| book details |

Optimization of Stochastic Models: The Interface Between Simulation and Optimization

By (author) Georg Ch. Pflug

| on special |

normal price: R 9 095.95

Price: R 8 641.95

| add to trolley |

| book description |

Stochastic models are everywhere. In manufacturing, queuing models are used for modeling production processes, realistic inventory models are stochastic in nature. Stochastic models are considered in transportation and communication. Marketing models use stochastic descriptions of the demands and buyer's behaviors. In finance, market prices and exchange rates are assumed to be certain stochastic processes, and insurance claims appear at random times with random amounts. To each decision problem, a cost function is associated. Costs may be direct or indirect, like loss of time, quality deterioration, loss in production or dissatisfaction of customers. In decision making under uncertainty, the goal is to minimize the expected costs. However, in practically all realistic models, the calculation of the expected costs is impossible due to the model complexity. Simulation is the only practicable way of getting insight into such models. Thus, the problem of optimal decisions can be seen as getting simulation and optimization effectively combined. The field is quite new and yet the number of publications is enormous. This book does not even try to touch all work done in this area. Instead, many concepts are presented and treated with mathematical rigor and necessary conditions for the correctness of various approaches are stated. Optimization of Stochastic Models: The Interface Between Simulation and Optimization is suitable as a text for a graduate level course on Stochastic Models or as a secondary text for a graduate level course in Operations Research.

| product details |

| other options |

| back |

| your trolley |

To view the items in your trolley please sign in.

| sign in |

| specials |

The Coming Wave: AI, Power and Our Future

Mustafa Suleyman
Paperback / softback
352 pages
was: R 295.95
now: R 265.95
Stock is usually dispatched in 6-12 days from date of order

| more |

| add to trolley |

The Colonialist: The Vision of Cecil Rhodes

William Kelleher Storey
Paperback / softback
528 pages
was: R 425.95
now: R 382.95
Usually dispatched in 6-12 days

This first comprehensive biography of Cecil Rhodes in a generation illuminates Rhodesâ€™s vision for the expansion of imperialism in southern Africa, connecting politics and industry to internal development, and examines how this fueled a lasting, white-dominated colonial society.

| more |

| add to trolley |

The Memory Collectors: A Novel

Dete Meserve
Paperback / softback
320 pages

Enquiries only

| more |

| enquire |

Survive the AI Apocalypse: A guide for solutionists

Bronwyn Williams
Paperback / softback
232 pages
was: R 340.95
now: R 306.95
Stock is usually dispatched in 6-12 days from date of order

Look around you is anything real or normal any more? News, images and videos created by AI are everywhere.

| more |

| add to trolley |