Journal of Multivariate Analysis
Neural Networks: A Comprehensive Foundation
Neural Networks: A Comprehensive Foundation
Neural Networks for Pattern Recognition
Neural Networks for Pattern Recognition
Simulation Modeling and Analysis
Simulation Modeling and Analysis
Introduction to Simulation and Risk Analysis
Introduction to Simulation and Risk Analysis
WSC '05 Proceedings of the 37th conference on Winter simulation
Using simulation analysis for mining project risk management
Winter Simulation Conference
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Nearly every well installation process nowadays relies on some sort of risk assessment study, given the high costs involved. Those studies focus mostly on estimating the total time required by the well drilling and completion operations, as a way to predict the final costs. Among the different techniques employed, the Monte Carlo simulation currently stands out as the preferred method. One relevant aspect which is frequently left out from simulation models is the dependence relationship among the processes under consideration. That omission can have a serious impact on the results of risk assessment and, consequently, on the conclusions drawn from them. In general, practitioners do not incorporate the dependence information because that is not always an easy task. This paper intends to show how Copula functions may be used as a tool to build correlation-aware Monte Carlo simulation models.