Stochastic Optimization of Production Planning

J. H. Beebe, C. S. Beightler and J. P. Stark
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J. H. Beebe: The University of Texas, Austin, Texas
C. S. Beightler: The University of Texas, Austin, Texas
J. P. Stark: The University of Texas, Austin, Texas

Operations Research, 1968, vol. 16, issue 4, 799-818

Abstract: A multistage decision problem is optimized using a new formulation of stochastic dynamic programming. The problem optimized in this paper concerns a semiconductor production process where the transitions at each work station are stochastic. The mathematical model employs at one stage a Markov decision process with an infinite number of substages and shows how this process may be compressed and handled as one stage in the larger problem.

Date: 1968
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