Mathemical Optimization Methods
Mathematical optimization, or mathematical programming, seeks the optimal solution from a set of alternatives, categorized into discrete or continuous optimization. It involves either minimizing or maximizing scalar functions, where the goal is to find the variable values that yield the lowest or highest function value.
Areas of application
- Industrial engineering
- Operations research
- Economics
- Finance
- Management science
- Computer science
- Data analysis
Example
A company wants to determine the optimal production levels for its manufacturing plants to minimize costs while meeting customer demand. The problem can be modeled as a discrete optimization problem, and mathematical optimization methods can be used to find the optimal solution.