Selection of the Economic Objective Function for the Optimization of Process Flow Sheets

Autor:	Z. Novak Pintarič, Zdravko Kravanja
Rok vydání:	2006
Předmět:	Mathematical optimization Present value Computer science General Chemical Engineering Equivalent annual cost Internal rate of return Minimum acceptable rate of return General Chemistry Maximization Minification Multi-objective optimization Industrial and Manufacturing Engineering Profit (economics)
Zdroj:	Industrial & Engineering Chemistry Research. 45:4222-4232
ISSN:	1520-5045 0888-5885
DOI:	10.1021/ie050496z
Popis:	This paper highlights the problem of selecting the most suitable economic optimization criteria for mathematical programming approaches to the synthesis, design, and optimization of chemical process flow sheets or their subsystems. Minimization of costs and maximization of profit are the most frequently used economic criteria in technical papers. However, there are many other financial measures which can lead to different optimal solutions if applied in the objective function. This paper describes the characteristics of the optimal solutions obtained with various optimization criteria like the total annual cost, the profit, the payback time, the equivalent annual cost, the net present worth, and the internal rate of return. It was concluded that the maximization of the net present worth (NPW) with a discount rate equal to the minimum acceptable rate of return (MARR) is probably the most appropriate method for the optimization of process flow sheets or their subsystems. Similar or equal solutions can be ob...
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::524cb8cf87724ffaa6d1a443e27605a9 https://doi.org/10.1021/ie050496z Zobrazit plný text záznamu