How Long to Read Optimization of Stochastic Models

How Long Does it Take to Read Optimization of Stochastic Models?

It takes the average reader 6 hours and 30 minutes to read Optimization of Stochastic Models by Georg Ch. Pflug

Assuming a reading speed of 250 words per minute. Learn more

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.

How long is Optimization of Stochastic Models?

Optimization of Stochastic Models by Georg Ch. Pflug is 384 pages long, and a total of 97,536 words.

This makes it 130% the length of the average book. It also has 119% more words than the average book.

How Long Does it Take to Read Optimization of Stochastic Models Aloud?

The average oral reading speed is 183 words per minute. This means it takes 8 hours and 52 minutes to read Optimization of Stochastic Models aloud.

What Reading Level is Optimization of Stochastic Models?

Optimization of Stochastic Models is suitable for students ages 12 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Optimization of Stochastic Models?

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