Why there are so many methods developed for uncertainty quantification? Why many research works seem to be very far from actual industry practice? What is the reason for the big gap between industry and academia in thinking about practical problems? How to close the gap and make one’s research more meaningful?
In an earlier post Practical Elements of “Decision Making under Uncertainty”, I introduced the topic of Decision Making Under Uncertainty (DMUU)–the fundamental challenge in petroleum reservoir development planning. In this post, I want to discuss more details, partially based on our recently published paper Scenario Discovery Workflow for Robust Petroleum Reservoir Development under Uncertainty .