How Mathematical Optimization Can Transform Your Business Decisions

You make decisions every day. Some are big, and some are small. But even the small decisions involve a great deal of complexity. Let me show you what I mean.

Thankfully, your clothing choice isn’t that difficult, so you can trust your instincts, get dressed, and head to your meeting. You could make a decision based on what’s worked well in the past, as many businesses do. But what if your past decisions weren’t optimal? And what happens when disruptions mean your present no longer looks like your past? How much could you save in fuel costs if you made the optimal decision each day, based on your real-world situation?This is where a proven, powerful decision-making approach comes into play. It’s called “mathematical optimization.

If you don’t already, I encourage you to think about your decision making in terms of your objectives, variables, and constraints. If a problem is measurable, then it’s solvable. Opportunities for mathematical optimization are all around you.

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Mathematical Optimization: The Key to Making Complex Business DecisionsThis article explores the power of mathematical optimization in making complex business decisions. It uses everyday examples like choosing an outfit and airline scheduling to illustrate how even seemingly simple choices involve numerous factors and potential combinations. The article emphasizes the limitations of relying solely on past decisions and highlights how mathematical optimization can help businesses achieve optimal outcomes by analyzing real-world data and constraints.
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Источник: HarvardBiz - 🏆 310. / 63 Прочитайте больше »