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Qualitative Analysis for Management

Solving real world complex problems using either traditional optimization techniques or modern heuristic techniques would make interesting work.

What do the terms heuristic and optimization (or optimal) mean?
What is a quantitative application for each? Some independent research is needed.
What was your source(s) for addressing this question? Provide a URL address(s) if applicable.
Don't hesitate to use outside sources in addressing questions in this course, and apply your understanding as it relates to your prior knowledge and experience where appropriate.

Solution Summary

This solution explains the meaning of the terms heuristic and optimization (or optimal), as well as examples of a quantitative application for each. Research validated.