Optimal Linear Decision Rules for a Work Force Smoothing Model with Seasonal Demand
نویسندگان
چکیده
It is very hard, if not impossible, to obtain by using dynamic programming the optimal policy for a stochastic linear production-inventory system. Therefore simplifications are necessary. Mostly in practical situations a certainty-eauivalence policy is adopted. Another approach is that developed by Holt, Modigliani, Muth and Simon (HMMS) 14 1. They approximate the cost functions by quadratics and next solve the simplified problem which results in a linear control.
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