Recent years have witnessed increasingly growing awareness for long-range planning in all sectors.
Companies are concerned more than ever about long-term stability and profitability. The chemical
process industries is no exception. New environmental regulations, rising competition, new technology,
uncertainty of demand, and fluctuation of prices have all led to an increasing need for decision policies
that will be ‘‘best” in a dynamic sense over a wide time horizon. Quantitative techniques have long
established their importance in such decision-making problems. It is, therefore, no surprise that there is
a considerable number of papers in the literature devoted to the problem of long-range planning in the
processing industries. It...