Which of the following is true regarding optimization models?
A) Optimization models are based on precise mathematical procedures that are guaranteed to find the "best" solution for the problem under evaluation.
B) Optimization models are able to accommodate broad problem definitions, rather than provide an optimum solution.
C) The grid technique is a powerful optimization model.
D) Optimization models will guarantee increased profits.

Question

Quizplus · Accepted Answer

Optimization models use mathematical procedures to find the best possible solution to a problem. While there may be limitations to the model or assumptions made in the process, the solution provided by the model is considered the "best" based on the given criteria. However, optimizing one aspect may have trade-offs in other areas that were not considered in the model.

Which of the Following Is True Regarding Optimization Models