Abstract
The paper characterizes the optimal strategy for sorting deposited checks, which is a major problem faced by banks, and describes an efficient procedure for finding the optimal solution for problems of the size generally found in practice. The algorithm is based on a two-state dynamic programming recursion in which characterization theorems are used to drastically reduce the size of the state space and in which the storage requirements are minimal. An analysis of computational experience is included and it is described how the algorithm can be used in a real time environment with deadlines.
Original language | English |
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Pages (from-to) | 59-70 |
Number of pages | 12 |
Journal | Management Science |
Volume | 24 |
Issue number | 1 |
DOIs | |
State | Published - 1977 |