Optimization

By optimization we mean the achievement of result with certain function to the best possible extent. If includes the objective of both maximization of benefits in terms of revenue, profits, outputs etc. and minimization of sacrifices in terms of cost, losses, inputs etc. Such objectives are usually associated with the problems relating to business and economics, where a person is often required to determine the level of his plan in order that his objective may be optimized i.e., revenue is maximized, or const is minimized. The problem of determining the maximum and minimum values of a function is closely associated with the increasing and decreasing functions like those of revenue, cost, supply, demand etc.