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Optimization of Simulated Inventory Systems : OptQuest and Alternatives

Author

Listed:
  • Kleijnen, J.P.C.

    (Tilburg University, Center For Economic Research)

  • Wan, J.

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

Suggested Citation

  • Kleijnen, J.P.C. & Wan, J., 2006. "Optimization of Simulated Inventory Systems : OptQuest and Alternatives," Discussion Paper 2006-75, Tilburg University, Center for Economic Research.
  • Handle: RePEc:tiu:tiucen:4de9f913-3c25-4750-9abb-6278a24d59e4
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    File URL: https://pure.uvt.nl/portal/files/779304/75.pdf
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    References listed on IDEAS

    as
    1. Sridhar Bashyam & Michael C. Fu, 1998. "Optimization of (s, S) Inventory Systems with Random Lead Times and a Service Level Constraint," Management Science, INFORMS, vol. 44(12-Part-2), pages 243-256, December.
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    Cited by:

    1. Kleijnen, J.P.C., 2006. "Generalized Response Surface Methodology : A New Metaheuristic," Discussion Paper 2006-77, Tilburg University, Center for Economic Research.

    More about this item

    Keywords

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

    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

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