Just answer the question for the others to see.
Give some Terminology connected to Operational Research? And why?
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Maximization: Aims to increase a value (e.g., profit, revenue).
Minimization: Seeks to decrease a value (e.g., cost, timeMaximization: Aims to increase a value (e.g., profit, revenue)..
(1)Decision Variable - Decision variables are the quantities that need to be determined in a problem.
(2)Objective Function - The objective function quantifies the goal or objective of the problem.
(3)Constraints - Constraints are limitations or restrictions on the decision variables that need to be satisfied in a problem.
Sensitivity Analysis because this examines how changes in parameters affect the optimal solution, helping to assess a decisions.
1. Objective Function- This defines the goal of the optimization problem, specifying what is being maximized or minimized (e.g., profit, cost, efficiency). Understanding the objective function is crucial for guiding the optimization process towards desirable outcomes.
2. Constraints- These are the limitations or restrictions that dictate the feasible solutions within the model. Constraints ensure that the solutions take into account real-world limitations, such as resource availability and regulatory requirements.
3. **Decision Variables**: These are the controllable factors that can be adjusted to achieve the best outcome in the objective function. Identifying decision variables is essential, as they directly impact the optimization results and determine the strategic decisions to be made.