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

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 stage

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