______________can be defined as the determination of that course of action or combination of alternatives that yields either the lowest cost or the highest profit.

Economic optimization is the process of finding the best possible outcome from a set of feasible alternatives, measured against specific criteria. The goal is to select the course of action that maximizes a desired outcome (e.g., profit, revenue, performance) or minimizes an undesired one (e.g., cost, risk, time). The question's definition of determining the course of action that "yields either the lowest cost or the highest profit" is the fundamental principle of economic optimization.

B. Simulation: Simulation is a technique for modeling and analyzing the behavior of a system over time; it evaluates outcomes but is not the decision-making process of selecting the optimal choice itself.
C. Linear programming: This is a specific mathematical technique used for optimization where the objective and constraints are linear. It is a tool for optimization, not the definition of the overall concept.
D. Dynamic programming: This is a mathematical method for solving complex optimization problems by breaking them into simpler subproblems. It is a specific methodology, not the general definition of the process.

1. AACE International, Skills and Knowledge of Cost Engineering, 6th Ed., (2015). Section 10.3, "Optimization," discusses methods for finding the best value or outcome among alternatives, which directly aligns with the concept of minimizing cost or maximizing profit. The text states, "Optimization is a common problem in business and engineering."

2. AACE International, Total Cost Management Framework: An Integrated Approach to Portfolio, Program, and Project Management, 2nd Ed., (2015). Section 7.3, "Investment Decision Making," describes the process of evaluating alternatives based on economic criteria to select the one that best meets business objectives, which is the practical application of economic optimization.

3. Park, C. S., Contemporary Engineering Economics, 6th Ed., Pearson, (2016). Chapter 1, Section 1.3, "Engineering Economic Decisions," defines the core task of engineering economics as evaluating alternatives to select the one that results in the best use of capital, explicitly framing this as a process of optimization to maximize profit or minimize cost.