Selecting the best system: a decision-theoretic approach
Proceedings of the 29th conference on Winter simulation
New development of optimal computing budget allocation for discrete event simulation
Proceedings of the 29th conference on Winter simulation
Proceedings of the 31st conference on Winter simulation: Simulation---a bridge to the future - Volume 1
Iterative ranking-and-selection for large-scale optimization
Proceedings of the 31st conference on Winter simulation: Simulation---a bridge to the future - Volume 1
Simulation Budget Allocation for Further Enhancing theEfficiency of Ordinal Optimization
Discrete Event Dynamic Systems
Nested Partitions Method for Global Optimization
Operations Research
New Two-Stage and Sequential Procedures for Selecting the Best Simulated System
Operations Research
Simulation optimization using the cross-entropy method with optimal computing budget allocation
ACM Transactions on Modeling and Computer Simulation (TOMACS)
Optimal computing budget allocation for constrained optimization
Winter Simulation Conference
Proceedings of the Winter Simulation Conference
Computers and Operations Research
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In this paper, we consider a differentiated service inventory problem with multiple demand classes. Given that the demand from each class is stochastic, we apply a continuous review policy with dynamic threshold curves to provide differentiated services to the demand classes in order to optimize both the cost and the service level. The difficult features associated with the problem are the huge search space, the multi-objective problem which requires finding a non-dominated set of solutions and the accuracy in estimating the parameters. To address the above issues, we propose an approach that uses simulation to estimate the performance, nested partitions (NP) method to search for promising solutions, and multi-objective optimal computing budget allocation (MOCBA) algorithm to identify the non-dominated solutions and to efficiently allocate the simulation budget. Some computational experiments are carried out to test the effectiveness and performance of the proposed solution framework.