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Operational loss modelling for process facilities using multivariate loss functions
Citation
Hashemi, SJ and Ahmed, S and Khan, FI, Operational loss modelling for process facilities using multivariate loss functions, Chemical Engineering Research and Design, 104 pp. 333-345. ISSN 0263-8762 (2015) [Refereed Article]
Copyright Statement
© 2015 The Institution of Chemical Engineers. Published by Elsevier B.V. All rights reserved.
DOI: doi:10.1016/j.cherd.2015.08.019
Abstract
This paper presents a methodology to develop multivariate loss functions to measure the operational loss of process facilities. The proposed methodology uses loss functions to provide a model for operational loss due to deviation of key process characteristics from their target values. Having estimated the marginal loss functions for each monitored process variable, copula functions are then used to link the univariate margins and develop the multivariate loss function. The maximum likelihood evaluation method is used to estimate the copula parameters. Akaike's information criterion (AIC) is then applied to rank the copula models and choose the best fitting copula. A simulation study is provided to demonstrate the efficiency of the copula estimation procedure. The flexibility of the proposed approach in using any form of the symmetrical and asymmetrical loss functions and the practical application of the methodology are illustrated using a separation column case study.
Item Details
Item Type: | Refereed Article |
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Keywords: | Akaike's information criterion (AIC), copula function, distillation column, multivariate model, process risk assessment, process safety, distillation columns, maximum likelihood, maximum likelihood estimation, Akaike's information criterions |
Research Division: | Engineering |
Research Group: | Chemical engineering |
Research Field: | Process control and simulation |
Objective Division: | Expanding Knowledge |
Objective Group: | Expanding knowledge |
Objective Field: | Expanding knowledge in engineering |
UTAS Author: | Khan, FI (Professor Faisal Khan) |
ID Code: | 120630 |
Year Published: | 2015 |
Web of Science® Times Cited: | 7 |
Deposited By: | NC Maritime Engineering and Hydrodynamics |
Deposited On: | 2017-08-29 |
Last Modified: | 2017-11-03 |
Downloads: | 0 |
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