Needed: A New Approach to Exploration Management

Mineral exploration programs have often experienced mismanagement in the decision-making process, and these errors have consequently resulted in stockholder losses. Unfortunately, the events leading to these errors are little known and rarely studied, since managers aren't prone to publicizing their mistakes. However, a bit of magnified hindsight may serve to identify some of the problems. It is interesting to note that there does not seem to be a generally agreed-upon definition of the role and function of exploration management. Several articles have addressed this subject, written by both academic and industry exploration personnel. Two apparent thought trends can be observed: First, the theoreticians insist that modern scientific management principles can be directly applied, without modification, to mineral exploration. However, when one searches for the rules, the proponents rapidly retreat behind the computers and talk learnedly of management information systems and game theory.