A method includes executing a control algorithm for an industrial process using a controller objective function, where the industrial process is associated with at least one controlled variable. The method also includes executing an optimization algorithm for the industrial process using an extended version of the controller objective function. The extended version of the controller objective function includes one or more additional terms added to the controller objective function, and one or more results of the optimization algorithm are provided to the control algorithm. The method further includes, based on tracking errors associated with the at least one controlled variable, adjusting at least one adaptive weight parameter in the extended version of the controller objective function. The at least one adaptive weight parameter is associated with at least one of the one or more additional terms.