Resource management is the process of planning, organizing, allocating, and controlling resources to achieve organizational goals efficiently and effectively. It involves making optimal use of available resources, which can include anything from financial capital and human talent to time, materials, and information technology. Key Characteristics / Core Concepts Planning: Forecasting future resource needs and developing … Read more
Operations research (OR) is a discipline that uses advanced analytical methods to help make better decisions. It’s about applying mathematical and computational techniques to complex problems to find optimal solutions. Key Characteristics / Core Concepts Problem Structuring: Defining the problem clearly and breaking it down into manageable parts. Mathematical Modeling: Representing the problem using mathematical … Read more
Optimal control is a mathematical optimization method for deriving a control policy that is optimal according to a specific objective function. It deals with finding the best possible way to control a system to achieve a desired outcome. Key Characteristics / Core Concepts Objective Function: Defines the goal of the control process (e.g., minimizing cost, … Read more
Linear programming (LP) is a mathematical method for determining the optimal allocation of scarce resources to achieve a specific objective. It involves finding the best solution from a set of linear constraints and an objective function. Key Characteristics / Core Concepts Objective Function: A mathematical expression representing the goal (e.g., maximizing profit or minimizing cost). … Read more
Dynamic programming is a powerful algorithmic technique used to solve complex problems by breaking them down into smaller, overlapping subproblems, solving each subproblem only once, and storing their solutions to avoid redundant computations. It’s particularly useful for optimization problems where finding the best solution involves exploring many possibilities. Key Characteristics / Core Concepts Overlapping Subproblems: … Read more