This optimization process will help for developing a part of sustainable economic growth all over the world. ECONOMIC OPTIMIZATION PROCESS Optimization is mainly concerned with finding maximum and minimum points, also known as optimum points of a function. As the percentage of IT investment aimed In business and economics there are many applied problems that require optimization. For example, in any manufacturing business it is usually possible to express profit as function of the number of units sold. An economic cost function is calculated in every case to measure the economic efficiency of the process. 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. 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. The essence of this economic optimization approach is depicted in Fig. 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, in the context of technical analysis, is the process of adjusting one's trading system in an attempt to make it more effective. Some new definitions are given with relevant examples of fuzzy graphs. Optimization of a process generally begins with analysis of a base case, which is the starting point for optimization. The aim of the economic oriented process optimization framework could be for- mulated as minimizing a quality cost function. 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. It is im… Optimization and Economic Analysis for Small-Scale Movable LNG Liquefaction Process with Leakage Considerations. An illustration is given to elaborate all mathematical terminologies. He has to conduct a detailed statistical analysis in order to do research on industrial markets. Optimization Problems in Economics. Applications include finding optimum values for functions such as profit, cost, revenue, production and … For an engineer, economic optimization involves manipulating the design variables of a chemical process in order to improve the economic outcome of the project. 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. For example, Finding a maximum for this function represents a straightforward way of maximizing profits. Economic analysis is the most crucial phase in managerial economics. A manager has to collect and study the economic data of the environment in which a firm operates. may be to the economic outcome. Manufacturing companies have to design their manufacturing process sequences so that the product requirements are fulfilled cost-efficiently. 2. This report describes the process of optimizing an existing design for a chemical plant that produces the chemical intermediate ethylbenzene. An economic cost function is calculated in every case to measure the economic efficiency of the process.
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