OPTIMAL RETROFIT DESIGN FOR IMPROVING PROCESS FLEXIBILITY IN NONLINEAR-SYSTEMS .2. OPTIMAL LEVEL OF FLEXIBILITY
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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.
COMPUTERS & CHEMICAL ENGINEERING
author list (cited authors)
PISTIKOPOULOS, E. N., & GROSSMANN, I. E.
complete list of authors
PISTIKOPOULOS, EN||GROSSMANN, IE