Reserve Estimation
Reserve estimation is a process used in industries like oil and gas, mining, and finance to quantify and evaluate the amount of recoverable resources or assets. It involves analyzing geological, engineering, and economic data to predict future production and value, often using statistical and simulation methods. This concept is critical for resource management, investment decisions, and regulatory compliance.
Developers should learn reserve estimation when working in fields such as energy, natural resources, or financial modeling, as it underpins key business decisions like project feasibility and risk assessment. It's used in software applications for data analysis, predictive modeling, and reporting tools that support industries reliant on resource extraction or asset valuation.