A prediction tool using historical data to predict various aspects of future projects such as cost, number of rigs, and other resources required.
One of our major clients has been spending on average two to three months to plan the full cost of a drilling project, and we were able to work together in finding a solution to use previous years’ data to create a program that will use a machine learning algorithm to predict this cost. This is how the WM PP was established.
We were able to accomplish this using linear regression, OLS, LassoLars (variation of the SGD regressor family) and cross variance variations of the lassolars, AGRRegressor.
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