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How Mathematical Optimization Can Solve Complex Business Decisions

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Business & Technology News

Decision Making,Optimization,Business Strategy

This article explores how mathematical optimization can be used to make complex business decisions, such as choosing flight routes to minimize fuel costs. It highlights the challenges of traditional decision-making methods and explains how mathematical optimization provides a data-driven approach for finding optimal solutions.

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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