Discussion Forum 7 BUS 625 - Discussion Forum 7 Explain the following terms optimization objective function optimal solution constraint constraint

Discussion Forum 7 BUS 625 - Discussion Forum 7 Explain the...

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Discussion Forum 7Explain the following terms: optimization, objective function, optimal solution, constraint, constraint function, feasible solution, and binding constraint.Forum 7Optimization is described as the procedure or procedures that are used to make a system as purposeful, effective, or operative as possible. This term especially relates to mathematical techniques that are being utilized. Optimization also includes obtaining alternatives that optimizes performance under known constraints by maximizing anticipated factors and minimizing undesired factors which are also known as factors of interest (Evans, 2013). Objective function relates to finding the parameter values that will result in the maximization or minimum values of the function. The objective function assesses criterion in the quantitative state for importance levels. This can be profit, costs, or utility to name a few (Jensen & Bard, n.d.).Optimal solution, in a linear program, is a feasible solution with the biggest objective function
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  • Spring '17
  • Business, Optimization, Evans, objective function, Jensen & Bard

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