Webinar Overview:
Uncertainty quantification is critical for informed decision-making processes in the mining and oil-gas industry. The conventional deterministic approach uses assumption of Gaussianity of input variables and linearity of value-transfer function, e.g. value chain in mining, hydrodynamic system in sub-surface reservoirs. However, in reality, these value-transfer functions are quite non-linear and comprise multiple sources of uncertainty (geological, geometallurgical, geotechnical, financial, etc). This presentation demonstrates limitations of the deterministic approach on several examples of non-linear systems and highlights advantages of the stochastic approach in uncertainty quantification processes. This talk will provide you with a better understanding of the uncertainty quantification process and the importance of using conditional simulations.