Conflicts between IRR and NPV criteria: Why the conflicts aren’t always real

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My involvement with the SME/NSSGA Student Design Competition has made me aware how often engineers (in this case mining engineering students) obtain, what appears to be, conflicting decisions based on net present value (NPV) and internal rate of return (IRR) … Continue reading

Of means, confidence intervals and practical decisions: Demystifying uncertainty in simulation results

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One of the most challenging things for a simulation analyst is explaining the uncertainty around the results to non-experts. It is not unusual for simulation results to be presented in language such as, “the expected production/shift is going to be … Continue reading

Can discrete event simulation help you improve your operation?

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In discussions with mining engineers, it is obvious that many mining engineers do not understand discrete event simulation or know when it can provide value for them. This may explain why this technique is not used more often in an … Continue reading