%0 Journal Article
	%A Michael Todinov and  Eberechi Weli
	%D 2013
	%J International Journal of Industrial and Manufacturing Engineering
	%B World Academy of Science, Engineering and Technology
	%I Open Science Index 79, 2013
	%T Optimal Risk Reduction in the Railway Industry by Using Dynamic Programming
	%U https://publications.waset.org/pdf/16291
	%V 79
	%X The paper suggests for the first time the use of dynamic programming techniques for optimal risk reduction in the railway industry. It is shown that by using the concept ‘amount of removed risk by a risk reduction option’, the problem related to optimal allocation of a fixed budget to achieve a maximum risk reduction in the railway industry can be reduced to an optimisation problem from dynamic programming. For n risk reduction options and size of the available risk reduction budget B (expressed as integer number), the worst-case running time of the proposed algorithm is O (n x (B+1)), which makes the proposed method a very efficient tool
for solving the optimal risk reduction problem in the railway industry. 

	%P 1342 - 1346