{"product_id":"9780792397809","title":"Optimization of Stochastic Models","description":"Stochastic models are everywhere. In manufacturing, queuing  models are used for modeling production processes, realistic inventory  models are stochastic in nature. Stochastic models are considered in  transportation and communication. Marketing models use stochastic  descriptions of the demands and buyer's behaviors. In finance, market  prices and exchange rates are assumed to be certain stochastic  processes, and insurance claims appear at random times with random  amounts.   To each decision problem, a cost function is associated. Costs may be  direct or indirect, like loss of time, quality deterioration, loss in  production or dissatisfaction of customers. In decision making under  uncertainty, the goal is to minimize the expected costs. However, in  practically all realistic models, the calculation of the expected  costs is impossible due to the model complexity. Simulation is the  only practicable way of getting insight into such models. Thus, the  problem of optimal decisions can be seen as getting simulation and  optimization effectively combined.   The field is quite new and yet the number of publications is enormous.  This book does not even try to touch all work done in this area.  Instead, many concepts are presented and treated with mathematical  rigor and necessary conditions for the correctness of various  approaches are stated.   Optimization of Stochastic Models: The Interface Between  Simulation and Optimization is suitable as a text for a  graduate level course on Stochastic Models or as a secondary text for  a graduate level course in Operations Research.","brand":"Georg Ch. Pflug","offers":[{"title":"Default Title","offer_id":45858147467582,"sku":"9780792397809","price":6016.56,"currency_code":"ZAR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4357\/7662\/products\/9780792397809_a21b6868-d426-4a52-b86e-ecd07a70c793.jpg?v=1707327097","url":"https:\/\/exclusivebooks.co.za\/products\/9780792397809","provider":"Exclusive Books Online","version":"1.0","type":"link"}