“…Risk has been broadly described in the literature as a measure of loss (the product of the event's likelihood and the degree of the economic loss). The Bayesian theorem is a model that describes how the hypotheses (priors) are updated having observed evidence (Adumene, Adedigba, Khan, & Zendehboudi, 2020a; Adumene, Khan, Adedigba, & Zendehboudi, 2021a; Adumene, Khan, Adedigba, Zendehboudi, & Shiri, 2021b; Adumene, Khan, & Adedigba, 2020b; Mamudu, Khan, Zendehboudi, & Adedigba, 2021). Thus, the model analyzes the risk sources for any reservoir production change (evidence).…”