Limitations In The Use Of Mathematical Models To Support Investment Decisions

Summary form only given. Decision making is a complex job, especially when it involves millions of dollars. Experience, intuition and other personal features are essential, but the support of a mathematical tool can help avoiding errors. This paper presents a summary of the experience acquired by the Petrobras refinery simulation team in using mathematical models to support investment decisions in tank farm problems. Real situations will be presented where limitations and risks came up along with recommendations to avoid similar problems in the future.