Single-Objective Optimization

H. A. Eiselt, Vladimir Marianov and Joyendu Bhadury
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H. A. Eiselt: University of New Brunswick Faculty of Business Administration
Vladimir Marianov: Pontificia Universidad Católica de Chile
Joyendu Bhadury: Radford University

Chapter Chapter 2 in Multicriteria Location Analysis, 2023, pp 15-35 from Springer

Abstract: Abstract Optimization is a framework, which includes the modeling and solving of complex situations. In essence, it can be thought of as a toolkit that allows users to choose the best solution among a set of candidates. It is important to realize that the optimal solution is generally not the best solution under any condition and in any context: it is merely the best solution among all of those possible, given some measure (a value statement) that associates a value with each course of action. One of the best explanations of the difference between “absolute best” and “best possible” was provided by Haywood (J Oper Res Soc Am, 2, 365–385, 1954), who demonstrated in the military context that even though a commander’s decision resulted in a disastrous defeat, it was an optimal decision: the other choices were even worse.

Date: 2023
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DOI: 10.1007/978-3-031-23876-5_2

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