Model building is a fragile and complex process especially in the context of real cases. Each real case problem has its own characteristics with new concepts and conditions. A correct model should have some essential characteristics such as: being compatible with real conditions, being of sufficient accuracy, being logically traceable and etc. This paper discusses how to build an efficient mode...

Tedious calculations and simulations are needed to obtain an efficient production scenario and/orproper field development strategy. Capacitance-resistance model (CRM) is proved to be a fastreservoir simulation tool using just the field-available data of production and injection rates. Thisapproach sets a time-constant and a weighting factor (or well-pair connectivity parameter...

Why did the volatility of U.S. real GDP decline by more than the volatility of final sales with the Great Moderation in the mid-1980s? One possible explanation is that firms shifted their inventory behaviour towards a greater emphasis on production smoothing. In this paper, we investigate the role of inventories in the Great Moderation by estimating an unobserved components model that identifie...

Most inventory researches assume that the production level can be fluctuated arbitrarily. However, in many firms, large fluctuation in production levels may be very costly. This paper addresses the coordinated pricing and inventory control problem in a smoothing production system, in which the production level is constrained between a maximum and a minimum level in each period and the price can...