The simple answer is yes! CVE lets you pursue individual variable objectives. You may need to think about the sequence in which you pursue them because maximizing A within B may not give the same result as maximizing B within A. An objective function simplifies the problem by giving weights to different objectives while combining them into one objective. If you have one then include it as a variable in your CVE analysis and you can visually compare the difference between maximizing the objective function and maximizing several individual objectives. CVE is very good for difficult optimizations because it doesn’t hide the non-linearities in your data and lets you use your intelligence to the full. It was used to find the optimal composition of mixed refrigerant in an LNG liquefaction process which couldn’t be optimized in any other way
CPM in real-time can maximize or minimize individual variables recognizing the constraints imposed by the operating envelope and all the other variables. We call it “opportunistic optimization” if optimizing several variables without an objective function to prioritize objectives. If an objective function is available it would be included as a variable in the operating envelope model and CPM instructed to maximize or minimize it alone.
