Enhanced procurement and production strategies for chemical plants : utilizing real-time financial data and advanced algorithms

• Main Authors: Sikorski, Janusz J., Inderwildi, Oliver, Lim, Mei Qi, Garud, Sushant S., Neukäufer, Johannes, Kraft, Markus
• Other Authors: School of Chemical and Biomedical Engineering
• Format: Article
• Language: English
• Published: 2020
• Subjects: Engineering::Chemical engineering; Big Data; Machine Intelligence
• Online Access: https://hdl.handle.net/10356/143862
• Institution: Nanyang Technological University

This paper presents an implementation of an automated algorithm powered by market and physical data to improve procurement and production of a chemical plant with the goal of improving the overall economics on the entity. Herein, the algorithm is applied to two scenarios that serve as case studies:...