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What is Mathematical Optimization and how can it be applied to your company or industry?
Mathematical optimization has a variety of applications aimed at finding the optimal solution given a set of conditions. Minimizing costs and maximizing profits is a goal of any business, and mathematical optimization is used in various business processes to accomplish this goal.
Supply chain management/operational efficiency
- Reduce costs and maximize efficiency through route planning, inventory management, energy consumption management, and equipment management
- Staff scheduling based on staff preferences, business needs, and labor laws
- Patient scheduling in a healthcare setting based on provider availability, patient needs, and healthcare coverage
- Optimize resources such as inventory, equipment, personnel, financial resources, and time for maximum output
Financial portfolio management
- Maximize returns and minimize risks
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About the Author
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.