Advantages-limitations-dynamic programming, Managerial Accounting

Advantages and Limitations of Dynamic Programming

Advantages:

(1) In certain types of problems such as inventory control management, Chemical Engineering design, dynamic programming may be the only technique that can solve the problems.

(2) Most problems requiring multistage, multi-period or sequential decision process are solved using this type of programming.

(3) Because of its wide range, it is applicable to linear or non-linear problems, discrete or continuous variables, deterministic or stochastic problems.

(4) The mathematical techniques used can be adapted to the computer.

Limitations:

(1) Each problem has to be modeled according to its own constraints and requirements. This requires great experience and ingenuity.

(2) The number of state variables has to be kept low to prevent complicated calculations.

(3) Where applicable, methods such as simplex are more efficient than general programming       approach.

Posted Date: 12/7/2012 7:10:37 AM | Location : United States







Related Discussions:- Advantages-limitations-dynamic programming, Assignment Help, Ask Question on Advantages-limitations-dynamic programming, Get Answer, Expert's Help, Advantages-limitations-dynamic programming Discussions

Write discussion on Advantages-limitations-dynamic programming
Your posts are moderated
Related Questions
What is a pro forma financial statement and how does it relate to the master budget?

Raner, Harris, & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices—one in Chicago and one in Minneapolis. T

Incremental budgeting Incremental budgeting uses a budget prepared using a last period budget or actual performance as a base with incremental amount asses for the new budget p

JIT purchasing On the other hand is a purchasing system in which material purchased are contracted so as that the receipt and usage of materials to the maximum extent possible,

MATERIAL CONTROL It is said that "any fool can sell"—it is buying at the right price that is more critical to the achievement of a satisfactory return on capital employed.  Buy


Fixed assets turnover ratio Meaning: this ratio establishes a relationship among net sales and fixed assets. Objective: the objective of computing this ratio is to verif

A firm requires continuously monitoring and controlling its receivables to make sure that the dues are paid on the due date and no dues stay outstanding for a long period of time.

Select the cost driver(s): This might also be termed to as independent, explanatory or predictor variable. A cost driver can be stated as any factor whose change causes a chang

State the factors of CVP The three factors of CVP analysis I e cost volume and profit are interconnected and dependent on one another . for example profit depends upon sales se