The effect of economic objective function on economic, operational and environmental performance of optimal chemical processes
In this work, three of the more used economic criteria were applied in the economic objective function when synthesizing chemical processes using mathematical programming approach: the profit before taxes (PB), the net present value (NPV), and the internal rate of return (IRR). The effects on theeco...
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| Format: | Book Chapter |
| Jezik: | English |
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CHISA 2010 |
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| 005 | 20110222000000.0 | ||
| 008 | 100913s2010 xr |||||s|||||||| ||eng c | ||
| 040 | |a KTFMB |b slv |c SI-MaIIZ |e ppiak | ||
| 041 | 0 | |a eng |b eng | |
| 080 | |a 66 | ||
| 100 | 1 | |a Kasaš, Mihael. |4 aut | |
| 245 | 0 | 0 | |a The effect of economic objective function on economic, operational and environmental performance of optimal chemical processes |h [Elektronski vir] / |c Mihael Kasaš, Zdravko Kravanja, Zorka Novak Pintarič. |
| 300 | |a 7 f. | ||
| 504 | |a Abstract. | ||
| 504 | |a Bibliografija: f. 6-7. | ||
| 520 | |a In this work, three of the more used economic criteria were applied in the economic objective function when synthesizing chemical processes using mathematical programming approach: the profit before taxes (PB), the net present value (NPV), and the internal rate of return (IRR). The effects on theeconomic, operational, and environmental performances of optimal process flow sheets were studied since different criteria, in general, produce different optimal solutions. Mixed integer nonlinear programming (MINLP) syntheses of three processes, methanol, dimethyl ether and HDA were performed as case-studies together with simultaneous heat integration. It was observed that optimal process flow sheets obtained by three distinct criteria differ not only in process topology and capacities but also in operating and economicfigures, efficiency of feed and utility utilization, as well as the sustainability measurements, e.g. toxicological and ecological indices, and total potential environmental impact of the process. In particular, it was shown that the main cause of these differences is the shape of the cash flow function vs. investment level, which is strongly dependent on the level of details incorporated in the mathematical model. Only those models with sufficient trade-offs between investment and cash flow generate proper optimalsolutions with the correct economic criterion. The consequences of decision-making based on wrong optimization criteria are discussed. | ||
| 653 | 0 | |a operation performance |a environmental performance |a optimal chemical processes | |
| 700 | 1 | 2 | |a Kravanja, Zdravko. |4 aut |
| 700 | 1 | 2 | |a Novak-Pintarič, Zorka. |4 aut |
| 773 | 0 | |a International Congress of Chemical and Process Engineering (19 : 2010 : Praha, Czech Republic) |t CHISA 2010 |d Praha : Czech Society of Chemical Engineering, 2010 |w 14362646 |g 7 f. | |