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Dynamic Programming: Resource Allocation
Finance & Accounting
Pages 3 (753 words)
Contents Executive Summary 2 Introduction 3 Benefits of Dynamic Programming 3 Limitations of Dynamic Programming 4 EXAMPLE: 4 Conclusion 5 Appendix 7 Reference List 9 Executive Summary Dynamic programming has evolved as one of the most widely and effective techniques in the field of optimisation…
Introduction Managing business has become far more complex and because of this reason several techniques and methods have been introduced with the ability to solve different kinds of complex problems (Polak, & Rogers, & Sweeney, 2010). As businesses have faced several issues and complexities, one of the major benefits that businesses and entrepreneurs have seen over the recent years is the use of different programs and techniques that could assist them in analysing the situation better and help them in decision making (Ben-Ameur, Breton, & Francois, 2006). With the advancement in the field of optimisation, dynamic programming has emerged as one of the most powerful methods that business managers use to analyse and solve discrete problems and this technique can give much effective results in comparison to other techniques and methods (Young, 1998). This report analyses the benefits and limitations of dynamic programming method as well as it explains the concept of dynamic programming with the help of an example. Benefits of Dynamic Programming The main benefits of dynamic programming are as follows: One of the major benefits of using dynamic programming is its simplicity and this is one of the reasons why the method has been used extensively. ...
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