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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. "
Case Study Methods: It is studying the phenomenon event situation or development through a thorough and detailed analysis or intensive study. The case may be an individual a gr
These models deal with the selection of an optimal course of action given the possible pay offs and their associated probability of occurrence. These models are broadly
an electric company which generates and distributes electricity conducted a study on the life of poles. tha appropriate life data are given in the following table: years after inst
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Level of Significance In testing a given hypothesis the maximum probability with which we would be willing to take risk is called level of significance of the test.
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Graphical Solution Procedure sample assignment and solved questions, free examples and solved homework samples for Graphical Solution Procedure in operation research. Question
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McColvin's Principles: L.R McColvin advanced his Demand and Supply Theory of Book Selection in 1925. He states, "Books in themselves are nothing. They have no more meaning tha
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