1. A method for improved hydrocarbon production forecasting, the method comprising: a. obtaining an initial integrated production model representative of at least two interconnected subsurface tanks, at least one well, and a surface network, wherein the surface network comprises multiple components including at least one pipeline; b. parameterizing a subsurface part of the integrated production model by using material balance to characterize the at least two interconnected subsurface tanks; c. parameterizing a well part of the integrated production model based in part on well geometry; d. parameterizing the surface network based on the multiple components of the surface network; e. combining the parameterized subsurface part, the parameterized well part and the parameterized surface network into an improved integrated production model; and f. forecasting hydrocarbon production based on the improved integrated production model.