
Accession Number : AD0606297
Title : DYNAMIC PROGRAMMING: METHODS AND APPLICATIONS,
Corporate Author : RAND CORP SANTA MONICA CALIF
Personal Author(s) : Dreyfus,Stuart E.
Report Date : 06 OCT 1958
Pagination or Media Count : 10
Abstract : Dynamic programming is a mathematical technique applicable to multistage decision process problems. By observing that 'an optimal policy has the property that whatever the initial state and initial decision are, the remaining decisions must constitute an optimal policy with regard to the state resulting from the first decision' one can represent the process in the form of a functional equation. For finite processes, this equation can be solved recurrently, and one can determine the optimal policy. An interesting and important example of such a process is encountered when one considers the equipment replacement problem. One seeks to determine the optimal time to replace old equipment by new. This process is particularly amenable to dynamic programming, and an optimal policy can be generated under realistic assumptions. The functional equation approach of dynamic programming has also proved useful when applied to a wide variety of problems in the fields of industrial mathematics, logistics, economics, military planning, and pure mathematics and physics. (Author)
Descriptors : (*DYNAMIC PROGRAMMING, REPLACEMENT THEORY), (*REPLACEMENT THEORY, DECISION MAKING), OPTIMIZATION, MACHINES, MAINTENANCE, EQUATIONS
Distribution Statement : APPROVED FOR PUBLIC RELEASE