Multi-Objective Optimization

Abstract

Optimization is a widely used technique in Operational Research that has been employed in a range of applications. The aim is to maximize or minimize a function (eg. maximizing profit or minimizing environmental impact) subject to a set of constraints. However, in many situations, decision makers find themselves wanting to optimize several different objective functions at the same time. This leads to Multi-Objective Optimization (MOO). It is easy to see that if the multiple objectives do not coincide, this problem becomes considerably more difficult. There have been many methods suggested for MOO, this report will look at some of them.