Robust petrochemical network

The remainder of this Chapter is organized as follows. In Section 8.2 we will discuss model formulation for petrochemical network planning under uncertainty and with uncertainty and risk consideration, referred to as robust optimization. Then we will briefly explain the concept of value of information and stochastic solution, in Section 8.3. In Section 8.4, we will illustrate the performance of the model through an industrial case study. The chapter ends with concluding remarks in Section 8.5. 

Al-Qahtani, K., Elkamel, A., Ponnambalam, K. (2008). Robust optimization for petrochemical network design under uncertainty. Industrial and Engineering Chemistry Research, 47,... 

This chapter addresses the planning, design and optimization of a network of petrochemical processes under uncertainty and robust considerations. Similar to the previous chapter, robustness is analyzed based on both model robustness and solution robustness. Parameter uncertainty includes process yield, raw material and product prices, and lower product market demand. The expected value of perfect information (EVPI) and the value of the stochastic solution (VSS) are also investigated to illustrate numerically the value of including the randomness of the different model parameters. 

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