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Dynamic Programming

In: Operations Research and Management

Author

Listed:
  • Thomas Neifer

    (Bonn-Rhein-Sieg University of Applied Sciences)

  • Dennis Lawo

    (University Bonn-Rhein-Sieg)

Abstract

Dynamic Programming, or dynamic optimization, is an optimization approach that simplifies complex problems by breaking them into smaller, interconnected subproblems. This method eliminates redundancy and significantly improves efficiency. DP finds practical applications in various real-world problems within Operations Research, enhancing decision-making processes. Its usefulness is shown by two examples with a practical application in Python.

Suggested Citation

  • Thomas Neifer & Dennis Lawo, 2024. "Dynamic Programming," Springer Texts in Business and Economics, in: Franz W. Peren & Thomas Neifer (ed.), Operations Research and Management, pages 201-213, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-47206-0_11
    DOI: 10.1007/978-3-031-47206-0_11
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