What is meant by an optimal solution in decision-making?

An optimal solution in decision-making refers to the specific values of decision variables that yield the best outcome according to the objectives of the problem. This means that the solution is not only feasible, satisfying all constraints, but also maximizes or minimizes the objective function as intended—whether that involves maximizing profit, minimizing costs, or achieving some other goal.

In decision-making contexts, the optimal solution represents the most advantageous scenario, ensuring that resources are utilized efficiently and effectively. By focusing on specific values of decision variables, the optimal solution provides a clear direction for implementation, which is essential for making informed choices in operational settings.

The other choices describe related concepts but do not accurately reflect the meaning of an optimal solution. For instance, the highest total cost achievable pertains to an undesirable outcome rather than an optimal one. The average outcome of all possible solutions does not focus on maximizing or minimizing any objective and doesn't guarantee the best result. Lastly, any acceptable solution that meets minimal criteria suggests a more lenient threshold for decision-making, which may overlook optimality in favor of merely meeting basic requirements.