Process Control From An Economic Point of View-Chapter 3: Dynamic Adjustments and Quadratic Costs and Chapter 4: Summary and Future Research
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When a process is such that there is appreciable delay in control action taking effect, minimal variance feedback control can require excessive adjustment. In this report it is supposed that the cost of making the adjustments is proportional to the square of the size of the adjustment and the minimal cost schemes that result are considered. These "damped" schemes are compared with minimum mean square error schemes which use a longer monitoring interval.