A product is something that fulfills a customer’s desire / requirement, whether it’s tangible or intangible. Physical products can be either durable goods (such as furniture, cars, and electronics) or nondurable goods (such as food and drinks). Virtual/online Products offer services such as education or software that cannot be accessed physically.
Optimization process includes maximizing or minimizing some function relative to some set, representing a range of choices available in a certain situation. It allows comparison of the different choices for determining which might be “best.”
Common applications: Minimal cost, maximal profit, optimal design, optimal management.
