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
On 1st January, 2005 the Board of Directors of Paushak Limited needed to identify the amount of working capital needed to meet the programme they have arranged for the year. From t

I have two problems due in two hours can you do this for me?


Calculate the EOQ An agent supplies 1000 units per calendar month (PCM) OF A PRODUCT TO CONSUMER. The cost per unit is £175 and the amount cost of storage space is £40. Associ

Conditions necessary in a control cycle There are four necessary conditions that must be satisfied before any system can be said to be controlled. Such are as follows: (1) O

Steps involved in ratio analysis The following are the four steps involved in the ratio analysis: 1) selection of relevant data from the financial statement depending upon t

Linear Programming     This section introduces the general method called the simplex algorithm, which is designed to solve any linear program. The information that can be secured

Objectives of ratio analysis 1) Measuring the profitability: we can measure the profitability of the business by calculation gross profit net profit expenses ratio and other.


identify and explain the many classification of costs for planning, control.performance evaluation and decision making.