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Dynamic programming
It is an extension which finds solutions to problems involving a number of decisions which have to be made sequentially. For example, the amount of a product to be made next month may depend on the amount sold this month and so on.
Thus dynamic programming is a quantitative technique which divides a given problem into stages (or sub-problems which are interrelated). Here we attempt to find a combination of decisions which will maximize overall effectiveness.
Usually, we work backwards from the natural end of the problem until the initial problem is finally solved (as in the decision trees).
The decision made at each stage influences the next stage. This method is also termed as recursive approach.
Dynamic programming applications:1. Manufacture and distribution troubles.2. Organizing inventory control.3. Resource allowance.4. Substitution and maintenance troubles.
By electronic fund transfer the collection float can be completely removed the other benefit of electronic fund transfer is instant updating of accounts and reporting of balances a
1. Compute the predetermined overhead rate.
What is Direct material cost variance It can be defined as the difference between the standard costs of direct material specified and the actual cost of direct material used.
Winner says, "It is clear that in decades to come a great many things like telephone answer machines and automatic bank tellers will become, in effect, members of our society." Mor
what are the factors should be considered before terminated the operation of a losing firm??
Z or t Statistics If n ≥30 we use Z, if, n Ho: B = O that is, there is no relationship between X and Y HA: B≠ O There is a significant relationship between X and Y The l
How to write introduction on strategy plan
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Transportation model Table A more compact method for representing the transportation model than the linear equations is to use what we call the transportation tableau. It is a
Cost Behavior A firm's cost position results from the cost behavior of its value activities. The cost behavior is based on a number of structural factors which influence cost
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