During the process of optimization economists believe that people are considering cost and benefits.
Optimization is a process of making decisions, specifically economic and business decisions. It is based on the principle of weighing the possible costs and benefits of particular courses of actions, and deciding on what will give the highest returns or advantage to the business.
Business optimization also involves crucial interventions into a business, analyzing its weaknesses and strengths, and reformulating strategies based on the insights gained.
It may include the introduction of new methods and technologies that would make the processes more cost effective, or reduce turnaround time. Newer technologies like Machine-learning can be integrated into the system to improve operation.
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