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Linear programming is an optimization method to achieve the best possible output for given constraints. Here, achieving the best possible output means maximizing or minimizing the objective function that is subjected to constraints. As the name suggests, objective function and constraints are represented by linear relationships.Read more on this free link
Optimization, by definition, provides the single best answer given a prescribed set of inputs and a specific objective. The power of algorithms makes it easy to return an optimal answer to a relatively complex problem. Read more on this free link
A surprising number of occupations use linear equations. In math, linear equations use two or more variables that produce a graph that proceeds in straight line, such as y = x + 2. Learning how to use and solve linear equations can be vital to entering some popular careers. Careers using linear equations range from health care workers to store clerks and everything in between. Read more on this free link
Linear regression analysis is used to predict the value of a variable based on the value of another variable. The variable you want to predict is called the dependent variable. The variable you are using to predict the other variable's value is called the independent variable. Read more on this free link
Because no actual price can be assigned by trading in a market, the true value is unknown and can only be estimated. The estimation is often based on an assumption of the highest price that a company might be willing to pay to acquire the item in question. Read more on this free link
A shadow price is an estimated price for something that is not normally priced or sold in the market.
Shadow pricing can provide businesses with a better understanding of the costs and benefits associated with a project.. Read more on this free link
It is a concept that significantly depends on cost-benefit analysis applied to an item not generally traded in a market. By giving it a shadow price, the analyst clearly understands how associated costs will affect benefits accruing. Read more on this free link
Optimization is the way of life. We all have finite resources and time and we want to make the most of them. From using your time productively to solving supply chain problems for your company – everything uses optimization. It’s an especially interesting and relevant topic in data science. Read more on this free link
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