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In mathematics (Applied Business Mathematics) , What is optimization? Mention the steps involved in optimization.

In mathematics (Applied Business Mathematics) , What is optimization? Mention the steps involved in optimization.

Math   Precalculus   
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Answer #1

OPTIMIZATION is  the mathematical process to find the best decision (usually highest profit, or lowest cost) for a given business problem within a defined set of constraints.

Steps involved in optimization.

1. Draw and label a picture

2.Find the objective function and identify constraints

3. Reduce objective Function to one variable.

4. Identify domain of objective function.

5.Find the critical numbers and test it.

6. Test involves - closed interval method,first derivative method, second derivative method.

7. After than optimization can be done.

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