An approximation of a Markov decision process for resource planning

An approximation of a Markov decision process for resource planning

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Article ID: iaor1996599
Country: United Kingdom
Volume: 46
Issue: 7
Start Page Number: 819
End Page Number: 830
Publication Date: Jul 1995
Journal: Journal of the Operational Research Society
Authors:
Keywords: allocation: resources, heuristics
Abstract:

This study presents an approximation of a Markovian decision process to calculate resource planning policies for environments with probabilistic resource demand. These policies provide a means of periodic determination of the quantity of resources required to be available. Managers may also use these appoximation models to perfrom the sensitivity analysis of resource demand and the cost/reward parameters. The decision policy can be applied to many resource planning situations including manufacturing or construction equipment purchasing or leasing, airline capacity, professional services staffing, and computer/management information systems capacity.

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