Algorithms

For instance, a decision-making problem might be framed as a linear program, but the real challenge lies in how to effectively solve that program. The answer is through an algorithm.

An algorithm can be rigorously analyzed both theoretically and empirically. Theoretical analysis typically focuses on the mathematical properties of the method, while empirical analysis evaluates the algorithm’s performance through its implementation on a computer, using benchmark data sets. This dual approach assesses not only the quality of the solution but also the efficiency with which it is achieved, providing a comprehensive understanding of the algorithm’s capabilities.