This paper deals with a manufacturing system consisting of a single machine subject to random failures and repairs. The machine can produce two types of parts. When the production is switched from one part type to the other a random setup time is incurred at a constant cost rate. The objective...

Strategies for constructing a Markov decision chain approximating a continuous-time finite-horizon optimal control problem are investigated. Some simple, analytically soluble, examples are treated and low computational complexity is reported. Extensions to the method and implementation are...

Quantity and price risks determine key uncertainties market participants face in electricity markets with increased volatility, for instance due to high shares of renewables. In the time from day-ahead until real-time, there lies a large variation in best available information, such as between...