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Algorithms

Algorithms are the engine at the core of the computerized solution of any mathematical model. For example, one might formulate some decision-making issue in terms of a linear program, but then how do you solve that linear program? With an algorithm. An algorithm can be analyzed theoretically and empirically; and this analysis might be focused on the quality of the solution found, or on how efficiently it is found. Whereas a theoretical analysis is typically a mathematical statement about the method, an empirical analysis of an algorithm typically involves its computer implementation, and the construction of benchmark data sets on which to evaluate the algorithm’s performance.

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