Common Optimization Problems
An optimization problem is an abstract mathematical problem that appears in many different business contexts and across many different industries. Once a business problem has been identified, the next step is to identify one or more optimization problems types that must be solved as a result.
Overview of common optimization problem types
Optimization Problem Type | Example Uses | Description |
---|---|---|
Travelling Salesman | Planning, Logistics, and the production of microchips | The travelling salesman problem (TSP) asks the following question: Given a list of cities and the distances between each pair of cities, what is the shortest possible route that visits each city exactly once and returns to the origin city? |
Vehicle Routing | … | … |
Capacitated Arc Routing | ||
Network Design | ||
Network Flow | ||
Multicommodity Network Flow | ||
Matching | ||
Knapsack | ||
Set Covering | ||
Bin Packing | ||
Cutting Stock | ||
Unit Commitment | ||
Markowitz Portfolio Selection | ||
Lot Sizing | ||
Facility Location | ||
Quadratic Assignment | ||
Open Pit Mining | ||
Blending/Mixing | ||
Flow Shop Scheduling | ||
Job Shop Scheduling | ||
Open Shop Scheduling | ||
Combinatorial Auction | ||
Linear Regression |