A new analytical approach for the solution of optimization problem with cubic objective function

A new analytical approach based on dynamic programming method for the solution of cubic objective function with equality and inequality constraints is presented in this paper. A generalized recursive equation is derived to solve the problem. The proposed approach is non-iterative and directly gives the solution without any initial assumption. This method is implemented for economic power dispatch problem to minimize fuel cost and economic dispatch problem of chiller plant for saving energy. The superiority of this method is demonstrated by comparing the experimental results of the proposed method with lambda logic based algorithm and with gradient search method reported in the literature.