What is Optimization? Optimization problem: Maximizing or minimizing some function relative to some set, often representing a range of choices available in a certain situation. The function allows comparison of the different choices for determining which might be “best.” Common applications: Minimal cost, maximal profit, best approximation, optimal design, optimal management or control, variational principles. Definitions of Operational Research · “OR is concerned with scientifically deciding how to best design and operate man-machine system usually requiring the allocation of scare resources.” – Operations Research Society, America · “OR is essentially a collection of mathematical techniques and tools which in conjunction with system approach, are applied to solve practical decision problems of an economic or engineering nature’’. – Daellenbach and George · “OR utilizes the planned approach (updated scientific method) a
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