
Accession Number : AD0613618
Title : USE OF THE 'EXPECTED VALUE SOLUTION' IN LINEAR PROGRAMMING UNDER UNCERTAINTY,
Corporate Author : RAND CORP SANTA MONICA CALIF
Personal Author(s) : Madansky,Albert
Report Date : 11 MAR 1960
Pagination or Media Count : 16
Abstract : The use of two methods in the onestage stochastic linear program is discussed: (1) replacing the random elements by their expected values (the 'expectedvalue solution'); and (2) replacing the random elements by pessimistic estimates of their values (the 'fat' technique). The onestage problem and the twostage problem are described, and the relation between the 'fat' techniques used in the onestage problem and the socalled 'slack' techniques useful in the twostage problem is demonstrated.
Descriptors : (*LINEAR PROGRAMMING, GAME THEORY), STOCHASTIC PROCESSES, PROBABILITY, DECISION THEORY, THEOREMS, COSTS
Distribution Statement : APPROVED FOR PUBLIC RELEASE