Abstract
Dynamic programming is a technique for formulating problems in which decisions are to be made in stages—a multistage decision problem. This represents a departure from the types of problems we have analyzed so far, where it has been assumed that all decisions are made at one time. It is not difficult to think of real world scenarios which are multistage decision problems. Many construction projects can be divided up into stages corresponding to the completion of events. However, there are also many such problems in which different stages are not identified with different time periods. For instance, many problems involving the investment of funds to maximize return can be formulated with the different investment options being represented by different stages.KeywordsDynamic ProgrammingSeed PotatoKnapsack ProblemInventory CostSerial SystemThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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