Economic evaluation of industrial processes with ontology

This work presents an approach based on ontologies for the evaluation of the cost composition of an industrial process. Such analysis is of high importance as that is what will show if the project is economically viable or not. In the ontology, the physical aspects of the industrial processes and the characteristics of the existing Venture Profit method were modeled to carry out the economic analysis. The ontology described was also used to develop alarm management applications and is being improved to also cover reliability.