Which of the following is true regarding optimization models?

1. Optimization models will guarantee increased profits.

2. The grid technique is a powerful optimization model.

3. Optimization models are able to accommodate broad problem definitions, rather than provide an optimum solution.

4. Optimization models are based on precise mathematical procedures that are guaranteed to find the "best" solution for the problem under evaluation.

Question

Business

Kaya Brooks

11 May, 01:53

Which of the following is true regarding optimization models?

1. Optimization models will guarantee increased profits.

2. The grid technique is a powerful optimization model.

3. Optimization models are able to accommodate broad problem definitions, rather than provide an optimum solution.

4. Optimization models are based on precise mathematical procedures that are guaranteed to find the "best" solution for the problem under evaluation.

+2

Answers (1)

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Deven · Answer 1

Answer: Option D

Explanation: A design of mathematical optimization consists of an objective function and a set of constraints in the form of an equation or inequality scheme. Optimization models are commonly used in virtually all policy areas, such as engineering design and choice of financial portfolios.

Such models are used by organisations as they give near to accurate results which are based on the foretasted input data. Thus, from the above we can conclude that the correct option is D.