Current Trends in Engineering Science
[ ISSN : 2833-356X ]
Thermoeconomics as Support for Strategic Accounting
Department of Chemical and Environmental Engineering, Universidad Nacional De Colombia, Bogotá, Colombia
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Abstract
The objective of this reflection article is to demonstrate the applicability of the concept of thermoeconomics as support for strategic management accounting in the chemical industry. The concept of thermoeconomics is described, as well as its applications on energy performance and production process costs. The concept of strategic accounting is also described, and an illustrative example is provided to relate the two concepts and demonstrate that thermoeconomics could be a functional tool in calculating strategic costs for generating competitive advantages in the chemical sector.