Dynamic Programming:
Learning Objective of
the Article:
- Define and explain the term "dynamic programming".
- In
which situation it is used to optimize the the use of resources.
Definition and Explanation of Dynamic Programming:
Dynamic programming is an extension of
the basic linear programming technique and involves breaking the problem
into a set of smaller problems and then reassembling the results of the
analysis. It is best suited for the solution of problems requiring
interrelated decisions, i.e., decisions that must be made in sequence and
that influence future decisions in the sequence.
The procedure involves partial optimization of a
portion of the sequence and then connection of the optimized portion to the
next in line until the entire sequence is optimized. Thus, the final result
is the sum of the result of the immediate decision plus the optimal result
from all future decisions. Dynamic
programming is simple in concept but difficult to apply because of the lack
of a clear-cut problem formulation and solution method. Each problem
requires unique formulation and solution decisions. |
