Uncertainties are an inherent part of any exploration and resource development activities. Mining projects, due to their variable nature, are always faced with many kinds of uncertainties. Substantial amount of investment and complexity in design and execution in mining industry, cause the mining projects being categorized as activities with high level of risk. Feasibility studies facilitate a better identification of uncertainties sources and present more efficient risk management in these projects. These uncertainties will also affect the time scheduling and resource allocation in the feasibility studies procedures. In this research, the effects of time and cost uncertainties on the process of feasibility studies are assessed. In order to illustrate the role of these uncertainties, their effects on scheduling and costing is depicted by using Monte Carlo simulation method. Also the associated risks of these uncertainties are evaluated in a probabilistic approach. The result confirms the significant impacts of these uncertainties on the project implementation, while it shows that considering the uncertainties lead to more reliable results. The outcomes of this research help a better and more realistic understanding of the effects of time and cost uncertainties on the design and implementation of feasibility studies. Besides it proposes more efficient plans for managing these uncertainties and the related risks.
Basiri, M., Sayadi, A., Hoseinpour, M., & Hayati, M. (2012). Investigating the Effects of Time and Cost Uncertainties on The Feasibility Study Procedures in Mining Projects. Journal of Mining Engineering, 7(16), 101-114.
MLA
M.H Basiri; A.R Sayadi; M Hoseinpour; M Hayati. "Investigating the Effects of Time and Cost Uncertainties on The Feasibility Study Procedures in Mining Projects". Journal of Mining Engineering, 7, 16, 2012, 101-114.
HARVARD
Basiri, M., Sayadi, A., Hoseinpour, M., Hayati, M. (2012). 'Investigating the Effects of Time and Cost Uncertainties on The Feasibility Study Procedures in Mining Projects', Journal of Mining Engineering, 7(16), pp. 101-114.
VANCOUVER
Basiri, M., Sayadi, A., Hoseinpour, M., Hayati, M. Investigating the Effects of Time and Cost Uncertainties on The Feasibility Study Procedures in Mining Projects. Journal of Mining Engineering, 2012; 7(16): 101-114.
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