Mining Equipment Investment Analysis

<p>10% (B)</p> Signup and view all the answers

<p>The confidence level used in calculation is 90% (C)</p> Signup and view all the answers

<p>$rac{2Y}{eta}$ and $rac{2Y}{(1 - eta)}$ (B)</p> Signup and view all the answers

<p>To determine if the benefits outweigh the investment costs (B)</p> Signup and view all the answers

<p>Rbc = UB / IC (B)</p> Signup and view all the answers

<p>1.80 (B)</p> Signup and view all the answers

<p>Operating and maintenance costs (D)</p> Signup and view all the answers

<p>Net Present Value (NPV) method (D)</p> Signup and view all the answers

<p>Evaluating long-term financial goals (D)</p> Signup and view all the answers

<p>Efficiency of the equipment manufacturing process (D)</p> Signup and view all the answers

<p>If user benefits are equal to the investment costs (B)</p> Signup and view all the answers

<p>$530,000 (B), $530,000 (D)</p> Signup and view all the answers

<p>$400 (B)</p> Signup and view all the answers

<p>$3,792.7 (C)</p> Signup and view all the answers

<p>$425,000 (D)</p> Signup and view all the answers

<p>Equipment C (C)</p> Signup and view all the answers

<p>$42,141.5 (D)</p> Signup and view all the answers

<p>Annual failure rate × Cost of a failure (A)</p> Signup and view all the answers

<p>$409,981.4 (D)</p> Signup and view all the answers

<p>0.07 (A)</p> Signup and view all the answers

<p>Calculate depreciation (A)</p> Signup and view all the answers

<p>More precise, efficient, and safer operations (C)</p> Signup and view all the answers

<p>Automation is a broader concept that can include various technologies. (A)</p> Signup and view all the answers

<p>Its role in providing precise control and monitoring. (A)</p> Signup and view all the answers

<p>Development drill rig (A)</p> Signup and view all the answers

<p>Reduced human intervention in various tasks (B)</p> Signup and view all the answers

<p>Continuous monitoring with wireless sensors (D)</p> Signup and view all the answers

<p>From manual sorting to precision drilling guided by 3D models (A)</p> Signup and view all the answers

<p>Tasks that can be expressed as algorithms or computational processes (C)</p> Signup and view all the answers

<p>Limited safety monitoring vs. real-time personnel tracking (C)</p> Signup and view all the answers

<p>It focuses on specific programmable electronic devices. (D)</p> Signup and view all the answers

<p>It has transformed operations to be more productive and environmentally friendly. (B)</p> Signup and view all the answers

<p>Human thought and functions of complex adaptive systems (B)</p> Signup and view all the answers

<p>Improved safety monitoring (A)</p> Signup and view all the answers

<p>Adoption of real-time tracking technology (A)</p> Signup and view all the answers

<p>To enhance productivity and operational efficiency (A)</p> Signup and view all the answers

Mean Time To Failure; average time items last before failing in a given context

A range of values likely to contain the true value of a measure with a specific confidence level.

The probability that the confidence interval contains the true value (90% in this particular example).

The pre-set time when a life test is concluded, regardless of failing items.

A parameter used in statistical calculations, specifically related to the number of independent pieces of information available for estimation.

The probability of making a wrong decision when trying to conclude a hypothesis (the acceptable error risk; 10% in this example)

A statistical distribution used to model the sum of squared deviations from the mean. In particular, it is used to find upper and lower confidence limits on a MTTF when testing time is pre-determined.

A ratio comparing the total benefits of a project or equipment against its total costs (including investment, operation, and maintenance).

Benefit-cost ratio (Rbc) = User Benefits (UB) / Investment Cost (IC).

The total cost of a project, including initial capital investment, ongoing operating expenses, and maintenance costs.

The total economic advantages or value gained from a project or an investment in mining equipment over its useful life.

Choosing whether to buy new mining equipment, considering both costs and potential gains over time.

A method of evaluating a project's economic feasibility by comparing its total benefits to its total costs.

A method of evaluating the profitability of an investment.

The length of time it takes for the benefits of an investment to cover the initial costs.

The evaluation process to determine the practicality and profitability of acquiring particular mining equipment.

Total cost of owning and operating an asset throughout its entire lifespan, incorporating purchase price, operating costs, and failure costs.

The current worth of all future expected equipment failure costs, discounted by a rate.

The current worth of all future expected operating costs of an equipment, discounted by a rate.

Estimated annual cost expected for equipment failure.

Probability of equipment failure in a year.

The monetary value of a single equipment failure.

A general formula for present value calculation given by [1-(1+i)^-n]/i where 'i' is the interest rate and 'n' is the lifespan.

Annual rate used for discounting future costs.

Estimated lifespan of an equipment in years.

Cost of operating equipment each year.

Precise Engineering technology refers to using advanced and precise methods and tools to optimize operations in mining. It's about enhancing control, safety, and efficiency using technology.

Automation is the use of technology to perform tasks with minimal human intervention. It can involve PE technology, but also includes other non-electronic systems.

PE technology is often a component of automation, contributing to the precision and control involved in automated systems.

A drilling process that uses compressed air to power a drill, often used in mining for creating boreholes or blast holes.

A heavy-duty vehicle designed for material handling in underground mines, typically used to load, transport, and dump excavated materials.

The use of digital technologies, automation, and electrification to transform mining operations, making them more productive and environmentally friendly.

The use of VR and AR for training miners in safe and realistic environments. It also allows for real-time personnel tracking for safety.

Using wireless sensors and data analysis to track environmental conditions in mines in real-time, compared to the past practice of periodic manual sampling.

Using 3D models to guide drilling operations, leading to more efficient and precise extraction of ore.

Using automated systems to sort and process ore, replacing manual labor and increasing efficiency.

Using machines and software to perform tasks previously done by humans, aiming to improve efficiency and safety.

Tasks that can be reduced to an algorithm or a computational process can be automated, meaning they can be done by machines.

Most human thought and complex adaptive systems involving creativity, judgment, or unpredictable environments cannot be easily automated.

Focuses on programmable devices like microprocessors, controllers, and software to control and monitor processes.

While both involve technology, automation aims to replace human tasks while PE focuses on creating specific electronic devices and software to control and monitor systems.