Abstract
Perhaps the simplest and most straightforward application of dynamic programming is the determination of the shortest path or route through a network.
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For a numerical example (automobile replacement under stationary conditions, i.e., no technological improvements) see M. J. Beckmann (1968), pp. 26ff.
A related but more complicated problem is that of stocking a ship with spare parts. It is assumed that storage space is limited and that the demand for each type of spare part is a stochastic variable characterized by a known probability distribution; the stockout costs—i.e., the costs incurred if a spare part is required but not available—are known for each type. Then the problem is to minimire the total expected stockout cost. For a numerical example see G. Hadley (1964), pp. 362ff., and H. P. Künzi, O. Müller, and E. Nievergelt (1968), pp. 31ff.
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© 1975 Springer-Verlag/Wien
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Danø, S. (1975). Applications of Dynamic Programming. In: Nonlinear and Dynamic Programming. Springer, Vienna. https://doi.org/10.1007/978-3-7091-8394-6_6
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DOI: https://doi.org/10.1007/978-3-7091-8394-6_6
Publisher Name: Springer, Vienna
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