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Optimization techniques are essential for identifying the best solution from a set of options across various fields including operations research, economics, and engineering. Key methodologies discussed include Linear Programming, Nonlinear Programming, and Gradient-based Methods, each serving unique types of problems and constraints. The chapter provides insights into tools and methods such as the Simplex method, Gradient Descent, and the use of the Duality principle in optimization.
References
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Term: Linear Programming (LP)
Definition: A mathematical method for determining a way to achieve the best outcome in a given mathematical model represented by linear relationships.
Term: Nonlinear Programming (NLP)
Definition: An optimization process that deals with objective functions that are nonlinear in nature.
Term: Gradient Descent
Definition: An iterative optimization algorithm used for finding the minimum of a function by moving along the slope of the function.
Term: Simplex Method
Definition: A widely used algorithm for solving linear programming problems by moving along the edges of the feasible region.
Term: Duality
Definition: Concept in linear programming where every optimization problem has a corresponding dual problem, helping to derive insights about the original problem.