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Conference Proceedings

Project Evaluation 2007

Conference Proceedings

Project Evaluation 2007

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The Role of Simulation Modelling in Project Evaluation

TSG Consulting works with many of the major global mining companies using simulation modelling as an integral component in their development team's processes to determine which combination of infrastructure options, operating performance and operating rules best achieve project goals._x000D_
All systems can be divided into a series of subprocesses. Conventional management and design practices focus on the optimisation of these system components. However, the interaction between subprocesses means that improvements made to the individual components do not necessarily translate into total system performance improvement. TSG Consulting advocates a total integrated system approach' to understanding the behaviour and performance of complex interacting systems. In a constraint-based integrated set of processes, the instantaneous system capacity is limited by the subsystem component capacity that is the bottleneck at that point in time._x000D_
Additionally, real world stochastic and dynamic influences tend to have knock-on effects across subsystem boundaries. This necessitates the requirement for simulation modelling to develop and validate solutions that are sufficiently robust to deliver sustainable outcomes. The key to maximising production is to understand the causes and effects the inherent variability has on component performance, subprocess performance and most importantly, the total integrated system performance._x000D_
The correct use of simulation modelling techniques allows study teams to evaluate the relative merits of different capacity enhancement proposals. Put simply, when done well, simulation modelling provides a quantitative and rational process to enhance the knowledge and insight needed to make informed decisions._x000D_
FORMAL CITATION:Hoare, R, 2007. The role of simulation modelling in project evaluation, in Proceedings Project Evaluation 2007, pp 121-126 (The Australasian Institute of Mining and Metallurgy: Melbourne).
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  • Published: 2006
  • PDF Size: 0.151 Mb.
  • Unique ID: P200704014

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