Abstract for CRADA between VariGrid Explorations Inc. and NETL (AGMT-0863)
As the energy industry continues to invest in data, big data, and advanced analytics to improve production, reduce operation and maintenance costs, improve safety, and reduce risks, uncertainty will serve as a limiting factor in the success of these operations. Intuitive communication of uncertainty can provide more transparency in the decision-making process; offering the ability to more accurately evaluate the risk and impact of decisions, identify data and knowledge gaps, and evaluate trade-offs. The issue of uncertainty will thus play a large role in the success of investments that rely on big data and data analytics. However, no robust method for representation of uncertainty in spatial data visuals currently exists. As such, uncertainty is, at best, communicated using multiple independent visuals and aggregated in final displays, or frequently omitted altogether. Failure to accurately and effectively quantify and communicate uncertainty poses a barrier, limiting critical information that would better allow businesses to make more accurate and intelligent decisions.