Abstract
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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