Objective Function
An objective function is a mathematical expression used in optimization problems to quantify what we want to maximize or minimize. Think of it as a goal: in a business setting, it could represent profit, cost, or efficiency. The objective function provides a way to measure results based on certain variables. By analyzing and adjusting these variables, we can find the best possible outcome, whether that's maximizing profit or minimizing waste. Essentially, it guides decision-making by providing a clear target to strive for in various situations.
Additional Insights
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An objective function is a mathematical expression that defines a goal in decision-making or optimization problems. It quantitatively measures what you want to achieve, such as maximizing profits or minimizing costs. In simpler terms, it’s like a target you aim for when trying to make the best choice among various options. For example, a company might use an objective function to decide how many products to produce to gain the most profit while considering costs and resources. The goal is to adjust variables to get the best possible outcome based on that function.