Optimization Concept and Its Application

Almost every day, everyone uses informal methods to address optimization problems by using mental models. When making travel plans, have you ever looked at a map and chosen a route to your destination in an effort to cut down on time or distance or both. Then you have resolved an optimization problem. If you have ever had a set amount of time and an excessive quantity of academic work, you have undoubtedly solved an optimization problem that aims to divide the available time so that you might be able to get the best results. Formal optimization is used by organizations to help with decisions like supply chain management, facility location analysis, pricing, scheduling, routing and logistics, product mix, financial planning, and asset management, while informal optimization is done by individuals almost daily. Many of these subjects are either closely associated with operations management or directly related to it. Applications for optimization as a decision support tool can be found in every department inside a company