Dynamic Programming
Dynamic programming: Dynamic programming is a mathematical technique of optimisation using multistage decision process. That is, the process in which a sequence of interrelated decisions has to be made. It provides a systematic procedure for determining the combination of decisions which maximise overall effectiveness. Classical mathematics has provided inadequate in handling many optimisation problems that involve large number of decision variables and /or large number of inequality constraints. Such type of problems is handled by the dynamic programming technique. The dynamic programming technique decomposes the original problem in ‘n’ variables in to ‘n’ sub problems (stages) each in one variable. The solution is obtained in an orderly manner by starting from the one stage to the next and is completed after the final stage is reached.
In many situations we observed that the decision making process consists of selecting a combination of plans from a large number of alternative combination.
Before making a decision, it is
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