Answer : Optimization techniques - This techniques are useful in finding the optimum solution. This method assume that the function is differentiable twice with respect to the design variables and the derivatives are continuous.
Working of tools are -
1. Linear programming - It optimize some criterion with some constraints. In Linear programming , the objective function ( profit , loss ) and constraints are linear. It is used for obtaining the most optimal solutions for a problem with given constraints.
2. Game theory - This is used for making decision under conflicting situation where there are one or more opponents. It is the study of of how people or companies determine strategies in different situations in the face of competing strategy acted by other agents or players.
3. Decision theory - It is concerned with making decision under condition of complete certainty about the future outcomes and under condition such that we can make some probability about what will happen in future.
4. Queuing theory - This is used in the situation where the queue is formed. The objective here is minimizing the cost of waiting without increasing the cost of servicing.
The pros of these method will find the true optimum of a response with fewer trials than the non-systematic approaches or the one variables at a time method.
The cons of these method is that there are set of rules for the selection of the sequential vertices in the procedure. Required mathematical knowledge.
Research list optimization techniques regarding reviews online. Describe how these tools work and state the pros...
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