Changes

==Probability of geological success==

==Probability of geological success==

Every expression in the expected value equation requires a responsible geotechnical estimate. [[Uncertainties Impacting Reserves, Revenue, and Costs]] addresses procedures for estimating reserves (the primary component of revenue) and costs (both of success as well as failure). Here we address the problem of assessing the chance of geological success.

Every expression in the expected value equation requires a responsible geotechnical estimate. [[Uncertainties impacting reserves, revenue, and costs]] addresses procedures for estimating reserves (the primary component of revenue) and costs (both of success as well as failure). Here we address the problem of assessing the chance of geological success.

For exploratory prospects (including shallow pool, deeper pool, and extension wildcats, commonly managed by development geologists), the recommended procedure is for the geotechnical professional to express his or her confidence independently in four critical geological aspects of any prospect:

For exploratory prospects (including shallow pool, deeper pool, and extension wildcats, commonly managed by development geologists), the recommended procedure is for the geotechnical professional to express his or her confidence independently in four critical geological aspects of any prospect: