Sensitivity and Optimization in GoldSim (April 2016)

This webinar was presented by Nick Martin in April 2016. Below is a brief summary and video recording of the presentation. You can also download materials used during the presentation by clicking on the link(s) at the end of the article.

This Webinar provides an overview of the optimization and sensitivity analysis capabilities which are built into GoldSim. Optimization is finding the maximum or minimum value of a function (i.e. an Expression in GoldSim). This can be visualized as finding the high point or low point along a plotted line. Model calibration is a common use of optimization.

A sensitivity analysis is the examination of which model parameters or model inputs have the largest influence on simulation results. If changing a particular input values causes a large change in a model result, then the model is sensitive to that input. Model sensitivity to a particular parameter means that input will have important control on model results. The sensitivity analysis tools in GoldSim include both graphical methods and statistical measures.

During the webinar, optimization and calibration in GoldSim will be demonstrated with the aid of a few example models. And then, graphical sensitivity analysis methods will be shown along with some basic interpretation of statistical measures in relation to example models.

 Webinar recording:

GoldSim provides the ability to carry out a special type of run to facilitate sensitivity analyses. For this type of run, you specify the result you are interested in, and one or more variables that you want to analyze (which must be Stochastics or Data elements). GoldSim then runs the model multiple times, systematically sampling each variable over a specified range, while holding all of the other variables constant. This then allows GoldSim to produce sensitivity plots (i.e., a tornado chart and X-Y function charts) to assist you in graphically identifying the variables in your model to which the results is most sensitive. This webinar will help you become comfortable performing sensitivity analysis and applying it to your projects.

Webinar recording from March 2014:

Download Sensitivity Analysis Webinar Video

Download model files used during the 2014 presentation: