Article | Proceedings of The 9th EUROSIM Congress on Modelling and Simulation, EUROSIM 2016, The 57th SIMS Conference on Simulation and Modelling SIMS 2016 | Modeling and Portfolio Optimization of Stochastic Discrete-Event System through Markovian Approximation: an Open-Pit Mine Study Linköping University Electronic Press Conference Proceedings
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Title:
Modeling and Portfolio Optimization of Stochastic Discrete-Event System through Markovian Approximation: an Open-Pit Mine Study
Author:
Roberto G. Ribeiro: Graduate Program in Electrical Engineering, Federal University of Minas Gerais - UFMG, Brazil Rodney R. Saldanha: Dep. of Electrical Engineering, Federal University of Minas Gerais - UFMG, Brazil Carlos A. Maia: Dep. of Electrical Engineering, Federal University of Minas Gerais - UFMG, Brazil
DOI:
10.3384/ecp17142214
Download:
Full text (pdf)
Year:
2018
Conference:
Proceedings of The 9th EUROSIM Congress on Modelling and Simulation, EUROSIM 2016, The 57th SIMS Conference on Simulation and Modelling SIMS 2016
Issue:
142
Article no.:
031
Pages:
214-220
No. of pages:
7
Publication type:
Abstract and Fulltext
Published:
2018-12-19
ISBN:
978-91-7685-399-3
Series:
Linköping Electronic Conference Proceedings
ISSN (print):
1650-3686
ISSN (online):
1650-3740
Publisher:
Linköping University Electronic Press, Linköpings universitet


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Operation in an open-pit mining is a complex task with stochastic nature. Usually, this kind of system is analyzed by means of DES (Discrete Event System) simulation. This work considers optimizing the investment in new projects in such a way to reach maximum production of an open-pit mine. When a DES model is associated with an optimization problem, the time taken to run such model is a crucial aspect. In order to analyze the project impacts in a reasonable time, this work presents a DES markovian model which represents a load-haulage cycle. The results obtained were compared with the results acquired from validated simulation models which represent the same system. In the optimization context, the complexity is exponential. Therefore, this work proposes a formulation that considers the inter-relationship between projects, which aims to help decision makers. Instead of trying all the possible projects combinations, the proposed method searches for identifying the set of projects that produce good feasible solutions based on performance measure from designed DES model.

Keywords: Markov chain, closed queuing network, project portfolio, open-pit mining

Proceedings of The 9th EUROSIM Congress on Modelling and Simulation, EUROSIM 2016, The 57th SIMS Conference on Simulation and Modelling SIMS 2016

Author:
Roberto G. Ribeiro, Rodney R. Saldanha, Carlos A. Maia
Title:
Modeling and Portfolio Optimization of Stochastic Discrete-Event System through Markovian Approximation: an Open-Pit Mine Study
DOI:
http://dx.doi.org/10.3384/ecp17142214
References:
No references available

Proceedings of The 9th EUROSIM Congress on Modelling and Simulation, EUROSIM 2016, The 57th SIMS Conference on Simulation and Modelling SIMS 2016

Author:
Roberto G. Ribeiro, Rodney R. Saldanha, Carlos A. Maia
Title:
Modeling and Portfolio Optimization of Stochastic Discrete-Event System through Markovian Approximation: an Open-Pit Mine Study
DOI:
https://doi.org10.3384/ecp17142214
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