1. A computer implemented method for generating an optimized model for a given system, comprising: receiving in a computer a set of functions representing a set of events, each function comprising a set of first axis coordinate values and a corresponding set of second axis coordinate values; transforming in a computer each of said functions to a compacted function to generate a set of compacted functions, each compacted function represented by a set of pieces, the set of pieces defined by an anchor point, a set of break-points, and a corresponding set of slopes, the anchor point and each of the break points having a first axis coordinate value and a second axis coordinate value, wherein the transforming step includes compacting by removing successive pieces having the same slope value; generating in a computer, for each of said compacted functions, a plurality of alternate optimization models, each alternate optimization model based on the set of pieces representing the compacted function and on a predetermined accuracy value, wherein each alternate optimization model comprises a reduced set of approximating pieces defined by a reduced set anchor point, a reduced set of break-points, and a corresponding reduced set of slopes, the reduced set anchor point and each of the reduced set break points having a first axis coordinate value and a second axis coordinate value, wherein the generating step provides alternate optimization models of varying levels of approximation which depend on said predetermined accuracy level; and providing alternate data instances generated from one or more of said alternate optimization models by a system bus to an optimization application operated by a computer which solves an optimization problem based on said alternate data instances.