Dynamic Programming

Question 1

What is the 4 step approach to Dynamic Programming problems

Answer 1

1. Define n, i, I
2. Draw a node diagram
3. Create a table n, i, k, r, F(n,i)
4. State the solution as a new node diagram

Question 2

What is n, i, k for Team allocation?

Answer 2

n - number of locations left to consider
i - number of teams left to allocate
k - number of teams allocated

Question 3

What is n, i, k generically?

Answer 3

n - flow
i - stock
k - decision

Question 4

What is n, i, k for Capital Budgeting

Answer 4

n - number of schemes left to consider
i - remaining money to invest
k - amount invested

Question 5

What is n, i, k for Production Planning

Answer 5

n - months left to consider
i - items in stock
k - items to produce

Question 6

Is Production Planning shortest or longest path?

Answer 6

Shortest path minimising cost

NB. r = cost of stock + cost of production

Question 7

Is Capital Budgeting shortest or longest path?

Answer 7

Longest path - maximising return

Question 8

Is Team Allocation shortest or longest path?

Answer 8

Longest path - maximising return

Question 9

How do you determine what the optimal solution is?

Answer 9

Start at the first node, take the best decision(s) from there. Repeat at the next node(s) until you reach the end.