Simulation Optimization: A Review and Exploration in the New Era of Cloud Computing and Big Data

Jie Xu (), Edward Huang (), Chun-Hung Chen () and Loo Hay Lee ()
Additional contact information
Jie Xu: Department of Systems Engineering and Operations Research, 4400 University Dr., MS 4A6, George Mason University, Fairfax VA 22030, USA
Edward Huang: Department of Systems Engineering and Operations Research, 4400 University Dr., MS 4A6, George Mason University, Fairfax VA 22030, USA
Chun-Hung Chen: Department of Systems Engineering and Operations Research, 4400 University Dr., MS 4A6, George Mason University, Fairfax VA 22030, USA
Loo Hay Lee: Department of Industrial and Systems Engineering, National University of Singapore, Singapore 119077, Singapore

Asia-Pacific Journal of Operational Research (APJOR), 2015, vol. 32, issue 03, 1-34

Abstract: Recent advances in simulation optimization research and explosive growth in computing power have made it possible to optimize complex stochastic systems that are otherwise intractable. In the first part of this paper, we classify simulation optimization techniques into four categories based on how the search is conducted. We provide tutorial expositions on representative methods from each category, with a focus in recent developments, and compare the strengths and limitations of each category. In the second part of this paper, we review applications of simulation optimization in various contexts, with detailed discussions on health care, logistics, and manufacturing systems. Finally, we explore the potential of simulation optimization in the new era. Specifically, we discuss how simulation optimization can benefit from cloud computing and high-performance computing, its integration with big data analytics, and the value of simulation optimization to help address challenges in engineering design of complex systems.

Keywords: Simulation optimization; complex systems; big data analytics; cloud computing; systems engineering (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (24)

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S0217595915500190
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:apjorx:v:32:y:2015:i:03:n:s0217595915500190

Ordering information: This journal article can be ordered from

DOI: 10.1142/S0217595915500190

Access Statistics for this article

Asia-Pacific Journal of Operational Research (APJOR) is currently edited by Gongyun Zhao

More articles in Asia-Pacific Journal of Operational Research (APJOR) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().