Today's process industry is facing severe business conditions, such as
mega-competition, and increased market uncertainty. In the circumstan
ces, a life cycle oriented approach, which evaluates and makes decisio
ns based on expected profit through plant life cycle, is critical as a
new management principle in the process industry. In the plant life c
ycle consisting of planning, designing, construction, operation, and d
isposal, the planning and designing phases are the most important beca
use about 85% of the life cycle cost is determined by the decisions ma
de in these phases. For this reason, a process synthesis approach, whi
ch generates profitable process systems at the conceptual planning pha
se based on decisions considering plant life cycle, is essential to ma
nage profitability under today's business conditions. In this paper, t
he life cycle oriented process synthesis approach which establishes a
process plan at the conceptual planning phase so as to maximize the ex
pected profit through the plant life cycle in consideration of capacit
y, life, availability, reliability, and maintainability of each proces
s unit, and future process scenarios, such as expansions, modification
s, and shutdown is proposed. In addition, a heuristic process synthesi
s procedure for this approach is proposed. The effectiveness of the li
fe cycle oriented process synthesis approach and the proposed process
synthesis procedure are demonstrated. In addition, areas of further re
search and development related to the life cycle oriented process synt
hesis are addressed.