Stochastic optimization of flexibility in retrofit design of linear systems

Abstract: "In this paper the problem of obtaining the degree of flexibility that maximizes the total profit in an existing process flowsheet is addressed. Assuming a linear model for the process and given probability distribution functions for the uncertain parameters, the curve relating the expected revenue to the flexibility index is generated. An efficient stochastic optimization method is developed for this purpose that is coupled with a parametric analysis. This then allows to determine the level of flexibility in a retrofit where the proper trade-off is established between investment cost and expected revenue. Two examples are presented to illustrate the proposed procedure."