Question: Find the probability by using Dynamic Programming An oil company has 8 units of money available for exploration of four sites. If oil is present

Find the probability by using Dynamic Programming
An oil company has 8 units of money available for exploration of four sites. If oil is present at a site the probability of finding it is a function of the fouds allocated for exploring the site as shown in the table below: Units Allocated 0 4 5 6 7 8 1 2 3 0 0.5 0.7 0.7 0.8 0.8 0.9 0.9 1 Sito 1 Site 2 0 0.3 0.4 0.7 0.8 0.8 0.9 0.9 1 Site 3 0 0.4 0.6 0.7 0.7 0.8 0.8 0.9 1 Site 4 0 0.4 0.6 0.6 0.8 0.9 0.9 0.9 1 Note: Since the problem is asking for the probability, use multiplication sign instead of addition sign. Use the following variables/symbols in your solution, for example: X3-decision variable at stage 3 X*3- optimal solution at stage 3 in a given state $1-state 1 p(X1) probability at X1 *-multiplication *3( )- optimal solution of previous stage An oil company has 8 units of money available for exploration of four sites. If oil is present at a site the probability of finding it is a function of the fouds allocated for exploring the site as shown in the table below: Units Allocated 0 4 5 6 7 8 1 2 3 0 0.5 0.7 0.7 0.8 0.8 0.9 0.9 1 Sito 1 Site 2 0 0.3 0.4 0.7 0.8 0.8 0.9 0.9 1 Site 3 0 0.4 0.6 0.7 0.7 0.8 0.8 0.9 1 Site 4 0 0.4 0.6 0.6 0.8 0.9 0.9 0.9 1 Note: Since the problem is asking for the probability, use multiplication sign instead of addition sign. Use the following variables/symbols in your solution, for example: X3-decision variable at stage 3 X*3- optimal solution at stage 3 in a given state $1-state 1 p(X1) probability at X1 *-multiplication *3( )- optimal solution of previous stageStep by Step Solution
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