Optimization Strategies: Petroleum Refinery Planning under Uncertainty by Cheng

Description: Optimization Strategies by Cheng Seong Khor This work proposes a hybrid of stochastic programming(SP) approaches for an optimal midterm refineryplanning that addresses three forms of uncertainties:prices of crude oil and products, demands, andyields. An SP technique that utilizes compensatingslack variables is employed to explicitly account forconstraint violations to increase model tractability.Four approaches are considered to achieve solutionand model robustness: (1) the Markowitzsmean-variance (MV) model to handle randomness in theobjective coefficients by minimizing the variance(economic risk) of the expected value of the randomcoefficients; (2) the two-stage SP with fixedrecourse to deal with randomness in the RHS and LHScoefficients of the constraints by minimizing theexpected recourse costs; (3) incorporation of the MVmodel within the framework in (2) to formulate amean?risk model that minimizes the expectation andthe operational risk measure of variance of therecourse costs; and (4) reformulation of the model in(3) by adopting mean-absolute deviation (MAD) as theoperational risk measure imposed by the recoursecosts for a novel refinery planning application. Anumerical example is illustrated. FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description This work proposes a hybrid of stochastic programming (SP) approaches for an optimal midterm refinery planning that addresses three forms of uncertainties: prices of crude oil and products, demands, and yields. An SP technique that utilizes compensating slack variables is employed to explicitly account for constraint violations to increase model tractability. Four approaches are considered to achieve solution and model robustness: (1) the Markowitzs mean-variance (MV) model to handle randomness in the objective coefficients by minimizing the variance (economic risk) of the expected value of the random coefficients; (2) the two-stage SP with fixed recourse to deal with randomness in the RHS and LHS coefficients of the constraints by minimizing the expected recourse costs; (3) incorporation of the MV model within the framework in (2) to formulate a mean?risk model that minimizes the expectation and the operational risk measure of variance of the recourse costs; and (4) reformulation of the model in (3) by adopting mean-absolute deviation (MAD) as the operational risk measure imposed by the recourse costs for a novel refinery planning application. A numerical example is illustrated. Author Biography Cheng Seong Khor is a lecturer-cum-researcher at the PETRONASUniversity of Technology. His research interests involves theapplication of systemsengineering and optimization to chemical process systemsengineering (PSE) problems and other operations-research-relatedproblems with particular focus on petroleum refinery systems. Details ISBN3836477920 Author Cheng Seong Khor Short Title OPTIMIZATION STRATEGIES Pages 328 Language English ISBN-10 3836477920 ISBN-13 9783836477925 Media Book Format Paperback Year 2008 DEWEY 665.53 UK Release Date 2008-09-03 Imprint VDM Verlag Dr. Mueller E.K. Country of Publication Germany Illustrations black & white illustrations Publisher VDM Verlag Dr. Mueller E.K. Publication Date 2008-09-03 Subtitle Petroleum Refinery Planning under Uncertainty Audience General We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:132486925;

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