Hi guys,
I need to calculate the chance of success of a new piece of equipment which will be trialed on 10 wells.
For the equipment to be tested successfully the following conditions will need to be met on each well:
1. The well has to produce gas.
2. The well has to produce water.
3. The downhole well equipment has to function normally.
The probability of each item is 50% in all wells. The total probability that the three criteria are met on a single well is: 0.5 x 0.5 x 0.5 = 0.125 or 12.5%.
How to calculate the probability that the three above criteria will be met on all 10 wells?
I need to calculate the chance of success of a new piece of equipment which will be trialed on 10 wells.
For the equipment to be tested successfully the following conditions will need to be met on each well:
1. The well has to produce gas.
2. The well has to produce water.
3. The downhole well equipment has to function normally.
The probability of each item is 50% in all wells. The total probability that the three criteria are met on a single well is: 0.5 x 0.5 x 0.5 = 0.125 or 12.5%.
How to calculate the probability that the three above criteria will be met on all 10 wells?