Stochastic Optimization of Production Planning

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Abstract
A multistage decision problem is optimized using a new formulation of stochastic dynamic programming. The problem optimized in this paper concerns a semiconductor production process where the transitions at each work station are stochastic. The mathematical model employs at one stage a Markov decision process with an infinite number of substages and shows how this process may be compressed and handled as one stage in the larger problem.

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