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In an electric power system, automatic generation control (AGC) is a system for adjusting the power output of multiple generators at different power plants, in response to changes in the load. Since a power grid requires that generation and load closely balance moment by moment, frequent adjustments to the output of generators are necessary.
In a free-market regime, the aim is rather to maximize energy production profits, i.e., the difference between revenues (due to selling energy) and costs (due to producing it). If the GenCo is a price maker, i.e., it has sufficient size to influence market prices, it may in principle perform strategic bidding [12] in order to improve its ...
Isocost v. Isoquant Graph. In the simplest mathematical formulation of this problem, two inputs are used (often labor and capital), and the optimization problem seeks to minimize the total cost (amount spent on factors of production, say labor and physical capital) subject to achieving a given level of output, as illustrated in the graph.
The economic lot scheduling problem (ELSP) is a problem in operations management and inventory theory that has been studied by many researchers for more than 50 years. The term was first used in 1958 by professor Jack D. Rogers of Berkeley, [1] who extended the economic order quantity model to the case where there are several products to be produced on the same machine, so that one must decide ...
The magnitude of the control action itself may also be included in the cost function. The LQR algorithm reduces the amount of work done by the control systems engineer to optimize the controller. However, the engineer still needs to specify the cost function parameters, and compare the results with the specified design goals.
Markov decision process (MDP), also called a stochastic dynamic program or stochastic control problem, is a model for sequential decision making when outcomes are uncertain. [ 1 ] Originating from operations research in the 1950s, [ 2 ] [ 3 ] MDPs have since gained recognition in a variety of fields, including ecology , economics , healthcare ...
Below are given some problems, and how to solve them with the general circulation setup given above. Minimum cost multi-commodity circulation problem - Using all constraints given above. Minimum cost circulation problem - Use a single commodity; Multi-commodity circulation - Solve without optimising cost.
Optimization problems can be divided into two categories, depending on whether the variables are continuous or discrete: An optimization problem with discrete variables is known as a discrete optimization , in which an object such as an integer , permutation or graph must be found from a countable set .