1. A computer-based method of optimizing development planning for a hydrocarbon reservoir, comprising: providing input data representative of the hydrocarbon reservoir, the input data having an uncertainty associated therewith; generating a first simulation of the reservoir using a high fidelity model for reservoir or surface facility behavior utilizing the input data, wherein the first simulation generates first high fidelity output data; generating a low fidelity model for reservoir or surface facility behavior using the input data and the first high fidelity output data, wherein the low fidelity model generates a prediction; optimizing a reservoir development planning model utilizing the input data and the low fidelity model for reservoir or surface facility behavior, wherein the reservoir development planning model generates reservoir development planning output data and the reservoir development planning model comprises a stochastic programming model that incorporates uncertainty; performing a second simulation of the reservoir using the high fidelity model for reservoir or surface facility behavior utilizing the input data and the reservoir development planning output data, wherein the second simulation generates second high fidelity output data; comparing the second high fidelity output data with the prediction of the low fidelity model; repeating the steps comprising generating a low fidelity model for reservoir or surface facility behavior, optimizing a reservoir development planning model, performing a second simulation of the reservoir using the high fidelity model for reservoir or surface facility behavior, and comparing the second high fidelity output data with the prediction of the low fidelity model until the second high fidelity output data is substantially consistent with the prediction of the low fidelity model.