5 Essential Ingredients for Mathematical Optimization Success
For many people in the business world, there is something mysterious and almost magical about mathematical optimization. The way it works is actually quite amazing:
- You have a highly complex, real-world business problem with an astronomical number of possible solutions.
- You feed your data into a mathematical optimization application, which automatically processes that data and spits out the best possible solution to your business problem.
- You use that solution as the basis for your business decisions – which boost your operational efficiency and overall profitability.
That’s all it takes to rapidly transform your data into optimal decisions! For those who have never utilized mathematical optimization technologies, this process may seem miraculous or maybe just mind-bogglingly sophisticated and complicated – simply beyond their range of understanding or area of expertise.
But in reality, there’s no magic to mathematical optimization – all it requires is a handful of essential ingredients.
What does your company need to successfully implement and use mathematical optimization technologies?
In this management paper, we reveal the five essential ingredients that your company must have in order to achieve success with mathematical optimization.