Using simulation for reducing risk of a Mining optimization project

Abstract

The use of simulation in a project management can illustrate visual display of the project objective and the process virtually but realistically. This paper investigates the valid benefits of using simulation technique for a Mining and Iron Production Factory (MIPF) project. It is believed by the author that mining activity is particularly subject to more risks than other business activities because of its uncertainty, complexity and high cost. One of the first things to consider before starting mining projects is the risk factor. Some project risks can be reduced by visualizing and understanding the process before the actual initiation process. The paper illustrated the advantages of using computer aided simulation for an optimization project of a MIPF in a real life case study.