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Evaluation of Basic Factors of Production in a Refinery Firm: Practical Application of Differential Equations
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Mohammad ali Hatefi *   |
| Petroleum University of Technology , Hatefi@Put.ac.ir |
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Abstract: (15 Views) |
| The performance of refineries, due to their fundamental roles in the chain of production and consumption of petroleum products, is very important for upstream managers. In this article, the performance of one of the refineries is economically examined based on the analysis of financial data. The data show that in a certain period of time, a significant increase in the profitability of the refinery has been achieved. Using first-order differential equations, the article evaluates the validity of this hypothesis that the increase in profitability was derived from the good performance of the refinery's management structure. The research procedure is done by implementing six activities, in such a way that the results of each activity are validated using the opinions of the group of experts, employing Nominal Group Technique. The research findings include the financial performance data, the relevant calculations, the profit-based factors and fixed price-based factors, and how to be formed the net profit. All the findings are confirmed by the experts. The result of the research indicates that it cannot be claimed that the growth of the net profit obtained in the refinery under study was caused by the performance of the management. |
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| Keywords: Economic analysis, Performance evaluation, Differential equations.
C02, D24, Q53, P34, L71. |
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Full-Text [PDF 779 kb]
(7 Downloads)
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Type of Study: Research |
Subject:
Energy Economic
Received: 2024/11/24 | Accepted: 2025/07/27 | Published: 2025/10/2 | ePublished: 2025/10/2
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