Heuristic Methods

H. A. Eiselt and Carl-Louis Sandblom
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H. A. Eiselt: University of New Brunswick
Carl-Louis Sandblom: Dalhousie University

Chapter 17 in Operations Research, 2022, pp 495-504 from Springer

Abstract: Abstract In this book, you will read about or even directly encounter a number of solution algorithms. All of these algorithms fall into two broad categories: exact algorithms (sometimes also somewhat misleadingly referred to as optimal algorithms) and heuristic methods usually simply called heuristics. Exact algorithms have the obvious advantage of providing the best possible solution there is, given the user-defined constraints, whereas heuristics do not. Some heuristics do have error bounds, some actually proven, while others are empirical, i.e., they state that a certain heuristic usually (typically on average) finds solutions that have a certain quality. On the other hand, there is computing speed. Some models are such that it takes an exact algorithm exceedingly long to find the optimal solution. Is this relevant? Well, it depends. If the task at hand is to, say, locate a landfill for millions of dollars, you will not care if it takes a laptop 2 or 3 weeks to run, so that it can find a solution that may potentially save hundreds of thousands of dollars. There are limits to this argument, of course: if it takes years or even longer to find a solution, most problems have either solved themselves or have become irrelevant by that time. So, this is not acceptable.

Date: 2022
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DOI: 10.1007/978-3-030-97162-5_17

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