An iterative drilling simulation method and system for enhanced economic
decision making includes obtaining characteristics of a rock column in a
formation to be drilled, specifying characteristics of at least one
drilling rig system; and iteratively simulating the drilling of a well
bore in the formation. The method and system further produce an economic
evaluation factor for each iteration of drilling simulation. Each
iteration of drilling simulation is a function of the rock column and the
characteristics of the at least one drilling rig system according to a
prescribed drilling simulation model.