Presently the chemical process industry is experiencing erosion in economic performance due to several factors, namely fluctuating raw material and energy costs, increased competition due to globalization, closer scrutiny on the environmental impact amongst others. The need to utilize the assets on ground optimally is being critically felt. Moreover, the optimum plant performance settings are now constrained also by the environmental impact of these decisions. In the paper, a novel, generalized approach is discussed to address these complex needs. This approach is based on hierarchical decomposition techniques. Salient features of this approach and a brief discussion on the attempt made so far in literature are presented.
|Journal||Chemical Industry Digest|
|Publication status||Published - 2010|