What is an objective equation?
Accordingly, what is an objective function in math?
Objective Function: The objective function in a mathematical optimization problem is the real-valued function whose value is to be either minimized or maximized over the set of feasible alternatives. In problem P above, the set X is the feasible region.
Additionally, what is objective function in LPP? In LPP, objective function is generally a function which is to be maximised or minimised subject to the given constraints.
Moreover, what is objective function in statistics?
Definition: The objective function is a mathematical equation that describes the production output target that corresponds to the maximization of profits with respect to production. It then uses the correlation of variables to determine the value of the final outcome.
What is an objective function example?
Example of Objective Function These include: Allocating machinery and labor between different products so that profit is maximized or costs are minimized. Managing the inventory of raw materials and spare parts in a factory.