Objective function Sample Clauses

An objective function clause defines the specific goal or outcome that a party seeks to optimize or achieve within a contract or agreement. Typically, this clause outlines measurable criteria or performance targets, such as maximizing profit, minimizing costs, or achieving a certain level of efficiency, which guide the actions and decisions of the parties involved. By clearly stating the intended objective, this clause ensures that all parties have a shared understanding of the contract's purpose and provides a basis for evaluating performance or success, thereby reducing ambiguity and potential disputes.
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Objective function. The optimization algorithm determines the optimal dispatch of the virtual storage that maximizes the revenue of the buyer, J, over the considered time horizon, T, while fulfilling the storage constraints. The revenues stem from day-ahead arbitrage, i.e. the possibility of buying and selling elec- tricity when it is most convenient: X t = 1 pt(Vt — Ut)Dt (Equation 1) where Ut is the power used to charge the storage and Vt is the power discharged from the storage during the time step t, of duration Dt. The energy for charging and discharging the virtual storage is bought and sold, respectively, at the known day-ahead market price pt. Ut and Vt are decision variables of the optimi- zation problem for all time steps t ˛ {1;.; T }.
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Objective function. (1) The variable is a binary variable that indicates if a vessel travels from node to customer carrying order in time t. The parameter is the cost pr tons dead weight carried from site to customer , multiplied with the parameter which is the order size of order product . The parameter is a distance matrix from node . The objective of (1) is to minimize the total shipment cost of transport of aggregates to the customers. In addition the objective function minimizes deadheading on the way to the next production site .
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Objective function. In this model the goal is here to minimize the total number of workers used both from NOV and external contractors. To maximize each worker‟s utilization more jobs will be allocated to fewer people. min Zw is for minimizing the number of workers which NOV already is employing. By adding a penalty option for external contractors we minimize these by setting min as a parameter. This results in the following: Zw P (1) min (Zw Zw P)
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Objective function. ‌ The objective function minimizes the total cost of production, transportation and holding cost at the customers and at the plant.
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Objective function. The abrupt change at k = 2, is highly suggestive of two clusters in the data. This technique for determining the number of clusters is known as “knee finding” or “elbow finding”.
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Objective function. The objective is maximizing the profit of the whole cluster with respect to all operations and investments in all plants. In other words, plants are interconnected and there is only one unified objective for all plants in the cluster. Objective function = Revenue from output – cost of input – investment cost- operation cost Maximize ∑∑∑(sp)ct Xi,'Market 'c,t - ∑∑∑( pp)ct X ' Market ',i,c,t c∈C t∈T i∈P - ( ∑(if )iYi + ∑(ic)i Li c∈C t∈T i∈P + ∑∑∑(icl)ijc Zijc ) i∈P i∈P i∈P j∈P c∈C - ( ∑∑(Yi + (ofc)i ) + ∑∑∑ ∑ i∈P t∈T i∈P j∈P t∈T c∈C (c=(co)i ) (oc)i ( Xijct +X jict ) )
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Related to Objective function

  • Service Objectives D4.1 The Services will: a. be relevant to the health, support and care needs of each Resident, recognising their cultural and/or spiritual values, individual preferences and chosen lifestyles; b. provide a homelike and safe environment for each Resident; c. facilitate and assist the meeting of each Resident’s social, spiritual, cultural and recreational needs; d. provide the opportunity for each Resident wherever possible, or the Resident’s family/whānau or nominated representative (if any), to be involved in decisions affecting the Resident’s life; and e. acknowledge the significance of each Resident’s family/whānau and chosen support networks.

  • Program Objectives Implement a rigorous constructability program following The University of Texas System, Office of Capital Projects Constructability Manual. Identify and document Project cost and schedule savings (targeted costs are 5% of construction costs). Clarification of Project goals, objectives.

  • Benchmarking The Parties shall comply with the provisions of Framework Schedule 12 (Continuous Improvement and Benchmarking) in relation to the benchmarking of any or all of the Goods and/or Services.

  • Project Objective The Parties will jointly develop the Project Objective based upon the Owner’s requirements, goals, and constraints. The Project Objective is comprised of the Base Program, Target Cost, Added Value Incentive Items, Implementation Documents, and Contract Time, and any other objectives agreed by the Parties. The Project Objective establishes the Project requirements and standards for measuring the Project’s success. The various components of the Project Objective may be incorporated into the Agreement through Amendment upon recommendation of the Project Management Team and approval of the Senior Management Team.

  • Objective The objective of DST’s Security Policy and related information security program is to implement data security measures reasonably designed in material respects to be consistent with applicable prevailing industry practices and standards (“Objective”). In order to meet such Objective, DST uses commercially reasonable efforts to: a. Protect the privacy, confidentiality, integrity, and availability of all confidential data and information disclosed by or on behalf of Fund to, or otherwise comes into the possession of DST, in connection with the provision of services under the Agreement and to the extent the same is deemed confidential information under the terms of the Agreement (collectively, “Fund Data”). For the avoidance of doubt, and without limiting the foregoing, “Fund Data” includes all Confidential Information of the Fund and its agents or service providers, including, without limitation all “Customer Information,” as contemplated in the Agreement; b. Protect against accidental, unauthorized, unauthenticated or unlawful access, copying, use, processing, disclosure, alteration, transfer, loss or destruction of the Fund Data; c. Comply with applicable governmental laws, rules and regulations that are relevant to the handling, processing and use of Fund Data by DST in accordance with the Agreement; and d. Implement customary administrative, physical, technical, procedural and organizational safeguards. e. Implement means and technology to encrypt Fund Data, mutually acceptable between the Fund and DST, while in transit to and from DST.