Algorithm
in mathematics, computing and related disciplines, a finite list of well-defined instructions for accomplishing some task that, given an initial state, will proceed through a well-defined series of successive states, eventually terminating in an end-state
Computer Simulation
a computer program that attempts to simulate an abstract model of a particular system
Deterministic
a term to describe a system whose time evolution can be predicted exactly
Geological Modeling
the applied science of creating computerised representations of portions of the Earth's crust, especially oil and gas fields and groundwater aquifers
Hydrocarbon a naturally occurring organic compound comprising hydrogen and carbon
Markov Chain
a random process in which the probabilities of discrete states in a series depend only on the properties of the immediately preceding state or the next preceding state, independent of the path by which the preceding state was reached.
Monte Carlo Method
a widely used class of computational algorithms for simulating the behavior of various physical and mathematical systems, and for other computations. They are distinguished from other simulation methods by being stochastic, that is nondeterministic in some manner, usually by using random numbers, as opposed to deterministic algorithm
Oil in Place (OIP)
oil that is estimated to exist in a reservoir but that has not been produced
Petrophysics
the study of the physical and chemical properties that describe the occurrence and behavior of rocks, soils and fluids
Random Walk
a series of sequential movements in which the direction and size of each move is randomly determined
Reservoir Simulation
the use of a computer model of a reservoir to history match its past performance and to then predict, under a range of scenarios, the possible reservoir behaviour
Stochastic Process
a process whose behavior is non-deterministic in that its current state does not fully determine its next state
