Alfred P . Sloan School of Management Dynamic Planning and Two - or Multistage

It is shown that the model of twoor multistage programming undi^r risk results from the application of the principle of dynamic planning* in special structured dynamic decision situations under risk. By u ^ing this property, some characteristics of the solution set of dynamic planning problems will be derived. *This principle is well known and discussed as "flexible Planung" in the German management literature in recent times.