Could somebody explain to me what an optimal value is? What does it mean if it's a min or a max?
Since this is not my area of expertise, I searched Google under the key words "optimal value" to get this source:
http://www.nist.gov/dads/HTML/optimalvalue.html
In the future, you can find the information you desire more quickly, if you use appropriate key words to do your own search.
I hope this helps. Thanks for asking.
An optimal value refers to the best possible value that a variable can achieve within a given context or problem. It is used to quantify or measure the degree of efficiency or success of a solution, decision, or outcome.
When an optimal value is a minimum (often denoted as "min"), it means that the variable should be minimized or reduced as much as possible. This suggests that a lower value is desired because it typically represents a more efficient or cost-effective solution. For example, in a manufacturing process, minimizing production costs or minimizing defects would be examples of achieving the optimal minimum value.
Conversely, when an optimal value is a maximum (denoted as "max"), it means that the variable should be maximized or increased as much as possible. This indicates that a higher value is desired because it represents a more desirable or favorable outcome. Examples of achieving the optimal maximum value could include maximizing profits, maximizing sales, or maximizing customer satisfaction ratings.
The specific interpretation of an optimal value as a minimum or maximum depends on the context and the problem being solved. It is important to consider the specific objectives, constraints, and requirements of the given situation in order to determine the appropriate definition of an optimal value and work towards achieving it.