Functional Approximation and Optimal Specification of the Mechanical Risk Index

Mark J. Kaiser and Allan G. Pulsipher

Risk Analysis, 2005, vol. 25, issue 5, 1313-1323

Abstract: The mechanical risk index (MRI) is a numerical measure that quantifies the complexity of drilling a well. The purpose of this article is to examine the role of the component factors of the MRI and its structural and parametric assumptions. A meta‐modeling methodology is applied to derive functional expressions of the MRI, and it is shown that the MRI can be approximated in terms of a linear functional. The variation between the MRI measure and its functional specification is determined empirically, and for a reasonable design space, the functional specification is shown to a good approximating representation. A drilling risk index is introduced to quantify the uncertainty in the time and cost associated with drilling a well. A general methodology is outlined to create an optimal MRI specification.

Date: 2005
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1111/j.1539-6924.2005.00670.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wly:riskan:v:25:y:2005:i:5:p:1313-1323

Access Statistics for this article

More articles in Risk Analysis from John Wiley & Sons
Bibliographic data for series maintained by Wiley Content Delivery ().