Mirakovski, Dejan and Despodov, Zoran and Pop-Andonov, Goran and Mijalkovski, Stojance and Mehandziski, Nikola (2010) Application of Monte Carlo simulation for risk evaluation in mineral investment projects. Natural Resources and Technologies, IV (4). pp. 25-32. ISSN 185-6966
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Abstract
Monte Carlo simulation is a useful technique for modeling and analyzing real-world systems and situations. This paper is a conceptual paper that explores the applications of Monte Carlo simulation for managing project risks and uncertainties. The benefits of Monte Carlo simulation are using quantified data, allowing project managers to better justify and communicate their arguments when senior management is pushing for unrealistic project expectations. Proper risk management education, training, and advancements in computing technology combined with Monte Carlo simulation software allow project managers to implement the method easily. In the field of project management, Monte Carlo simulation can quantify the effects of risk and uncertainty in project schedules and budgets, giving the project manager a statistical indicator of project performance such as target project completion date and budget.
This approach is essential for mining industry usually associated with hign level of diversified risks.
| Item Type: | Article |
|---|---|
| Subjects: | Engineering and Technology > Other engineering and technologies |
| Divisions: | Faculty of Natural and Technical Sciences |
| Depositing User: | Stojance Mijalkovski |
| Date Deposited: | 08 May 2013 07:47 |
| Last Modified: | 08 May 2013 07:47 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/6197 |
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