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The Model of Stochastic Optimization of Production under Uncertainty and Risk

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  • Alex Borodin
  • Nataliya Shash

Abstract

The article describes possibilities of application of models of stochastic optimization of output. The features of the application of various problems of stochastic optimization. The expediency of application of methods of network planning method, PERT, and in the process create the network model of production. It is shown that in conditions of uncertainty and risk when it is difficult to accurately determine the values of the parameters of the problem the use of stochastic models in the planning process of production allows to achieve higher profitability. The authors propose a stochastic model of optimal output and practical recommendations for its application in the activities of industrial enterprises is concluded that to improve the efficiency of planning processes of production it is advantageous to combine the proposed stochastic optimization model with the method of analysis and evaluation of programs.

Suggested Citation

  • Alex Borodin & Nataliya Shash, 2018. "The Model of Stochastic Optimization of Production under Uncertainty and Risk," Asian Social Science, Canadian Center of Science and Education, vol. 14(5), pages 1-33, May.
    • Handle: RePEc:ibn:assjnl:v:14:y:2018:i:5:p:33
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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