Please use this identifier to cite or link to this item: https://doi.org/10.1109/WSC.2005.1574439
Title: Application of multi-objective simulation-optimization techniques to inventory management problems
Authors: Lee, L.H. 
Teng, S. 
Chew, E.P. 
Karimi, I.A. 
Lye, K.W.
Lendermann, P.
Choon, Y.C.
Koh, H.
Issue Date: 2005
Source: Lee, L.H.,Teng, S.,Chew, E.P.,Karimi, I.A.,Lye, K.W.,Lendermann, P.,Choon, Y.C.,Koh, H. (2005). Application of multi-objective simulation-optimization techniques to inventory management problems. Proceedings - Winter Simulation Conference 2005 : 1684-1691. ScholarBank@NUS Repository. https://doi.org/10.1109/WSC.2005.1574439
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 nondominated Pareto set of inventory policies.
Source Title: Proceedings - Winter Simulation Conference
URI: http://scholarbank.nus.edu.sg/handle/10635/72286
ISBN: 0780395204
ISSN: 08917736
DOI: 10.1109/WSC.2005.1574439
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