Free Lunchtime Research Seminar - 26th July
Title: Applications of Simheuristic Optimization Algorithms in Logistics, Transportation, Production, Finance, and Telecommunication Systems
Venue: TBSI, Room 1.42
13:00 - 14:00
Abstract: Optimization problems arising in real-life transportation and logistics, supply-chain management, and smart cities -just to name a few areas- need to consider uncertainty conditions (e.g., stochastic travel times, weather conditions, random demands, stochastic processing times, or availability issues). Simulation is frequently employed in the analysis of complex systems under such non-deterministic environments. However, simulation is not an optimization tool, so it needs to be combined with optimization methods whenever the goal is to: (i) maximize the system performance using a limited number of resources; or (ii) minimize its operations cost while guaranteeing a given quality of service. When the underlying optimization problem is NP-hard (i.e. the computation time increases exponentially as the problem size increases), methods such as metaheuristics are required to solve large-scale instances in reasonable computing times. Sinheuristics extend metaheuristics by adding a simulation layer that allows the optimization components to deal efficiently with scenarios under uncertainty. This presentation reviews both initial as well as recent applications of simheuristics, mainly in the areas of logistics, transportation, manufacturing, finance, and telecommunication systems. Current trends and open research lines in this simulation-optimization field will be also discussed. The seminar is designed for general audience to promote research collaboration in the application of simheuristics. Professor Juan will be available to meet with people who are interested in discussing the technical aspect immediately after the seminar.
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