Bayes' theorem is a statistical formula used to calculate conditional probability. Learn how it works, how to calculate it ...

Risk and uncertainty are rarely evaluated as an integral part of the planning process. An array of risks—from hydrocarbon potential and operating characteristics, to political or market factors—can ...

The design and construction of capital projects can be extremely complex. Uncertainty and risk add to this complexity and, as a result, many projects experience significant cost overruns and schedule ...

Although probabilistic risk analysis methods, a component of project risk management, have been regularly available to designer and construction practitioners since the early 1990s, their use is not ...

The American Association of Petroleum Geologists president promotes wider reliance than exists now on probabilistic methods of estimating oil and gas reserves. Oil and gas reserves calculations can be ...

Not everyone is happy with the probabilistic nature of quantum mechanics. The fact that particles are only statistically likely to be somewhere you expect them to be is a tough cookie to swallow. To ...