![]() But in many cases, the terms simulation and optimization are misused.Īccording to Chong and Zak (2010), optimization theory and methods deal with selecting the best alternative in the sense of the given objective function. There are cases where simulation is better fit and there are cases where optimization is better, or in some cases both can be used together. The one thing that needed to be remember is that these two methods are two different things. There are methods that will help this decision making process, which some of them are optimization and simulation Both methods, simulation or optimization, have been used in many industries such as energy, finance, manufacturing, transportation, and medical, to help them in the making of strategic, tactical, and operational decision. ![]() The task of decision making entails choosing between various alternatives. ![]()
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