Dynamic programming, Managerial Accounting

Assignment Help:

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.


Related Discussions:- Dynamic programming

Explain the methods of pricing, Explain the Methods of pricing The fol...

Explain the Methods of pricing The following methods are used for intra company transfer pricing: 1) Total cost method: transfer is made at absorption cost which is the t

Starbucks project, 1)Prepare a three (3) year forecast of estimated future ...

1)Prepare a three (3) year forecast of estimated future cash flows for you company and give valid economic/business reasons for your projections. This means you will have a stateme

Calculate the total revenue obtainable when the market clear, Question: ...

Question: (a) (I) The following equations relate to the market conditions for pullovers at a given point of time: Demand Function: Q d = 1200 - P Supply Function: Q s

Consistent Descion framing, What does it mean when we say consistency is th...

What does it mean when we say consistency is the central feature of economic rationality?

Management accounting, Management Accounting An accounting discipline c...

Management Accounting An accounting discipline concerned with the use of financial information. It used to relevant information by managers and other decision makers inside a s

Illustration of short-term decisions, Illustration of short-term decisions ...

Illustration of short-term decisions These are, to a significant extent, determined by the excellence of the firm's long-term decisions. Illustration of short-term decisions in

Disadvantages of participatory budgets , Disadvantages of participatory bud...

Disadvantages of participatory budgets   They consume more time and therefore are more expensive The advantage of management participation may be negated by failure t

Laplace criterion of rationality, Laplace Criterion of Rationality This...

Laplace Criterion of Rationality This criterion holds that if decision makers do not know the probabilities of the various states of nature and have no reason to think otherwis

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd