Content deleted Content added
m Please maintain encyclopedia tone, even when adding great content! :) <ref>[http://stoprog.org the stochastic programming community's home page]</ref> |
m .<ref>Applications of stochastic programming are described at the following website, [http://stoprog.org Stochastic Programming Community].</ref> |
||
Line 3:
As an example, consider two-stage [[linear program]]s. Here the decision maker takes some action in the first stage, after which a random event occurs affecting the outcome of the first-stage decision. A recourse decision can then be made in the second stage that compensates for any bad effects that might have been experienced as a result of the first-stage decision. The optimal policy from such a model is a single first-stage policy and a collection of recourse decisions (a decision rule) defining which second-stage action should be taken in response to each random outcome.
Stochastic programming has applications in a broad range of areas ranging from finance to transportation to energy optimization.<ref>Applications of stochastic programming are described at the following website, [http://stoprog.org
==Biological Applications==
| |||