Abstract: One or more methods for optimizing reservoir development planning include a source of characterized input data, an optimization model, a baseline model for simulating the reservoir, a modified model, and one or more solution routines interfacing with the optimization model. The optimization model can consider unknown parameters having uncertainties directly within the optimization model. The modified model can systematically address uncertain data, for example comprehensively or even taking all uncertain data into account. Accordingly, the modified model is optimized to flexible or robust solutions. Final reservoir development plans are generated based on optimized model results.