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Dynamic Programming: Resource Allocation - Assignment Example

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Dynamic Programming: Resource Allocation

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. ...
Limitations of Dynamic Programming One of the major limitations of dynamic programming is that it is used only for linear orders and the characters cannot be rearranged (Mao, & Sarndal, 1966). In addition to this, the other major limitation of

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using dynamic programming is that in dynamic programming, it is important to write code that are able to evaluate the sub-problems in the most effective manner. In order to calculate and solve a problem using dynamic programming, formulating a good solution method is one of the challenges faced. In dynamic programming, the user has to make sub-problems and then analyse how the sub-problems would be calculated and then decide the order of these sub-problems. The other drawback of dynamic programming is that with the usage of ‘The Principle of Optimality and Polynomial Break up’ there are only few distinct sub-problems in a good dynamic programming (Bhowmik, 2010). EXAMPLE: The technique of dynamic programming is beneficial for the finance organisations in order to manage their portfolios in more effective and efficient manner. This can be explained more thoroughly with the help of an example. For instance, the finance company has to make a portfolio in such a way that the output or revenue is maximised. The company has two different options, either to invest in a particular types of bonds, stocks, or in t-bills. The total fund available for investment is 10 million. The following table summarise the return of all options along with the cost associated with them. Apart from this, the table also presents the limit for investing in any particular type of securities in order to minimise the risk associated with it. Security Cost per security (M) Return per

Summary

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…
Author : zaria91
Dynamic Programming: Resource Allocation essay example
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