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Lecture
Are you an EPFL student looking for a semester project?
Work with us on data science and visualisation projects, and deploy your project as an app on top of Graph Search.
This lecture covers the concept of controlled stochastic processes, where a sequence of independent and identically distributed random variables is defined to create a stochastic process. The objective is to minimize the expected cost of applying control in different states over a planning horizon. The lecture explores the use of dynamic programming to find optimal control policies and value functions. It also delves into the Machine Replacement Problem, where decisions on repairing or waiting for a machine are made based on costs and penalties associated with different states.