This book on Operation Research has been specially written to meet the requirements of the M.Sc., M.Com. and M.B.A. students for all Indian Universities. The subject matter has been discussed in such a simple way that the students will find no difficulty to understand it. The proof of various theorems and examples has been given with minute details. Each chapter of this book contains complete theory and fairly large number of solved examples, sufficient problems have also been selected from various universities examination papers. Contents: Simulation, LPP with Applications, Minimization Problem, Replacement and Maintenance Theory.
We construct a vintage capital model of economic growth in which the decision to replace old technologies with new ones is modeled explicitly. Depreciation in this environment is an economic, not a physical concept. We describe the balanced growth paths and the transitional dynamics of this economy. We illustrate the importance of vintage capital by analyzing the response of the economy to fiscal policies designed to stimulate investment in new technologies. A revised version of this paper is published in the Journal of Monetary Economics, v. 40, no. 3(December 1997):457-499.
The German Wehrmacht was one of the most capable fighting forces the world has ever known, but in the end it was no match for the Allies. Some historians contend that the Allies achieved victory through brute force and material superiority. But, as Peter Mansoor argues, all of the material produced by US industry was useles without trained soldiers to operate it, a coherent doctrine for its use, and leaders who could effectively command the formations into which it was organized.
This fully revised 3rd edition offers an introduction to optimal control theory and its diverse applications in management science and economics. It brings to students the concept of the maximum principle in continuous, as well as discrete, time by using dynamic programming and Kuhn-Tucker theory. While some mathematical background is needed, the emphasis of the book is not on mathematical rigor, but on modeling realistic situations faced in business and economics. The book exploits optimal control theory to the functional areas of management including finance, production and marketing and to economics of growth and of natural resources. In addition, this new edition features materials on stochastic Nash and Stackelberg differential games and an adverse selection model in the principal-agent framework. The book provides exercises for each chapter and answers to selected exercises to help deepen the understanding of the material presented. Also included are appendices comprised of supplementary material on the solution of differential equations, the calculus of variations and its relationships to the maximum principle, and special topics including the Kalman filter, certainty equivalence, singular control, a global saddle point theorem, Sethi-Skiba points, and distributed parameter systems. Optimal control methods are used to determine optimal ways to control a dynamic system. The theoretical work in this field serves as a foundation for the book, which the author has applied to business management problems developed from his research and classroom instruction. The new edition has been completely refined and brought up to date. Ultimately this should continue to be a valuable resource for graduate courses on applied optimal control theory, but also for financial and industrial engineers, economists, and operational researchers concerned with the application of dynamic optimization in their fields.
This research addresses the large-scale group fleet replacement problem with multiple vehicle types of multiple units, under budget and demand constraints. Past research in group fleet replacement is limited and has focused on one vehicle type, with multiples units and constraints. Many studies in fleet replacement have also dealt with single replacement, with single units, and with no constraints. The objective of this research is to find the methodology to solve the general large-scale group fleet replacement problem. A multi-phase methodology based on the grouping concept is presented and is integrated with optimization techniques. The vehicles are grouped according to various technology parameters. A two-level hierarchical replacement process, focusing on inter-group, and intra-group analysis, is developed and the resulting models are solved using integer programming. Finally, a case study using the Oregon Department of Transportation records is examined. The replacement model presented can incorporate complex variations in the large-scale group fleet replacement problem. It is flexible and can be used in wide variety of replacement problems. Used appropriately, the results from this methodology can result in reduced fleet replacement costs and operation costs.
