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3.1.6 Step 6: Develop an Advance Process Monitoring Framework by Applying the Latest Data Analytics Tools

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The most important step in developing a profit management solution to optimize a process is to be able to measure what process performance looks like against a reasonable set of benchmarks. This involves capturing process performance and relevant cost data related to the process and organizing it in a way that allows operations to quickly identify where the big cost consumers are and how well they are doing against a consumption cost target that reflects the current operations. Only then it is possible to do some analysis to determine the cause of deviations from a target and take appropriate remedial action. For this purpose, the concept of key profit indicators is introduced (Zhu, 2013). In this step, a dashboard is prepared for a monitoring purpose where all the key profit indicators along with their target values are shown in real‐time. This dashboard enables an operation engineer to quickly identify any deviations of cost performance of the process and take necessary preventive and corrective actions. In this step an advance process monitoring system is developed by using latest data analytics, like clustering, fault tree, a cause and effect diagram, artificial neural network, etc. This monitoring framework helps to visualize the whole process and its performance against targets and quickly highlights any deviations of performance or improvement opportunities.

Profit Maximization Techniques for Operating Chemical Plants

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