Process economics

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Section 9

Process Economics*

F. A. Holland, D.Sc., Ph.D., Consultant in Heat Energy Recycling; Research Professor, University of Salford, England; Fellow, Institution of Chemical Engineers, London. (Section Editor) J. K. Wilkinson, M.Sc., Consultant Chemical Engineer; Fellow, Institution of Chemical Engineers, London.

INVESTMENT AND PROFITABILITY Annual Costs, Profits, and Cash Flows . . . . .. . . . . . . . . . . . . . . . . . . . . Contribution and Breakeven Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Traditional Measures of Profitability . . . . . . .. . . . . . . . . . . . . . . . . . . . . Time Value of Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 1: Capitalized Cost of Equipment . . . . . . . . . . . . . . . . . . . . Modern Measures of Profitability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 2: Net Present Value for Different Depreciation Methods. . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . Sensitivity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 3: Sensitivity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Learning Curves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 4: Estimation of Average Cost ofIncremental Units. . . . . . Risk and Uncertainty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 5: Probability Calculation . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 6: Calculation of Probability of Meeting a Sales Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 7: Calculation of Probability ofSales . . . . . . . . . . . . . . . . . . Example 8: Calculation of Probability of Equipment Breakdowns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 9: Calculation of Probability of Machine Failures . . . . . . . . Example 10: Logistics Curve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 11: Parameter Method of Risk Analysis . . . . . .. . . . . . . . . . Example 12: Expected Value of Net Profit . . . . . . . . . . . . . . . . . . . . . Example 13: Evaluation of Investment Priorities Using Probability Calculations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 14: Estimation of Probability of a Research and Development Program Breaking Even . . . . . . . . . . . . . Example 15: Utility FunctionCurve . . . . . . . . . . . . . . . . . . . . . . . . . . Inflation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 16: Effect of Inflation on Net Present Value . . . . . . . . . . . . Example 17: Effect of Fuel Cost on Project Economics . . . . . . . . . .

9-5 9-7 9-7 9-7 9-8 9-10 9-13 9-13 9-16 9-19 9-20 9-20 9-22 9-23 9-24 9-24 9-259-25 9-25 9-27 9-28 9-30 9-30 9-32 9-33 9-34 9-34 9-38

ACCOUNTING AND COST CONTROL Principles of Accounting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financing Assets by Equity and Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . Comparative Company Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cost of Capital . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 18: Risk-Free Cost of Capital . . . . . . . . . . . . . . . . . . . . . . . . Management and Cost Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Allocation of Overheads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Example 19: Overhead in Two Different Products . . ....
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