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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

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Record number 357250
Title Optimization of simulated inventory systems: OptQuest and alternatives
Author(s) Kleijnen, J.P.C.; Wan, J.
Source Wageningen : Mansholt Graduate School (Working paper / Mansholt Graduate School : Discussion paper ) - 15
Department(s) Operations Research and Logistics
Publication type Scientific report
Publication year 2006
Keyword(s) operationeel onderzoek - optimalisatie - computer software - optimalisatiemethoden - operations research - optimization - optimization methods
Categories Operations Research
Abstract This article illustrates simulation optimization through an (s, S) inventory manage- ment system. In this system, the goal function to be minimized is the expected value of speci…c inventory costs. Moreover, speci…c constraints must be satis…ed for some random simulation responses, namely the service or …ll rate, and for some determin- istic 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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