Some Recent Advances in Forecasting and Control. Part II.
WISCONSIN UNIV MADISON DEPT OF STATISTICS
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The paper outlines an approach to discrete stochastic control which uses these models to typify the dynamic and stochastic characteristics of the system. This description of the system together with the type of cost function involved is shown to lead to appropriate optimal control schemes. Feedforward and feedback control schemes are worked out for situations typical of those occurring in the chemical and other process industries. A control problem more typical of situations arising in the parts manufacturing industries is shown to lead naturally to a control charting procedure very similar to Shewharts which has been used very successfully in these industries. Author Modified Abstract
- Statistics and Probability