A New Approach for Exergoeconomics Evaluation by Considering Uncertainty with Monte Carlo Method
The exergoeconomics analysis combines thermodynamic assessments based on exergy analysis with economic concepts. this article suggests a new method for exergoeconomics analysis and evaluation of energy systems by considering uncertainty in economic parameters. As the first step, the future values of...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Shahid Chamran University of Ahvaz
2023-01-01
|
| Series: | Journal of Applied and Computational Mechanics |
| Subjects: | |
| Online Access: | https://jacm.scu.ac.ir/article_16189_bb6713e71c4c61b56326a1a644beabc4.pdf |
| _version_ | 1811241826908110848 |
|---|---|
| author | Mahyar Momen Ali Behbahaninia |
| author_facet | Mahyar Momen Ali Behbahaninia |
| author_sort | Mahyar Momen |
| collection | DOAJ |
| description | The exergoeconomics analysis combines thermodynamic assessments based on exergy analysis with economic concepts. this article suggests a new method for exergoeconomics analysis and evaluation of energy systems by considering uncertainty in economic parameters. As the first step, the future values of economic parameters that influence the operating cost of the energy system are forecasted by the Monte Carlo Method. Then, as a novel approach, principles of exergoeconomics analysis method are coupled with the Monte Carlo Method for exergoeconomics evaluation of energy systems. Also, three new parameters, i.e. Risk Factor (RF), Risk Factor Sensitivity (RFS), and Product Cost Sensitivity (PCS), are proposed. Two different approaches are considered in the evaluation process to improve the system: a) decreasing the total cost of products and b) reducing the risk of the cost of products. Also, the proposed method is applied to the CGAM system as a benchmark. Eventually, the results of the first and second approaches show that the total cost of products can be reduced 4.1% (from 22.270 $/GJ to 21.358 $/GJ) and also the risk of the cost of the products can be reduced 5.8% (from 25.8% to 24.3%). |
| first_indexed | 2024-04-12T13:42:58Z |
| format | Article |
| id | doaj.art-68721bb089b54e16bd4d0af68626cdcb |
| institution | Directory Open Access Journal |
| issn | 2383-4536 |
| language | English |
| last_indexed | 2024-04-12T13:42:58Z |
| publishDate | 2023-01-01 |
| publisher | Shahid Chamran University of Ahvaz |
| record_format | Article |
| series | Journal of Applied and Computational Mechanics |
| spelling | doaj.art-68721bb089b54e16bd4d0af68626cdcb2022-12-22T03:30:48ZengShahid Chamran University of AhvazJournal of Applied and Computational Mechanics2383-45362023-01-0191152410.22055/jacm.2020.35401.265016189A New Approach for Exergoeconomics Evaluation by Considering Uncertainty with Monte Carlo MethodMahyar Momen0Ali Behbahaninia1Department of Mechanical Engineering, K. N. Toosi University of Technology, Tehran, 19919-43344, IranDepartment of Mechanical Engineering, K. N. Toosi University of Technology, Tehran, 19919-43344, IranThe exergoeconomics analysis combines thermodynamic assessments based on exergy analysis with economic concepts. this article suggests a new method for exergoeconomics analysis and evaluation of energy systems by considering uncertainty in economic parameters. As the first step, the future values of economic parameters that influence the operating cost of the energy system are forecasted by the Monte Carlo Method. Then, as a novel approach, principles of exergoeconomics analysis method are coupled with the Monte Carlo Method for exergoeconomics evaluation of energy systems. Also, three new parameters, i.e. Risk Factor (RF), Risk Factor Sensitivity (RFS), and Product Cost Sensitivity (PCS), are proposed. Two different approaches are considered in the evaluation process to improve the system: a) decreasing the total cost of products and b) reducing the risk of the cost of products. Also, the proposed method is applied to the CGAM system as a benchmark. Eventually, the results of the first and second approaches show that the total cost of products can be reduced 4.1% (from 22.270 $/GJ to 21.358 $/GJ) and also the risk of the cost of the products can be reduced 5.8% (from 25.8% to 24.3%).https://jacm.scu.ac.ir/article_16189_bb6713e71c4c61b56326a1a644beabc4.pdfexergoeconomics analysisexergoeconomics evaluationmonte carlo methodcgam system |
| spellingShingle | Mahyar Momen Ali Behbahaninia A New Approach for Exergoeconomics Evaluation by Considering Uncertainty with Monte Carlo Method Journal of Applied and Computational Mechanics exergoeconomics analysis exergoeconomics evaluation monte carlo method cgam system |
| title | A New Approach for Exergoeconomics Evaluation by Considering Uncertainty with Monte Carlo Method |
| title_full | A New Approach for Exergoeconomics Evaluation by Considering Uncertainty with Monte Carlo Method |
| title_fullStr | A New Approach for Exergoeconomics Evaluation by Considering Uncertainty with Monte Carlo Method |
| title_full_unstemmed | A New Approach for Exergoeconomics Evaluation by Considering Uncertainty with Monte Carlo Method |
| title_short | A New Approach for Exergoeconomics Evaluation by Considering Uncertainty with Monte Carlo Method |
| title_sort | new approach for exergoeconomics evaluation by considering uncertainty with monte carlo method |
| topic | exergoeconomics analysis exergoeconomics evaluation monte carlo method cgam system |
| url | https://jacm.scu.ac.ir/article_16189_bb6713e71c4c61b56326a1a644beabc4.pdf |
| work_keys_str_mv | AT mahyarmomen anewapproachforexergoeconomicsevaluationbyconsideringuncertaintywithmontecarlomethod AT alibehbahaninia anewapproachforexergoeconomicsevaluationbyconsideringuncertaintywithmontecarlomethod AT mahyarmomen newapproachforexergoeconomicsevaluationbyconsideringuncertaintywithmontecarlomethod AT alibehbahaninia newapproachforexergoeconomicsevaluationbyconsideringuncertaintywithmontecarlomethod |