The payout and price of a rainfall-based index insurance contract are both functions of rainfall, which is a random process. In order to design and price these contracts, therefore, the buyers and the sellers of the contracts must both have a satisfactory understanding of the rainfall process, and must be able to communicate their beliefs to each other in order to negotiate the design and price...

Facies modeling is an essential part of reservoir characterization. The connectivity of facies model is very critical for the dynamic modeling of reservoirs. Carbonate reservoirs are so heterogeneous that variogram-based methods like sequential indicator simulation are not very useful for facies modeling. In this paper, multiple point geostatistics (MPS) is used for facies modeling in one of th...

Science and engineering is all about studying systems, be it natural or man-made, in order to understand them, to predict their behavior, or to design new systems and/or improve existing designs. There are many ways to study a system, and the traditional approaches are through theoretical analysis or physical experimentation on the systems themselves or physical models of the systems under stud...

Abstract. Modelling and Simulation is a discipline for developing a level of understanding of the interaction of the parts of a system, and of the system as a whole. The level of understanding which may be developed via this discipline is seldom achievable via any other discipline. A simulation is the manipulation of a model in such a way that it operates on time or space to compress it, thus e...

A business process is the set of activities and decision rules required to accomplish an operational objective. Examples include fulfilling an order, manufacturing a product, fielding a technical support phone call, or even launching a rocket. A process model provides an analytical framework for describing the activities and their relationships in detail. It extends the concept of business proc...