A stochastic model for railway track asset management

A stochastic model for railway track asset management

The determination of the strategy to ensure that the geometry for railway track is kept within acceptable limits, in a cost effective manner, is a complex process. It requires the simultaneous consideration of the activities which govern inspection, maintenance and renewal. In addition to this the geometry degradation process is dependent upon the maintenance history. The condition where the tr...

A Stochastic Optimization Model for Groundwater Management

A Stochastic Model for Water Resources Management

Irrigation water management is crucial for agricultural production and livelihood security in many regions and countries throughout the world. Over the past decades, controversial and conflictladen water-allocation issues among competing municipal, industrial and agricultural interests have raised increasing concerns. Particularly, growing population, varying natural conditions and shrinking wa...

A Stochastic Optimization Model for Groundwater Management

Stochastic Control for Asset Management

An investor is often faced with the investment situation in which he/she has to decide how to allocate his/her limited funds optimally among different assets to maximize his/her expected utility over the holding period. To this end, this study sets up a dynamic model driven by three assets to characterize the stochastic nature of the securities market and uses stochastic control to derive an ex...