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Heuristic Methods

In: Operations Research and Management

Author

Listed:
  • Laura Schwarzbach

    (University Bonn-Rhein-Sieg)

  • Ramona Schmitt

    (University Bonn-Rhein-Sieg)

Abstract

The term "heuristics" is derived from the ancient Greek word "heuriskein," which means to discover and explore. In the context of problem solving, heuristics are rules of thought that speed up the solution of complex problems, even though they often lead to satisfactory rather than optimal results. They are particularly valuable in solving optimization problems in the context of operations research. Heuristics are guided by principles such as factorization, modeling, well-defined goals, generation and testing, and bounded rationality. Although they cannot guarantee optimality, they serve as practical tools in various fields, including economics, sports, environment, medicine, and engineering.

Suggested Citation

  • Laura Schwarzbach & Ramona Schmitt, 2024. "Heuristic Methods," Springer Texts in Business and Economics, in: Franz W. Peren & Thomas Neifer (ed.), Operations Research and Management, pages 131-154, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-47206-0_7
    DOI: 10.1007/978-3-031-47206-0_7
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