Decision optimization is the process of selecting values

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Decision optimization is the process of selecting values of decision variables that minimize or maximize some quantity of interest and is an important tool for prescriptive analytics.

Optimization models have been used in operations and supply chains, finance, marketing, and other disciplines for many years to help managers efficiently allocate resources and make cost-effective, profitable decisions.

Some of the applications of linear programming are in product mix planning, distribution networks, truck routing, staff scheduling, financial portfolios, and corporate restructuring.

Build a specific example of a linear optimization model, discussing/describing the basic steps in its development.

Reference no: EM131699103

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