A key part of analytics in the oil and gas industry is evaluating opportunities at different locations. Space is always present when looking for profitable development projects. We usually look at the already in production wells and try to find some spatial trends. To stay competitive, we need to find better ways to access the data of different areas and its wells. For instance, we can transform the spatial information to compact objects that store the location and shape of each well and lease. These objects can be feed to different calculations and analyses as geometries. For Spotfire, it also has some advantages, you can use the feature layers of the map chart. In this case, we can visualize the leases as polygons and wells as lines.
- Are you the Spotfire Administrator for your company?
- Do you have access to the Administration Manager?
- Would you like to learn about a few settings that you could change to make Spotfire more user friendly?
When building a Multiple Linear Regression model, we want to limit the correlation between predictor (X) variables. Luckily, Spotfire has a tool that makes identifying the correlation (called multicollinearity) effortless. I will walk you through the tool, and you can see the resulting template here.
Linear Regression models are the simplest linear models available in statistical literature. While the assumptions of linearity and normality seem to restrict the practical use of this model, it is surprisingly successful at capturing basic relationships and predicting in most scenarios. The idea behind the model is to fit a line that mimics the relationship between target variables and a combination of predictors (called independent variables). Multiple regression refers to only one target variable and multiple predictors. These models are popular not only for solving the prediction task but also for working as a model selection tools allowing to find the most important predictors and eliminate redundant variables from the analysis.
We often use Excel templates to calculate the Call and Put option prices with required parameters and the relationship between the parameters are expressed in Excel Functions. One tricky problem with the Excel Function is that if you change the cell position, accidentally click on a wrong cell, or if you want to export the results and utilize the templates again, the embedded functions may change accordingly and generate wrong answers.
Just wanted to share this development journey with you trying to build a template. I wanted to create a WordPress connector for DataShopTalk so that I could download all the articles and get a good idea of the content of the blog. Connecting directly to the MySQL database was not really ideal, I wanted to setup an API from WordPress so that a data function could connect to it.