SINGLE- AND MULTI-OBJECTIVE RANKING AND SELECTION PROCEDURES IN SIMULATION: A HISTORICAL REVIEW

Moonyoung Yoon, James Bekker

Abstract


Ranking and selection (R&S) procedures form an important research field in computer simulation and its applications. In simulation, one usually has to select the best from a number of scenarios or alternative designs. Often, the simulated processes have a stochastic nature, which means that, to distinguish alternatives, they must exhibit significant statistical differences. R&S procedures assist the decision-maker with the selection of the best alternative with high confidence. This paper reviews past and current R&S procedures. The review traces back to the 1950s, when the first R&S procedure was proposed, and discusses the various R&S procedures proposed since then to the present day, presenting a cursory view of the research in the area. The review includes studies in both the single-objective and the multi-objective domains. It presents the research trend, discusses specific issues, and gives recommendations for future research in both domains.


Keywords


simulation; ranking and selection; simulation optimisation

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DOI: http://dx.doi.org/10.7166/28-2-1732

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Copyright (c) 2017 Moonyoung Yoon, James Bekker


ISSN 2224-7890 (on-line) ; ISSN 1012-277X (print)


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