Accession Number : AD0433690

Title :   SOME ORDER STATISTICS RELATING TO MARKOV CHAINS: AN APPLICATION TO PURCHASING POLICIES,

Corporate Author : CASE INST OF TECH CLEVELAND OHIO

Personal Author(s) : Trevino,Jose ; Sengupta,S.

Report Date : 1944

Pagination or Media Count : 18

Abstract : A special instance of the general problem of decision-making under uncertainty is condidered. In the absence of a well-defined utility function, the following method is adopted: First, a reasonable or acceptable policy is chosen with unspecified parameters. Then, the associated decision rule is formulated; typically, these are functional transforms of appropiate state variables. Analysis is made of the outcomes produced by the rule in conjunction with the stochastic price process. Finally, some functionals of the (random) outcomes are computed with a view to obtain measures of performance of the decision rule. In each case, the derivations indicate the dependence of the measures (of performance) on the unspecified parameters. (Author)

Descriptors :   (*OPERATIONS RESEARCH, INDUSTRIAL PROCUREMENT), (*INDUSTRIAL PROCUREMENT, MATHEMATICAL ANALYSIS), (*PROBABILITY, INDUSTRIAL PROCUREMENT), MANAGEMENT ENGINEERING, GOVERNMENT PROCUREMENT

Distribution Statement : APPROVED FOR PUBLIC RELEASE