Paper Info
Title
Application of multi-objective simulation-optimization techniques to inventory management problems
Abstract
In this paper, we present how a solution framework developed for (a special case of) the multi-objective simulation-optimization problems can be applied to evaluate and optimally select the non-dominated set of inventory policies for two case study problems. Based on the concept of Pareto optimality, the solution framework mainly includes how to evaluate the quality of the selected Pareto set by two types of errors, and how to allocate the simulation replications according to some asymptotic allocation rules. Given a fixed set of inventory policies for both case study problems, the proposed solution method is applied to allocate the simulation replications. Results show that the solution framework is efficient and robust in terms of the total number of simulation replications needed to find the non-dominated Pareto set of inventory policies
Year
DOI
Venue
2005
10.1109/WSC.2005.1574439
Winter Simulation Conference
Keywords
Field
DocType
simulation replication,inventory management problem,non-dominated set,pareto set,inventory management,multiobjective simulation-optimization,case study problem,solution framework,pareto optimality,multi-objective simulation-optimization technique,pareto optimisation,proposed solution method,inventory policy,asymptotic allocation rule,non-dominated pareto,fixed set,selected pareto,dominating set
Mathematical optimization,Inventory theory,Computer science,Pareto principle,Special case
Conference
ISBN
Citations 
PageRank 
0-7803-9519-0
8
0.66
References 
Authors
13
8
Name
Order
Citations
PageRank
Loo Hay Lee1115993.96
Suyan Teng21136.92
Ek Peng Chew345944.07
I. A. Karimi415415.88
Kong Wei Lye5342.91
Peter Lendermann621925.96
Yankai Chen7341.83
Choon Hwee Koh8201.44