Production planning and control III. The sampling problem
Theodore L. Willke, Richard A. Miller · International Journal of Systems Science · 1978
Concepts from bayesian decision theory and control theory are combined to address the question of how long a decision-maker should wait between samples of the stale of a dynamic production system. Expressions defining expected performance are derived for open-loop, continuous, and sampled information modes of operation. These results are used to define the value of sampled information. The main results support the intuition of decision-makers and serve as qualitative guides for information system design.