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The welfare maximization problem is an optimization problem studied in economics and computer science.Its goal is to partition a set of items among agents with different utility functions, such that the welfare – defined as the sum of the agents' utilities – is as high as possible.
Product partition is the problem of partitioning a set of integers into two sets with the same product (rather than the same sum). This problem is strongly NP-hard. [14] Kovalyov and Pesch [15] discuss a generic approach to proving NP-hardness of partition-type problems.
The subset sum problem (SSP) is a decision problem in computer science. In its most general formulation, there is a multiset S {\displaystyle S} of integers and a target-sum T {\displaystyle T} , and the question is to decide whether any subset of the integers sum to precisely T {\displaystyle T} . [ 1 ]
In computer science, the largest differencing method is an algorithm for solving the partition problem and the multiway number partitioning. It is also called the Karmarkar–Karp algorithm after its inventors, Narendra Karmarkar and Richard M. Karp. [1] It is often abbreviated as LDM. [2] [3]
In economics the production set is a construct representing the possible inputs and outputs to a production process. A production vector represents a process as a vector containing an entry for every commodity in the economy. Outputs are represented by positive entries giving the quantities produced and inputs by negative entries giving the ...
Balanced number partitioning is a variant of multiway number partitioning in which there are constraints on the number of items allocated to each set. The input to the problem is a set of n items of different sizes, and two integers m, k. The output is a partition of the items into m subsets, such that the number of items in each subset is at ...
They also describe many examples of modeling theoretical problems in economics using recursive methods. [21] This book led to dynamic programming being employed to solve a wide range of theoretical problems in economics, including optimal economic growth , resource extraction , principal–agent problems , public finance , business investment ...
In some technical projects, like Six Sigma projects, the most effective method of communication is not the same as the problem solving process. In Six Sigma, the DMAIC process is used, but executive audiences looking for a summary or overview may not be interested in the details.