Category Archives: Optimization
Convex optimization explained: Concepts & Examples
Prescriptive analytics plays a significant role in helping organizations make informed decisions by recommending the best course of action given a specific situation. Unlike descriptive and predictive analytics, which focus on understanding past data and predicting future outcomes, prescriptive analytics aims to optimize decision-making processes. Optimization solutions are a key component of prescriptive analytics, enabling decision-makers to find the most efficient and effective strategies to achieve their goals. Convex Optimization is a special class of optimization problems that deals with minimizing (or maximizing) convex functions over convex sets. Convex functions and sets exhibit specific mathematical properties that make them particularly well-suited for optimization. In the context of prescriptive analytics, convex …
Pricing Optimization & Machine Learning Techniques
Pricing is a critical component of price optimization. In this blog post, we will dive into pricing optimization techniques and machine learning use cases. Price optimization techniques are used to optimize pricing for products or services based on customer response. AI / Machine learning can be leveraged in pricing optimization by using predictive analytics to predict consumer demand patterns and identify optimal prices for a products or services at a given time in the future. What is pricing optimization? Price optimization is a process where businesses use price discrimination to maximize revenue from customers. It is the process of pricing goods and services to maximize profits by taking into account …
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