Advantages-limitations-dynamic programming, Managerial Accounting

Assignment Help:

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.


Related Discussions:- Advantages-limitations-dynamic programming

Linear programming, Linear Programming     This section introduces the ge...

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

Job-Order Costing, Compute the ending balance in the Work in Process invent...

Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,200 of this balance is dire

What are the disadvantages of ratio analysis, Disadvantages of ratio analys...

Disadvantages of ratio analysis 1) False results: ratios are based upon the financial statement. In case financial ratio is incorrect or the data upon which ratios are based

Depreciation, How to calculate straight line depreciation for a partial yea...

How to calculate straight line depreciation for a partial year i.e. Refurb. depreciation starts in may till end of 8 year lease. Therefore its 7.666 years

Activity ratio, Accounting ratios that determine a firm's ability to conver...

Accounting ratios that determine a firm's ability to convert various accounts within their balance sheets into sales or cash. Companies will usually try to shift their productio

Management''s statement of responsibility, 1. A firm's independent auditors...

1. A firm's independent auditors have the responsibility to: a. assess the firm's accounting policies. b. ascertain the firm's profit potential. c. uncover all fraudulent

Describe the method of drawing a break even chart, Describe the method of d...

Describe the method of drawing a break even chart. 1) volume of production/output or sales is plotted on horizontal axis , i. e y - axis . the volume of sales or production ma

Standerd costing, Ask queThe standard cost of chemical mixture ~ PQ’ is as ...

Ask queThe standard cost of chemical mixture ~ PQ’ is as follows: 40% of material P @ Rs. 400 per kg. 60% of material Q @ Rs. 600 per kg. A standard loss of 10% is normally anticip

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd