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15 cards from this deck
A technique for solving complex problems by breaking them into simpler stages
Multi-stage decision problems
Routing, stock control, resource allocation, equipment maintenance
Value=Profit−Travel+OVD\text{Value} = \text{Profit} - \text{Travel} + \text{OVD}Value=Profit−Travel+OVD
Costs=Storage+Overheads+Hired Labour+OVD\text{Costs} = \text{Storage} + \text{Overheads} + \text{Hired Labour} + \text{OVD}Costs=Storage+Overheads+Hired Labour+OVD
Value=Profit+OVD\text{Value} = \text{Profit} + \text{OVD}Value=Profit+OVD
Value=Cost of new equipment+maintenance−resale value+OVD\text{Value} = \text{Cost of new equipment} + \text{maintenance} - \text{resale value} + \text{OVD}Value=Cost of new equipment+maintenance−resale value+OVD
Stage, State, Action, Destination, Value
Optimal Value to Destination
The optimal value that can be achieved from the destination state onwards
Number of time periods remaining
Current location
Time period (months with known demand)
Different products or projects
It finds the optimal solution
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