8 Optimization Models
Optimization refers to a branch of applied mathematics concerned with the minimization or maximization of a certain function, possibly under constraints. The birth of the field can be perhaps traced back to an astronomy problem solved by the young Gauss in the 1850s. It matured later with advances in physics, notably mechanics, where natural phenomena were described as the result of the minimization of a certain ‘‘energy’’ function. Optimization has evolved towards the study and application of algorithms to solve mathematical problems on computers.
Today, the field is contributing to many disciplines, ranging from statistics, dynamical systems and control, complexity theory, algorithms. It is applied to a widening array of contexts, including machine learning and information retrieval, engineering design, economics, finance, and management.