Optimization is ubiquitous in many branches of mathematics and industrial applications. For example, many statistical theories such as regression and maximum likelihood are formulated into optimization problems. Quantitative finance maximizes the reward-risk ratio of a portfolio to allocate assets. In our company, NM Limited, we build data-driven decision-making systems to assist management to make scientific rather than ad hoc business decisions. Examples include a resource allocation system for a steel manufacturing plant to optimize use of raw materials, machines, and manpower; ...
10. Constrained Optimization
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