Lone Star Systems CEO Steve Roemerman has kindly agreed to share the interim results from its cross industry modeling best practices benchmarking project (MBP2). The project spans upstream ‘digital oilfield’ simulation and modeling, healthcare clinical trial use cases and behavioral economics models. MBP2 began in 2015 with the development of an industry-independent vocabulary and test interviews to validate survey design. Data collection is now underway and follow up interviews and publication are scheduled for 2017.
So far MBP2 has gathered data from a mix of communities. Modeling professionals spanning more than 40 disciplines from a dozen industries have responded to date. The survey has found that although most are involved in generic modeling activities like operations research, few report involvement in ‘big data.’ Moreover, none so far report building data-driven models. Over 50% support some form of decision analysis. Accommodating uncertainty was found to be the most important consideration in creating a useful model. However, modelers are not confident in their tools, processes, and ability to cope with uncertainty. Over 5% say they don’t even attempt to represent uncertainty in their modeling. Less than a third say they fully meet related standards promoted by most professional societies and government regulations. Oil IT Journal readers can take part in the survey here.
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