Operational Efficiency Forecasting Model of an Existing Underground Mine Using Grey System Theory and Stochastic Diffusion Processes
Joint Authors
Strbac Savic, Svetlana
Nedeljkovic Ostojic, Jasmina
Cvijovic, Cedomir
Aleksandrovic, Snezana
Gligoric, Zoran
Source
Mathematical Problems in Engineering
Issue
Vol. 2015, Issue 2015 (31 Dec. 2015), pp.1-18, 18 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2015-12-22
Country of Publication
Egypt
No. of Pages
18
Main Subjects
Abstract EN
Forecasting the operational efficiency of an existing underground mine plays an important role in strategic planning of production.
Degree of Operating Leverage (DOL) is used to express the operational efficiency of production.
The forecasting model should be able to involve common time horizon, taking the characteristics of the input variables that directly affect the value of DOL.
Changes in the magnitude of any input variable change the value of DOL.
To establish the relationship describing the way of changing we applied multivariable grey modeling.
Established time sequence multivariable response formula is also used to forecast the future values of operating leverage.
Operational efficiency of production is often associated with diverse sources of uncertainties.
Incorporation of these uncertainties into multivariable forecasting model enables mining company to survive in today’s competitive environment.
Simulation of mean reversion process and geometric Brownian motion is used to describe the stochastic diffusion nature of metal price, as a key element of revenues, and production costs, respectively.
By simulating a forecasting model, we imitate its action in order to measure its response to different inputs.
The final result of simulation process is the expected value of DOL for every year of defined time horizon.
American Psychological Association (APA)
Strbac Savic, Svetlana& Nedeljkovic Ostojic, Jasmina& Gligoric, Zoran& Cvijovic, Cedomir& Aleksandrovic, Snezana. 2015. Operational Efficiency Forecasting Model of an Existing Underground Mine Using Grey System Theory and Stochastic Diffusion Processes. Mathematical Problems in Engineering،Vol. 2015, no. 2015, pp.1-18.
https://search.emarefa.net/detail/BIM-1074271
Modern Language Association (MLA)
Strbac Savic, Svetlana…[et al.]. Operational Efficiency Forecasting Model of an Existing Underground Mine Using Grey System Theory and Stochastic Diffusion Processes. Mathematical Problems in Engineering No. 2015 (2015), pp.1-18.
https://search.emarefa.net/detail/BIM-1074271
American Medical Association (AMA)
Strbac Savic, Svetlana& Nedeljkovic Ostojic, Jasmina& Gligoric, Zoran& Cvijovic, Cedomir& Aleksandrovic, Snezana. Operational Efficiency Forecasting Model of an Existing Underground Mine Using Grey System Theory and Stochastic Diffusion Processes. Mathematical Problems in Engineering. 2015. Vol. 2015, no. 2015, pp.1-18.
https://search.emarefa.net/detail/BIM-1074271
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-1074271