Optimization of Simulated Inventory Systems: OptQuest and Alternatives
AbstractThis 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 InfoPaper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2006-75.
Date of creation: 2006
Date of revision:
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Web page: http://center.uvt.nl
OptQuest software; Response Surface Methodology; Karesh-Kuhn-Tucker conditions; service constrained inventory system;
Find related papers by JEL classification:
- C0 - Mathematical and Quantitative Methods - - General
- C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
- C9 - Mathematical and Quantitative Methods - - Design of Experiments
- C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
- C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-09-16 (All new papers)
- NEP-BEC-2006-09-16 (Business Economics)
- NEP-CMP-2006-09-16 (Computational Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Kleijnen, J.P.C., 2006. "Generalized Response Surface Methodology: A New Metaheuristic," Discussion Paper 2006-77, Tilburg University, Center for Economic Research.
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