Process simulation with spreadsheet software

Merks, J. W.
Organization: Society for Mining, Metallurgy & Exploration
Pages: 8
Publication Date: Jan 1, 2000
Spreadsheet software is an effective tool for simulating dynamic stochastic systems such as mineral processing plants. The two-product formula is used to show how to set up a Monte Carlo simulation in a spreadsheet template and how to calculate variances of dependent variables. The key to a reliable and realistic simulation model is to obtain unbiased estimates for all independent variables and variances in the set that defines the stochastic system. Monte Carlo simulation is also a powerful tool for optimizing sampling procedures, for applying sensitivity analysis and for designing and evaluating experiments.
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