A method for performing a physical operation on a geologic formation, the method characterized by: receiving image data of the formation obtained by an imaging tool disposed in a borehole penetrating the formation, the image data comprising images of fractures intersecting a wall of the borehole to provide borehole fracture data; simulating multiple fracture scenarios of the fractures intersecting the wall of the borehole with each scenario based on keeping the borehole fracture data constant to provide a plurality of simulations, each fracture scenario varying at least one of fracture dimensions, fracture shape, and fracture placement with respect to the borehole; determining a property value from each simulation of the plurality of simulations; calculating a statistical property value for the plurality of simulations using the determined property value from each simulation of the plurality of simulations at a selected statistical level, wherein the receiving, simulating, determining, and calculating are performed using a processor; and performing the physical operation on the geologic formation using physical operation apparatus based on the calculated statistical property value, wherein the physical operation comprises perforating a casing lining the borehole in a selected depth interval where the selected depth interval is based on the calculated statistical property value, hydraulically fracturing the geologic formation in a selected depth interval where the selected depth interval is based on the calculated statistical property value or drilling a borehole with a selected trajectory where the selected trajectory is based on the calculated statistical property value. receiving image data of the formation obtained by an imaging tool disposed in a borehole penetrating the formation, the image data comprising images of fractures intersecting a wall of the borehole to provide borehole fracture data; simulating multiple fracture scenarios of the fractures intersecting the wall of the borehole with each scenario based on keeping the borehole fracture data constant to provide a plurality of simulations, each fracture scenario varying at least one of fracture dimensions, fracture shape, and fracture placement with respect to the borehole; determining a property value from each simulation of the plurality of simulations; calculating a statistical property value for the plurality of simulations using the determined property value from each simulation of the plurality of simulations at a selected statistical level, wherein the receiving, simulating, determining, and calculating are performed using a processor; and performing the physical operation on the geologic formation using physical operation apparatus based on the calculated statistical property value, wherein the physical operation comprises perforating a casing lining the borehole in a selected depth interval where the selected depth interval is based on the calculated statistical property value, hydraulically fracturing the geologic formation in a selected depth interval where the selected depth interval is based on the calculated statistical property value or drilling a borehole with a selected trajectory where the selected trajectory is based on the calculated statistical property value.