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Optimization: The Science of Making Better Decisions
Optimization is at the heart of operations research (OR), a mathematical discipline that focuses on finding the best possible solutions in a given set of constraints.
Whether improving supply chain efficiency, minimizing costs, or maximizing resource utilization, optimization techniques are indispensable tools for decision-making across industries like manufacturing, healthcare, transportation, and finance.
In this article, we will explore the fundamental concepts of optimization, the various types of problems it solves, and the practical techniques employed in modern decision-making processes.
What is Optimization?
Optimization refers to the process of adjusting variables to achieve the best possible outcome in a mathematical model. This “best outcome” is often defined as either maximizing or minimizing an objective function, subject to a set of constraints.
The objective function is the mathematical expression that represents the goal of the optimization process, such as maximizing profit or minimizing production time. Constraints are the conditions that must be met, such as limited resources, time, or regulatory requirements.
