A detailed parametric and optimization studies of reheat and regenerative Braysson cycle has been carried out. The effect of compressor and turbine inlet temperatures, temperature rise in a stage of multi-stage compression, individual component efficiencies and exit pressure of reheat turbine on the performance has been studied. The effect of perfect cooling after regeneration leads to a gain of 7.4% in maximum exergy efficiency and 20% in maximum power output. A computer programme has been developed to evaluate the optimum pressure ratio for minimum specific fuel consumption and maximum power output. It is interesting to note that the optimum pressure ratio for maximum power output and minimum specific fuel consumption are different and they vary by a wide margin. It has been further seen that this optimum pressure ratio is a function of turbine inlet temperature. A thermodynamic system will have degeneracy in operational effectiveness with the decrease in component efficiencies due to aging. Hence the variations of optimum pressure ratio with component efficiencies are also studied and reported in this work. To make the system economically viable, it has been recommended to design the system for the operating condition of minimum specific fuel consumption rather than for maximum power output. (C) 2015 Elsevier Ltd. All rights reserved.