In this paper, the single machine replacement problem is being modeled into the frameworks of stochastic dynamic programming and control threshold policy, where some properties of the optimal values of the control thresholds are derived. Using these properties and by minimizing a cost function, the optimal values of two control thresholds for the time between productions of two successive nonco...

Mathematical programming has been applied to various problems. For many actual problems, the assumption that the parameters involved are deterministic known data is often unjustified. In such cases, these data contain uncertainty and are thus represented as random variables, since they represent information about the future. Decision-making under uncertainty involves potential risk. Stochastic ...

Placement of sensors in water distribution networks helps timely detection of contamination and reduces risk to the population. Identifying the optimal locations of these sensors is important from an economic perspective and has been previously attempted using the theory of optimization. This work extends that formulation by considering uncertainty in the network and describes a stochastic prog...