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The Use of Soft Computing for Optimization in Business, Economics, and Finance

The Use of Soft Computing for Optimization in Business, Economics, and Finance
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Author(s): Petr Dostál (Brno University of Technology, Institute of Informatics, Czech Republic)
Copyright: 2013
Pages: 46
Source title: Meta-Heuristics Optimization Algorithms in Engineering, Business, Economics, and Finance
Source Author(s)/Editor(s): Pandian M. Vasant (Petronas University of Technology, Malaysia)
DOI: 10.4018/978-1-4666-2086-5.ch002

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Abstract

Optimization methods have had successful applications in business, economics, and finance. Nowadays the new theories of soft computing are used for these purposes. The applications in business, economics, and finance have specific features in comparison with others. The processes are focused on private corporate attempts at money making or decreasing expenses; therefore the details of applications, successful or not, are not published very often. The optimization methods help in decentralization of decision-making processes to be standardized, reproduced, and documented. The optimization plays very important roles especially in business because it helps to reduce costs that can lead to higher profits and to success in the competitive fight.

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