A Framework and Survey of Advanced Process Control Economic Evaluation | Original Article
Stabilizing the process operation is a major goal of commercial advanced control of processes (APC) programs. The advantages of implementing new APC technologies into a process must be measured economically so as to justify the expense involved. Previously, techniques for economic evaluation were created that connected changes in important regulated process variables to measures of economic performance. In order to gather industry norms and recommendations, an investigation into the current method of assessing APC's economic performance was conducted. The purpose of the questionnaire was to determine methodologies for estimating economic performance and to assess the impact of economic performance on the managerial process. The questionnaire was made available in two somewhat different versions one for experts working for production firms (also known as APC users) and another for specialists working for APC structure suppliers (sometimes called APC providers). Process control engineers, managers, and creators of control technology were all a part of the target group. This study examines these techniques and applies them to an economic evaluation approach for APC projects. 125 APC specialists from different industries were undertaken for evaluation regarding ROI of control of processes. The findings provide details on the evaluation of the financial advantages of sophisticated process control.