Abstract
Simulation and optimization are two arguably most used operations research (OR) tools. Optimization intends to choose the best element from some set of available alternatives. Stochastic simulation is a powerful modeling and software tool for analyzing modern complex systems that arise in manufacturing, supply chains, transportation, healthcare, call centers, finance, and many other fields. Detailed dynamics of complex, stochastic systems can be modeled in simulation. This capability complements the inherent limitation of traditional optimization, so the combining use of simulation and optimization is growing in popularity. This seminar discusses how we integrate these two popular tools together and what computational issues we have to face in this integration. This presentation also gives our new development to partially address the computational issue. A key component of our methodologies is a new control-theoretic simulation technique called Optimal Computing Budget Allocation which intends to maximize the overall simulation efficiency for finding an optimal decision.
About the speaker
Loo Hay Lee is an Associate Professor in the Department of Industrial and Systems Engineering at National University of Singapore and was a visiting professor at the Department of Systems Engineering and Operations Research at George Mason University. He received his B.S (Electrical Engineering) degree from the National Taiwan University in 1992 and his S.M and PhD degrees in 1994 and 1997 from Harvard University. He has served as the assistant dean in charge of research for the Faculty of Engineering of NUS from 2001 to 2003 and is currently the deputy head of graduate studies and research in the department. He has sat in the editorial boards for journals such as IIE Transactions, Flexible Services and Manufacturing Journal, the Asia Pacific Journal of Operational Research, Journal of Simulation and is a member in the advisory board for OR Spectrum. He is currently a senior member of IEEE, and a council member of the simulation society of INFORMS. His research focuses on the simulation-based optimization, maritime logistics which includes port operations and the modeling and analysis for the logistics and supply chain system. He has co-authored (w. CH Chen) a book: Stochastic Simulation Optimization-Optimal Computing Budget Allocation (World Scientific).
