Software review: Optihaul 2.0

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At last year’s MINExpo, I was given a demo of Optihaul 2.0, which is described by the maker as a short- to medium-term truck and shovel optimization and simulation package. I had never seen this particular package before and I … Continue reading

Of chance, uncertainty & randomness — Part 3: Applications & Mishaps

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In this three part series, I have attempted to explain Monte Carlo simulation and how it is used to evaluate uncertainty using a stochastic model. In Part 1, I explained the mechanics of the technique and then discussed distribution fitting, … Continue reading

Of chance, uncertainty & randomness — Part 2: Finding distributions for Monte Carlo simulation

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In the first part of this series, we explained Monte Carlo simulation and how it is used to obtain results from a stochastic model. A key step in modeling stochastic processes using Monte Carlo simulation, is finding distributions to describe the … 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