As the percentage of IT investment aimed This optimization process will help for developing a part of sustainable economic growth all over the world. The essence of this economic optimization approach is depicted in Fig. Some new definitions are given with relevant examples of fuzzy graphs. Optimization and Economic Analysis for Small-Scale Movable LNG Liquefaction Process with Leakage Considerations. This report describes the process of optimizing an existing design for a chemical plant that produces the chemical intermediate ethylbenzene. Integrating this benefit analysis tool into the mesh adaptive direct search optimization algorithm—where the task is to find the most beneficial steady state operation point—resulted in the proposed economic-oriented optimization framework. Process economics is an important element of the Chemical Engineering discipline and ... discussion illustrates that the Optimization of a process from an economic perspective is complex and requires trade-offs to be made between competing factors. An economic cost function is calculated in every case to measure the economic efficiency of the process. Optimization, in the context of technical analysis, is the process of adjusting one's trading system in an attempt to make it more effective. Finding a maximum for this function represents a straightforward way of maximizing profits. Applications include finding optimum values for functions such as profit, cost, revenue, production and … For example, Economic analysis is the most crucial phase in managerial economics. The aim of the economic oriented process optimization framework could be for- mulated as minimizing a quality cost function. For example, in any manufacturing business it is usually possible to express profit as function of the number of units sold. In business and economics there are many applied problems that require optimization. Optimization Problems in Economics. Manufacturing companies have to design their manufacturing process sequences so that the product requirements are fulfilled cost-efficiently. ECONOMIC OPTIMIZATION PROCESS Optimization is mainly concerned with finding maximum and minimum points, also known as optimum points of a function. 2. In this case, the base case is a proposed ethylbenzene process that is already designed, and the goal is to improve its economic outcome. Optimization of a process generally begins with analysis of a base case, which is the starting point for optimization. As economic conditions improve, companies can focus their cost optimization efforts on implementing long-term business and IT process improvements, enabling business growth and innovation, and repositioning the business to sustain a competitive advantage. For an engineer, economic optimization involves manipulating the design variables of a chemical process in order to improve the economic outcome of the project. A manager has to collect and study the economic data of the environment in which a firm operates. may be to the economic outcome. Integrating this benefit analysis tool into the mesh adaptive direct search optimization algorithm—where the task is to find the most beneficial steady state operation point—resulted in the proposed economic-oriented optimization framework. He has to conduct a detailed statistical analysis in order to do research on industrial markets. It is im… An economic cost function is calculated in every case to measure the economic efficiency of the process. An illustration is given to elaborate all mathematical terminologies.
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