Process economics

Home > Engineering and Technology > Chemical Engineering > Process economics

The study of the cost of producing chemicals and how to optimize production processes to reduce costs.

Process Flow Diagram (PFD): A PFD displays the major equipment and process streams in a chemical process.
Material and Energy Balances: Material and energy balances are calculations used to track the flow of materials and energy through a process.
Economic Analysis: Economic analysis involves evaluating the costs and benefits of different options in a process to optimize the economics of the process.
Reaction Kinetics: Reaction kinetics is the study of the rate of chemical reactions and the factors that influence reaction rates.
Chemical Thermodynamics: Chemical thermodynamics is the study of the relationships between heat and other energy aspects of a chemical process.
Process Equipment Sizing: Process equipment sizing involves designing, selecting, and specifying equipment to meet process requirements.
Process Integration: Process integration involves optimizing the overall process by considering the interactions between individual unit operations.
Process Control: Process control involves controlling and monitoring process variables to ensure optimal process performance.
Process Safety and Hazards: Process safety and hazards involve identifying and managing hazards and risks associated with a process.
Process Design: Process design involves specifying the process requirements, selecting the appropriate unit operations, and designing a process that meets those requirements.
Process Modeling and Simulation: Process modeling and simulation involves developing mathematical models to describe and predict the behavior of a process.
Process Optimization: Process optimization involves maximizing a process's performance through the use of mathematical models and other optimization techniques.
Process Economics: Process economics involves evaluating the costs and benefits of different options in a process to optimize the economics of the process.
Process Development: Process development involves identifying and developing new chemical processes or improving existing processes to meet new requirements or improve performance.
Process Engineering: Process engineering involves applying chemical engineering principles and practices to design, develop, and optimize chemical processes.
Material and Energy Balances: This involves understanding the balance of the materials and energy in a particular process. It is used to determine what is required to produce a particular product/chemical.
Cost Estimation: It refers to determining the overall cost associated with a particular process. It considers all factors such as labor, materials, energy, and maintenance costs, etc.
Optimization: It is used to identify the best conditions for a process to achieve maximum efficiency and minimize costs.
Process Control: It involves the use of various techniques to maintain optimal control of the process to ensure that the desired output is achieved with minimum cost.
Life Cycle Assessment: It is used to assess the overall environmental impact of a process at all stages of its life cycle, from the extraction of raw materials to the final waste disposal.
Risk Assessment: It is used to identify, analyze, and evaluate potential risks associated with a particular process. It helps to provide effective safety measures to minimize the risks.
Scale-Up and Scale-Down: It determines the feasibility of a process at different scales, be it from the laboratory to the industry level or vice versa.
Process Integration: It aims to achieve optimal resource utilization, minimize waste, and reduce energy consumption by integrating different processes together.
Sustainability Assessment: It assesses the sustainability of a process which includes environmental, economic, and social factors.
Technoeconomic Analysis: It combines technical and economic aspects of a process to determine whether they are feasible. It also aims to provide recommendations to improve the process from an economic perspective.
Quality Control: It involves the use of various techniques to ensure that the final product meets the required standards of quality, safety and regulatory compliance.