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Optimization of Simulated Inventory Systems: OptQuest and Alternatives

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Author Info

  • Kleijnen, J.P.C.
  • Wan, J.

    (Tilburg University, Center for Economic Research)

Abstract

This article illustrates simulation optimization through an (s, S) inventory management system.In this system, the goal function to be minimized is the expected value of specific inventory costs.Moreover, specific constraints must be satisfied for some random simulation responses, namely the service or fill rate, and for some deterministic simulation inputs, namely the constraint s

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2006-75.

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Date of creation: 2006
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Handle: RePEc:dgr:kubcen:200675

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Web page: http://center.uvt.nl

Related research

Keywords: OptQuest software; Response Surface Methodology; Karesh-Kuhn-Tucker conditions; service constrained inventory system;

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  1. Angun, M.E. & Kleijnen, Jack P.C., 2012. "An asymptotic test of optimality conditions in multiresponse simulation optimization," Open Access publications from Tilburg University urn:nbn:nl:ui:12-4274963, Tilburg University.
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