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into two types of functions called equality and inequality constraints. The objective function is the function which is used to maximize or minimize the problem. An example would be to minimize the mass of a structural beam or maximize the efficiency of the system. The constraint functions are used to constrain the objective function. For example if the objective function is to minimize mass of a soda can, a constraint function would be set so that the diameter cannot be greater than the height of the can. This is an example of an inequality constraint. An equality constraint would constrain the volume of the can to exactly 500 mL. Depending on the problem there would be constraint bounds on certain variables so they do not exceed certain limits. Once all functions, variables and bounds are determined for the problem, an algorithm or method is needed to optimize the problem. There are many optimization methods for different situations and goals. Optimization has applications in fields such as engineering to economics even to instruments. Most real life problems have several solutions or infinitely many solutions. If more than one solution exists for a problem optimization can be achieved by finding the best solution within the criteria given. There are many general approaches to optimization such as, analytical methods, graphical methods, experimental methods, and numerical methods (Antoniou et al., 2007). Analytical methods involve using calculus to find the minimum or maximum of a function by finding the values of the independent variables which cause the derivative of the function to become zero. While simple and useful for cases where there are two or three independent variables, it cannot be applied problems with more than these variables. 26PDF Image | Exergoeconomic Analysis and Optimization of ORC
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