Applications of Stochastic Programming.

0898715555

Applications of stochastic programming Stochastic programming is a framework for modeling optimization problems that involve uncertainty. Whereas deterministic optimization problems are formulated with known parameters, real world problems almost invariably include some unknown parameters. .

Ed. by Stein W. Wallace and William T. Ziemba.

SIAM

2005

708 pages

$142.00

Paperback

MPS-SIAM series on optimization

T57

In the words of editors Wallace (qualitative logistics, Molde U. College, Norway) and Ziemba (financial modeling and stochastic optimization Stochastic optimization algorithms are optimization algorithms which satisfy one or both of the following properties (Spall, 2003):

There is random noise in the measurements of the criterion to be optimized and/or related information (such as the gradient vector of the

, U. of British Columbia, Canada), stochastic programming " is the stuff of procedures for decision making under uncertainty over time." They present 10 papers detailing the publicly available stochastic programming systems that are currently operational, as well a diverse set of 22 applications. These latter include applications related to fleet management, supply chain optimization Supply Chain Optimization is the application of processes and tools to ensure the optimal operation of a manufacturing and distribution supply chain. This includes the optimal placement of inventory within the supply chain, minimizing operating costs (including manufacturing costs, , mitigating anthropogenic an·thro·po·gen·ic
adj.
1. Of or relating to anthropogenesis.

2. Caused by humans: anthropogenic degradation of the environment. climate change, flood and seismic risk management, refinancing mortgages, optimization models for structuring index funds, oil price protection strategies, unit commitment in hydrothermal hydrothermal, hydrothermic

relating to the temperature effects of water, as in hot baths. power production planning, and valuation of electricity generation capacity, among others.

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Article Type:	Book Review
Date:	Dec 1, 2005
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