What does stochastic programming mean?
Definitions for stochastic programming
sto·chas·tic pro·gram·ming
This dictionary definitions page includes all the possible meanings, example usage and translations of the word stochastic programming.
Wikipedia
Stochastic programming
In the field of mathematical optimization, stochastic programming is a framework for modeling optimization problems that involve uncertainty. Whereas deterministic optimization problems are formulated with known parameters, real world problems almost invariably include some unknown parameters. When the parameters are known only within certain bounds, one approach to tackling such problems is called robust optimization. Here the goal is to find a solution which is feasible for all such data and optimal in some sense. Stochastic programming models are similar in style but take advantage of the fact that probability distributions governing the data are known or can be estimated. The goal here is to find some policy that is feasible for all (or almost all) the possible data instances and maximizes the expectation of some function of the decisions and the random variables. More generally, such models are formulated, solved analytically or numerically, and analyzed in order to provide useful information to a decision-maker.As an example, consider two-stage linear programs. 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. This article includes an example of optimizing an investment portfolio over time.
Numerology
Chaldean Numerology
The numerical value of stochastic programming in Chaldean Numerology is: 2
Pythagorean Numerology
The numerical value of stochastic programming in Pythagorean Numerology is: 5
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"stochastic programming." Definitions.net. STANDS4 LLC, 2024. Web. 25 Apr. 2024. <https://www.definitions.net/definition/stochastic+programming>.
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