Industrial-strength optimization methods on your laptop

In many applications, ranging from engineering to economics and applied mathematics, it is often desired to locate an extremum of a functional that captures the performance of the system. Typically, such an extremum has to be found subject to a set of constraints.The behavior of (even relatively) complex systems may be counter-intuitive, and, therefore, rigorous analysis and modeling techniques are required to answer the question above. Optimization models and methods are used to accomplish this task.

Recent advances in theory of optimization and information technologies allowed us to tackle problems we never thought possible before. This talk aims to give a bird’s-eye view of a few recent developments in optimization, including optimization models, numerical algorithms and optimization software. One or two prototypical examples relevant to oil industry will be discussed as well.