Optimal Control of dams using P(M,Lambda,tau) policies when the input process is an inverse Gaussian process

TL;DR

This paper analyzes the optimal control of dam operations under P(M,lambda,tau) policies, focusing on inverse Gaussian input processes to minimize costs.

Contribution

It introduces a novel application of P(M,lambda,tau) policies to dams with inverse Gaussian input processes, deriving cost optimization strategies.

Findings

Optimal control policies derived for inverse Gaussian inputs.

Cost minimization achieved through specific P(M,lambda,tau) parameters.

Framework applicable to real-world dam management scenarios.

Abstract

We consider the P(M,lambda,tau) maintenance policy of a dam using the total discounted and long-run average costs, when the input process is inverse Gaussian.