OPTIMAL RETROFIT DESIGN FOR IMPROVING PROCESS FLEXIBILITY IN NONLINEAR-SYSTEMS .2. OPTIMAL LEVEL OF FLEXIBILITY Academic Article

abstract

• In this paper the problem of establishing the optimal trade-off between investment costs for the retrofit and expected revenue that results from increasing flexibility in systems described by nonlinear models is addressed. A systematic procedure is first proposed for constructing the cost vs flexibility curve. A stochastic optimization method is then presented for evaluating the expected optimal revenue at a number of redesigns with specified degree of flexibility with which the trade-off curve relating expected revenue to flexibility is generated. This allows one to identify the level of flexibility that maximizes the expected profit in a retrofit design. Examples are presented to illustrate the proposed strategy. 1989.

authors

• Pistikopoulos, Stratos

published proceedings

• COMPUTERS & CHEMICAL ENGINEERING

author list (cited authors)

• PISTIKOPOULOS, E. N., & GROSSMANN, I. E.

citation count

• 36

complete list of authors

• PISTIKOPOULOS, EN||GROSSMANN, IE

publication date

• October 1989

publisher

• Elsevier  Publisher

published in

• Computers and Chemical Engineering  Journal

Digital Object Identifier (DOI)

• 10.1016/0098-1354(89)87013-9

start page

• 1087

end page

• 1096

volume

• 13

issue

• 10

URL

• http://dx.doi.org/10.1016/0098-1354(89)87013-9