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The supply of a certain good is inspected periodically. If an order is placed of size x>0 (integer), the ordering costs are 8+2.x. The delivery time is zero. The demand is stochastic en equals 1 or 2 with probability ½ . Demand in subsequent periods are independent. The size of an order must be such that (a) demand in a period is always satisfied, and (b) the stock at the end of a period never exceeds 2. The holding costs in a period are 2 per unit remaining at the end of a period. Target is to minimize the expected discounted costs over infinite horizon, use discount factor 0.8.
(a) Give the optimality equations for the Markov decision problem.
(b) Give an LP-model that allows you to determine the optimal policy.
(c) Carry out two iterations of the value iteration algorithm
(d) Choose an odering policy, and investigate using the policy iteration algorithm whether or not this policy is optimal. "
management wants to know how many supervisors should be hired, and what could be the optimum workload distribution to be applied, given a number of constraints
Question 1 -Though society as well as culture do not appear to be a part of business situations, yet they are actually key elements in showing how business activities will be cond
describe the problems of operation management
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Discuss the methodology of operation research
A paper mill products two grade of paper viz., X & Y. Because of raw material restriction, it cannot produce more than 400 tons of grade X paper & 300 tons of grade Y paper in a we
These models are used to develop a method to evaluate the merit of alternative courses or action by representing with a mathematical model of the problems where various variab
Information on Research Done Information on Doctoral research work already done is available from the followings sources: a. Bibliography of Doctoral Dissertations Acce
what is factory act
Operation research makes no allowance for intangible factors such as skill attitude vigor of the management people in taking decisions but in many instances success or fail
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