Short Notes on Dynamic Programming

Dynamic programming is sequential decision making technique. It is a recursive technique we come from final stage to initial stages. A decision taken at one stage influences the decisions in other stages. dynamic programming technique is useful in a large number of multi period business problems.

Terms in dynamic programming:

  • Stage: Period or logical sub problem.
  • State variables: Possible initial¬†situations or conditions.
  • Decision variables: Alternatives that exist at each stage.
  • Decision criteria: Statement concerning objectives of a problem.
  • Optimum policy: A set of decision rules developed as a result of decision criterion that gives optimal decision.
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