Optimal retrofit design for improving process flexibility in nonlinear systems
نویسندگان
چکیده
In this paper the problem of establishing the optimal trade-off between investment cost for the retrofit and expected revenue that result from increasing flexibility in systems described by nonlinear models is addressed. A systematic procedure is first proposed for constructing the cost versus 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 to identify the level of flexibility that maximizes the expected profit in a retrofit design. Examples are presented to illustrate the proposed strategy.
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