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Location management is important to effectively keep track of mobile terminals with reduced signal flows and database queries. Even though dynamic location management strategies are known to show good performance, we in this paper consider the static location management strategy which is easy to implement. A system with single home location register and pointer forwarding is assumed. A mobile terminal is assumed to have memory to store the IDs of visitor location registers (VLRs) each of which has the forwarding pointer to identify its current location. To obtain the registration point which minimizes the database access and signaling cost from the current time to the time of power-off probabilistic dynamic programming formulation is presented. A Selective Pointer Forwarding scheme is proposed which is based on one-step dynamic programming. The proposed location update scheme determines the least cost temporary VLR which point forwards the latest location of the mobile. The computational results show that the proposed scheme outperforms IS-41, pure Pointer Forwarding, and One-step Pointer Forwarding at the expense of small storage and a few computations at the mobile terminals.