Inspection Procedures for Markov Chains
Consider a production process where the categories of successive units form a Markov chain with known transition matrix. Whenever a unit is produced, we may, at a fixed cost, inspect it. If its value is less than maximal, we may replace it with a perfect (maximal value) unit. We obtain optimal inspection procedures (procedures for which the value of the outgoing units is high and which keep the cost of inspection down).
Year of publication: |
1974
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Authors: | Sackrowitz, Harold ; Samuel-Cahn, Ester |
Published in: |
Management Science. - Institute for Operations Research and the Management Sciences - INFORMS, ISSN 0025-1909. - Vol. 21.1974, 3, p. 261-270
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Publisher: |
Institute for Operations Research and the Management Sciences - INFORMS |
Saved in:
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