A Lexicographic Nelder–Mead simulation optimization method to solve multi-criteria problems

✍ Scribed by Glenn W. Kuriger; F. Hank Grant

• Publisher: Elsevier Science
• Year: 2011
• Tongue: English
• Weight: 645 KB
• Volume: 60
• Category: Article
• ISSN: 0360-8352
• DOI: 10.1016/j.cie.2010.12.013

✦ Synopsis

Simulation optimization is an approach that is used to solve problems involving stochastic components. This paper presents a Lexicographic Nelder-Mead (LNM) based simulation optimization (LNM-SO) method to solve multi-criteria simulation optimization problems. The method is designed to be relatively easy-to-implement and be applicable to a wide range of problem domains. To effectively evaluate the overall performance of this method, a Time-Quality Estimator (TQE) was developed to evaluate the performance of LNM-SO in terms of both quality of solution and computational speed. Computational results of five different test problems showed that the method was highly effective.