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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. "
Methods of calculation of standard deviation a. Calculation of Standard Deviation - Individual Series: There are two methods of calculating standard deviation in an ind
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undertake the proposed research investigation in accordance with the agreed specification and procedures
A series of questionnaire for Delphi were mailed to the selected experts who meet the criteria that mention in above. The overall purpose of the Delphi technique was to achieve the
MAX: 150 X1 + 250 X2 Subject to: 2 X1 + 5 X2 = 200 - resource 1 3 X1 + 7 X2 = 175 - resource 2 X1, X2 = 0 2. How many units of resource 1 are cons
significance and scope of operation research
CRITICAL EXAMINATION OF THE APPLICATION OF DECISION THEORY TECHNIQUES OR MODEL IN BUSINESS DECISION MAKING IN NIGERIA
Explain the classification of models 1. Classification by function or uses 2. Classification by degree of qualification 3. Classification by physical characteristics 4. Classidicat
Disadvantages of Mean Deviation a.Mean deviation ignores the algebraic signs of the deviations and such it is not capable of further algebraic treatment. b.It is no
explain the significant and scope of operation research in scientific management
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