Stochastic Model / Process: Definition and Examples

These exercises all contain a stochastic programming problem that can be solved using standard linear, nonlinear and integer programming software. For each problem, you should develop the model, solve the stochastic program, solve the expected value problem, and find the value of the stochastic solution. Northam Airlines is trying to decide how to partition a new plane for its Chicago-Detroit route. The plane can seat 200 economy class passengers. A section can be partitioned off for first class

Stochastic Modeling: Definition, Uses, and Advantages