Selection of Mining Machinery Based on Mechanical Delay Statistics: An Application of Goal Programming to Capital Budgeting
Abstract
This paper presents an application of goal programming (GP) to major mining machinery purchases based on historical operating data on mechanical downtime and production. The gp technique, an extension of integer programming, is used to maximize an objective function comprised of deviations away from management-preferred financial goals. Different capital budgeting techniques are used to evaluate capital proposals and the results are combined and weighted in a maximization of profits.
Recommended Citation
R. L. Grayson, "Selection of Mining Machinery Based on Mechanical Delay Statistics: An Application of Goal Programming to Capital Budgeting," Transactions of the American Institute of Mining, Metallurgical, and Petroleum Engineers, Society, American Institute of Mining, Metallurgical and Petroleum Engineers (AIME), Jan 1983.
Department(s)
Mining Engineering
Document Type
Article - Journal
Document Version
Citation
File Type
text
Language(s)
English
Rights
© 1983 American Institute of Mining, Metallurgical and Petroleum Engineers (AIME), All rights reserved.
Publication Date
01 Jan 1983