Simulation Optimization: A Review, New Developments and Applications


Advances in computing power and memory in recent years have increased the possibilities for optimizing simulation models. This phenomenon, and corresponding algorithmic and theoretical developments, offers one of the most exciting opportunities in simulation, paving the way for new and more powerful approaches for complex problem solving.

In this paper, we first provide a general overview of the primary approaches to simulation optimization found in the research literature. We then survey commercially available software in this space. We conclude with detailing several examples and real-world applications utilizing simulation optimization tools and techniques.

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