A commercially viable form of virtual reality in the chemical processi
ng industry is being enabled by integration of several parallel techno
logy revolutions underway in the fields of process modeling, large sca
le optimization, reduced instruction set computing, expert systems, pr
ecision measuring systems, smart instrumentation and new on-line analy
sis technology. Capability to peer into many alternative future scenar
ios with great precision re-defines process optimization to include op
en and closed loop ''classical'' steady-state optimization, dynamic op
timization, improved monitoring, tracking and post auditing of perform
ance versus plans as well as off-line engineering, operations and main
tenance applications. This paper summarizes recent commercial results
in process optimization applications and provides some suggestions for
new academic and industry work to support the vision that is supporte
d by this paper.