Sensitivity analysis and design optimization: Difference between revisions
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=Design Optimization= | =Design Optimization= | ||
Economic optimization is the process of finding the condition that maximizes financial return or, conversely, minimizes expenses. The factors affecting the economic performance of the design include the types of processing technique and equipment used, arrangement, and sequencing of the processing equipment, and the actual physical parameters for the equipment. The operating conditions are also of prime concern. | |||
Optimization of process design follows the general outline below: | |||
#Establish optimization criteria: using an objective function that is an economic performance measure. | |||
#Define optimization problem: establish various mathematical relations and limitations that describe the aspects of the design | |||
#Design a process model with appropriate cost and economic data | |||
Although profitability or cost is generally the basis for optimization, practical and intangible factors usually need to be included as well in the final investment decision. Such factors are often difficult or impossible to quantify, and so decision maker judgment must weigh such factors in the final analysis [3], [4]. | |||
=Defining the Optimization Problem and Objective Function= | =Defining the Optimization Problem and Objective Function= | ||
Revision as of 00:09, 24 February 2014
Author: Anne Disabato, Tim Hanrahan, Brian Merkle
Steward: David Chen, Fengqi You
Date Presented: February 23, 2014
Introduction
Optimization and sensitivity analysis are key aspects of successful process design. Optimizing a process maximizes project value and plant performance, minimizes project cost, and facilitates the selection of the best components [1].
Design Optimization
Economic optimization is the process of finding the condition that maximizes financial return or, conversely, minimizes expenses. The factors affecting the economic performance of the design include the types of processing technique and equipment used, arrangement, and sequencing of the processing equipment, and the actual physical parameters for the equipment. The operating conditions are also of prime concern.
Optimization of process design follows the general outline below:
- Establish optimization criteria: using an objective function that is an economic performance measure.
- Define optimization problem: establish various mathematical relations and limitations that describe the aspects of the design
- Design a process model with appropriate cost and economic data
Although profitability or cost is generally the basis for optimization, practical and intangible factors usually need to be included as well in the final investment decision. Such factors are often difficult or impossible to quantify, and so decision maker judgment must weigh such factors in the final analysis [3], [4].