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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. "
3. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y pape
The following equation gives Jane's linear demand curve for visits to a nearby national park. Q is the number of visits per week and P represents the price of a pass (price per vi
Dual formulation is done for a number of reasons. The solution to a Dual problem provides all essential information about the solution to the Primal problem. A so
Methods of Survey and Study: Some methods of collecting information about the organisation and about the information requirement of potential users are mentioned below. No si
Rank Methods Spearman s When the variables under consideration are not capable of quantitative measurement but can be arranged in serial order( ranks) we find correla
In large sized linear programming problems, the solution cannot be obtained by the graphical method and hence a more systematic method has to be developed to find
In a rectangular game, pay-off matrix of player A is as follows: Player B B1 B2 Player A A1 A2 i) Solve the game. ii) Write down the pay-off matrix of B and th
Demerits a.It cannot be used in the case of bi variate distribution. b.If the numbers of items are greater than say 30, the calculation becomes tedious and requ
BINOMIAL DISTRIUBITON This distribution (also known as Bernoulli distribution ) is useful in such an experiment where there are only two outcomes success or failure g
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