Impact of efficient resource allocation on economics of a thermal power plant

Sorabh Gupta

International Journal of Productivity and Quality Management, 2024, vol. 41, issue 2, 141-158

Abstract: The current study uses a dynamic programming approach to represent a difficult multi-stage decision problem of effective resource allocation to a complex thermal power plant and its effects on the plant's economy. Lagrange's multiplier is utilised to lessen the problem's complexity. For efficient resource allocation to the concerned plant, a mathematical model (a recursive equation) has been constructed. The optimum allocation of resources (manpower and maintenance), followed by overall availability of the thermal power plant, is worked out using the availability values of various systems of concerned thermal plant and other required data available from the study already conducted. Break even points (BEPs) are determined for calculated levels of overall availability of said plant. Further, an economic analysis is also performed, which indicates that optimum overall availability is directly proportional to profit. The proposed approach will help the plant managers to reallocate the resources efficiently, taking timely maintenance decisions, and increase in the overall efficiency of the plant but it requires considerable computational efforts.

Keywords: dynamic programming approach; multi-stage decision problem; efficient resource allocation; Lagrange's multiplier; break even points; economic analysis. (search for similar items in EconPapers)
Date: 2024
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