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 the economic, 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 economic figures, 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 optimal solutions with the correct economic criterion. The consequences of decision-making based on wrong optimization criteria are discussed.
It was not necessary to add the material to the shelf.
Bibliographic material was successfully added on shelf.
Adding bibliographical material on shelf was not successful.
Material is already on the shelf.
Permalink
URL:
Impact factor
Access to the JCR database is permitted only to users from Slovenia. Your current IP address is not on the list of IP addresses with access permission, and authentication with the relevant AAI accout is required.
Year
Impact factor
Edition
Category
Classification
JCR
SNIP
JCR
SNIP
JCR
SNIP
JCR
SNIP
Impact factor
Select the library membership card:
DRS,
in which the journal is indexed
Database name
Field
Year
Links to authors' personal bibliographies
Links to information on researchers in the SICRIS system
Subject headings in COBISS General List of Subject Headings
Select pickup location
The material from the parent unit is free. If the material is delivered to the pickup location from another unit, the library may charge you for this service.
