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Defining the objective function might not be straight forward in many real-world applications of optimization. For example, consider the following problem: The university has some
- Defining the objective function might not be straight forward in many real-world applications of optimization. For example, consider the following problem: The university has some extra budget to spend on improving the quality of education. How can you define an objective function for this example (Hint: what should be maximized or minimized)? Give at least three different ways the objective function can be defined.
- What are some alternatives for investing the extra budget?
- Do you think the whole budget should be spent on one of the alternatives, or divided between different alternatives? Why?
- Considering your answer to parts (b) and (c), and assuming the whole budget is $1,000,000, give three examples of feasible solutions
- Give an example of an infeasible solution.
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