Unraveling the Versatility and Impact of Multi-Objective Optimization: Algorithms, Applications, and Trends for Solving Complex Real-World Problems (2407.08754v1)

Abstract: Multi-Objective Optimization (MOO) techniques have become increasingly popular in recent years due to their potential for solving real-world problems in various fields, such as logistics, finance, environmental management, and engineering. These techniques offer comprehensive solutions that traditional single-objective approaches fail to provide. Due to the many innovative algorithms, it has been challenging for researchers to choose the optimal algorithms for solving their problems. This paper examines recently developed MOO-based algorithms. MOO is introduced along with Pareto optimality and trade-off analysis. In real-world case studies, MOO algorithms address complicated decision-making challenges. This paper examines algorithmic methods, applications, trends, and issues in multi-objective optimization research. This exhaustive review explains MOO algorithms, their methods, and their applications to real-world problems. This paper aims to contribute further advancements in MOO research. No singular strategy is superior; instead, selecting a particular method depends on the natural optimization problem, the computational resources available, and the specific objectives of the optimization tasks.