Optimization, Mathematical Optimization, Mathematical Programming?
The following links best describe what we mean when we use the term optimization.
Wikipedia – Operations Research
Wikipedia – Mathematical Optimization
The following is a link to the non-profit organization that best explains Operations Research.
Science of Better
Investopedia defines optimization in the following link. This is not mathematical optimization. We would define Investopedia’s optimization as simulation. The chart below shows where simulation is compared to optimization in analytics.
On a related topic, many people are familiar with Monte Carlo simulation. As the name describes, this too is a simulation not prescriptive analytics. Simulation is a field of study within Operations Research as is optimization.
We look at various aspects of your company to determine what areas could benefit from various optimized applications, determine the benefits and challenges in implementing that application, find the right person or group to implement, and follow through to ensure a good outcome is sustained. In short, we show you how to solve the problem.
