A method for determining a volume of a constituent(s) in a geological formation may include generating an equation of state based upon log measurements for the geological formation, with the equation of state providing a correlation between the log measurements, determining a quality factor for the equation of state, and for each of a plurality of different constituents expected to be in the formation, determining a constituent compliance factor for each of the constituents. The method may further include determining an uncertainty for each constituent compliance factor, determining a likelihood that each constituent is present in the formation based upon the quality factor, the constituent compliance factor for the constituent, and the uncertainty for the constituent compliance factor, generating a volumetric model based upon the log measurements and the determined likelihoods of the constituents in the formation, and determining the volume of the constituent(s) based upon the volumetric model.