Using Simulation to Approximate the Minimum Cost of a Finite Set of Alternatives
Document Type
Conference Proceeding
Publication Date
12-1-2019
Abstract
We consider the problem of approximating the minimum cost of a finite set of alternative systems. We can not directly observe the cost of the systems, but we can estimate the cost using simulation. The simulation run lengths are adaptively chosen for each system. We describe an optimization algorithm and establish a bound on the error convergence rate. Compared with a single system, the error grows by an additional factor of the square root of the logarithm of the number of systems and the simulation budget.
Identifier
85081132095 (Scopus)
ISBN
[9781728132839]
Publication Title
Proceedings Winter Simulation Conference
External Full Text Location
https://doi.org/10.1109/WSC40007.2019.9004840
ISSN
08917736
First Page
3428
Last Page
3435
Volume
2019-December
Grant
CMMI-1562466
Fund Ref
National Science Foundation
Recommended Citation
Zheng, Cuicui and Calvin, James, "Using Simulation to Approximate the Minimum Cost of a Finite Set of Alternatives" (2019). Faculty Publications. 7129.
https://digitalcommons.njit.edu/fac_pubs/7129
