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Introduction to Intelligent Optimization Techniques in Business Analytics

Introduction to Intelligent Optimization Techniques in Business Analytics

Amrita (Sharda University, India), Utkarsh (Sharda University, India), Ishu Gaur (Sharda University, India), and Srishti Rai (Sharda University, India)
Copyright: © 2024 |Pages: 24
DOI: 10.4018/979-8-3693-1598-9.ch001
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Abstract

This chapter provides a thorough insight to the dynamic field of intelligent optimization techniques in the context of business analytics. It begins by explaining the fundamental concepts of optimization, evolution of optimization techniques, tracking their evolution from traditional procedures to the emergence of intelligent optimization techniques, and their application in modern business environments. In addition, it demonstrates the integration of intelligent optimization with data analytics techniques and technologies, emphasizes the possible obstacles and ethical dilemmas to use intelligent optimization, encouraging readers to consider responsible AI use. Ultimately, it provides a perspective on the role of intelligent optimization in creating the future of business analytics, paving the way for more efficient, data-driven, and competitive organizations. This chapter is an excellent resource for researchers, practitioners, and students interested in using intelligent optimization strategies to promote innovation and success in the ever-changing field of business analytics.
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2. Optimization Fundamentals

The essence of every efficient and effective decision-making process is the concept of optimization. To begin a thorough exploration of intelligent optimization techniques in business analytics, it is a must to understand the underlying fundamental principles of optimization and its importance in the modern decision-making process (Albright & Winston, 2020; Akkara & Selvakumar, 2023).

2.1 Understanding Optimization

Optimization is defined as the art and science of selecting the optimum solution from a set of viable options. It is the pursuit of perfection, the precise adjustment of systems, and the process of maximizing favorable outcomes while minimizing the unfavorable ones. Optimization addresses questions such as: What is the most efficient way of allocating resources? What combination of factors will produce the highest returns? How can we make optimal decisions when faced with constraints and uncertainties?

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