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Optimal Priority Rating of Resources-Allocation by Dynamic Programming

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  • Odd Gulbrandsen

    (Institute of Transport Economy, Oslo, Norway)

Abstract

This paper gives a description of how to find the “best” sequence of allocation of resources to projects. The method handles simultaneously a great number of projects. The expression “best” sequence means here the priority-rating that optimizes some chosen measure for the efficiency of the system. This optimization is done within the limits of the total resources available for allocation to projects. The problem is solved for whatever dependency there may be between resource quantity and system efficiency for the single projects. It works for the “difficult” case of discontinuous efficiency functions as well. It is shown that in order to handle a great number of projects, one can divide the projects into groups, apply the method within each group of projects, then consider each group as a super project, and finally solve the whole problem by using the same method on groups. The problem is solved by a combination of the dynamic programming method, Lagrange’s multiplier method, and numerical calculations on an electronic computer. The main part of the method is shown in a flow-diagram form. In the last sections of this paper practical examples are given, where the method is applied on investment problems.

Suggested Citation

  • Odd Gulbrandsen, 1967. "Optimal Priority Rating of Resources-Allocation by Dynamic Programming," Transportation Science, INFORMS, vol. 1(4), pages 251-260, November.
    • Handle: RePEc:inm:ortrsc:v:1:y:1967:i:4:p:251-260
    DOI: 10.1287/trsc.1.4.251
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