STB and the […]

Modeling Insurance Claims with Simulation, the Compound Function, and Resampling

It is important for an insurance company to estimate the amount of claims it will incur in a given year. This series of models assumes that there are three types of claims: auto, general liability, and worker's comp. Historical data for the company is included. The top section lists the numbers of claims for the […]