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Optimization of simulated inventory systems : optquest and alternatives

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Author Info
Kleijnen, Jack P.C.
Wan, Jie (Tilburg University, Center for Economic Research)

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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 < S. Results are reported for three optimization methods, including the popular OptQuest method. The optimality of the resulting solutions is tested through the so-called Karesh-Kuhn-Tucker (KKT) conditions.

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

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

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Find related papers by JEL classification:
C0 - Mathematical and Quantitative Methods - - General
C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General
C9 - Mathematical and Quantitative Methods - - Design of Experiments
C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods
C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Statistical Decision Theory; Operations Research

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