Simulation Optimization: A Review on Theory and Applications

Abstract

Simulation optimization is a very powerful tool in analysis and optimization of complex real systems. In this paper, a tutorial introduction and review of simulation optimization are given. The simulation optimization problems are classified according to the underlying structure of decision variables (discrete or continuous). And some important techniques for simulation optimization are discussed in detail, including their principles, implementation procedures, advantages and disadvantages, and applications. The future research directions are also provided in this paper.

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