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Resource estimates are undiscovered volumes, or volumes that have not yet been drilled and flowed to surface. A non-reserve resource, by definition, does not have to be technically or commercially recoverable and can be represented by a single, or an aggregate of multiple potential accumulations, e.g. an estimated geological basin resource. [14]
Resource adequacy (RA, also supply adequacy) in the field of electric power is the ability of the electric grid to satisfy the end-user power demand at any time (typically an issue at the peak demand). RA is a component of the electrical grid reliability. [1]
The reserve portion of the ratio is the amount of a resource known to exist in an area and to be economically recoverable (proven reserves). The production portion (denominator) of the ratio is the amount of resource produced in one year at the current rate. [1] RPR = (amount of known resource) / (amount used per year)
Mineral resource estimation is used to determine and define the ore tonnage and grade of a geological deposit, from the developed block model. There are different estimation methods used for different scenarios dependent upon the ore boundaries, geological deposit geometry, grade variability and the amount of time and money available.
Natural resource valuation is more apparent in the conduct of natural resource damage assessments (NRDA) and cost-benefit analysis of environmental restoration (ER) and waste management. [1] It is a key exercise in economic analysis and its results provide important information about values of environmental goods and services.
Diagram as published by McKelvey in 1973 [1] Diagram as published by McKelvey in 1976 [2]. A McKelvey diagram or McKelvey box is a visual representation used to describe a natural resource such as a mineral or fossil fuel, based on the geologic certainty of its presence and its economic potential for recovery.
Truthful cake-cutting - a variant of the problem in which there is a single heterogeneous resource ("cake"), and each agent has a personal value-measure over the resource. Strategic fair division - the study of equilibria of fair division games when the agents act strategically rather than sincerely.
For larger households, each additional adult is given a smaller value of 0.5 to reflect the economies of scale achieved when people live together, arising when households share resources such as water and electricity, which reduces living costs per person. Children under the age of 14 are given a value of 0.3 to take account of their lower ...