The American Heritage® Dictionary of the English Language, 4th Edition
n. The procedure or procedures used to make a system or design as effective or functional as possible, especially the mathematical techniques involved.
n. the design and operation of a system or process to make it as good as possible in some defined sense
The Century Dictionary and Cyclopedia
n. The act of optimizing or taking an optimistic view of; the act of turning to the best account or making the best of.
WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
n. the act of rendering optimal
Word Usage
"Sashihara uses the term "optimization" as one he thinks resonates with business leaders, but the discipline is more formally known as operations research."