Efficient Simulation Budget Allocation With Bound Information

• Main Authors: Li, Haidong, Xu, Xiaoyun, Zhao, Yaping
• Format: text
• Published: Archīum Ateneo 2019
• Subjects: Risk Assesment and Reduction; Creativity; Innovation; Culture; Business Administration, Management, and Operations
• Online Access: https://archium.ateneo.edu/gsb-pubs/3; https://ieeexplore.ieee.org/abstract/document/8675337?casa_token=1B5V8SdZvwYAAAAA:azZh4w_1RqMdeCy4F7opiSxV0r8aSZiBhs_ZWdYuugSbDTe96OasEUlRSG2tqld5SQVTEkSbZbw
• Institution: Ateneo De Manila University

This paper proposes a bound-based simulation budget allocation (BSBA) procedure for solving ranking and selection (R&S) problems in simulation optimization. For many practical applications, strict bounds on system performances can be obtained through empirical and theoretical approaches. These b...