Stochastic systems simulation optimization

With the advance of new computational technology, stochastic systems simulation and optimization has become increasingly a popular subject in both academic research and industrial applications. This paper presents some of recent developments about the problem of optimizing a performance function fro...

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Bibliographic Details
Published inFrontiers of electrical and electronic engineering in China Vol. 6; no. 3; pp. 468 - 480
Main Authors Chen, Chun-Hung, Shi, Leyuan, Lee, Loo Hay
Format Journal Article
LanguageEnglish
Published Heidelberg SP Higher Education Press 01.09.2011
Subjects
Electrical Engineering
Engineering
Research Article
simulation optimization
simulation-based decision making
ranking and selection
discrete-event systems
computing budget allocation
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Summary:With the advance of new computational technology, stochastic systems simulation and optimization has become increasingly a popular subject in both academic research and industrial applications. This paper presents some of recent developments about the problem of optimizing a performance function from a simulation model. We begin by classifying different types of problems and then provide an overview of the major approaches, followed by a more in-depth presentation of two specific areas: optimal computing budget allocation and the nested partitions method.
ISSN:1673-3460
1673-3584
DOI:10.1007/s11460-011-0168-5