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maximization

C2
noun

Pronunciation

UK

  • /mˌæksɪmaɪzˈeɪʃən/

US

  • /ˌmæksɪmɪˈzeɪʃən/

Description

Imagine you're building with LEGO bricks. You do not just want a tower; you want the tallest tower possible, using every brick in the best way. That is what maximization means. It is the act of trying to make something as big, good, or useful as possible, whether that is profit for a business, happiness in your life, or points in a game.

It is not always about quantity, though. Sometimes it is about getting the most value. A chef might focus on flavor maximization, using ingredients carefully to create a very delicious dish, even if the amount of food is not large. In economics and math, the word has more exact meanings connected to finding the highest value, but in everyday life, it usually means trying to get the best possible outcome.

Examples

  1. 1

    Business priorities

    Profit maximization was important, but the company also cared about employee safety.

  2. 2

    Storage space

    The new layout was designed for the maximization of storage space in small apartments.

  3. 3

    Economics

    In economics, revenue maximization can lead to a different price than profit maximization.

  4. 4

    Shareholder value

    The report criticized the narrow maximization of shareholder value at the expense of customers.

  5. 5

    Budget problem

    The class used a simple constrained maximization problem to decide how to spend a fixed budget.

    • Domain

      constrained maximization

      choosing the best option while staying within limits

Forms and spellings

2 forms open this card.

Main spelling

  • maximizationnoun

Forms

  • maximizationspluralnoun