TY - JOUR
T1 - The expected opportunity cost and selecting the optimal subset
AU - Almomani, Mohammad H.
AU - Ababneh, Faisal
N1 - Publisher Copyright:
© Mohammad H. Almomani and Faisal Ababneh.
PY - 2015
Y1 - 2015
N2 - In this paper, we discuss the concept of the expected opportunity cost of a potentially incorrect selection as a measure of selection quality on a new selection procedure that is used to selecting the top m systems for large scale problems. This procedure is used the ordinal optimiza- tion method to reduce the size of the search space, and then it is used the idea of computing budget allocation OCBA-m to identify the top m systems from the survivors systems that we got it by ordinal opti- mization method. This procedure is tested on two numerical examples, buffer allocation problem BAP and M/M/1 queuing system. Clearly from the numerical results this procedure selects the optimal subset of systems with the minimum expected opportunity cost of a potentially incorrect selection.
AB - In this paper, we discuss the concept of the expected opportunity cost of a potentially incorrect selection as a measure of selection quality on a new selection procedure that is used to selecting the top m systems for large scale problems. This procedure is used the ordinal optimiza- tion method to reduce the size of the search space, and then it is used the idea of computing budget allocation OCBA-m to identify the top m systems from the survivors systems that we got it by ordinal opti- mization method. This procedure is tested on two numerical examples, buffer allocation problem BAP and M/M/1 queuing system. Clearly from the numerical results this procedure selects the optimal subset of systems with the minimum expected opportunity cost of a potentially incorrect selection.
KW - Expected opportunity cost
KW - Optimal computing budget allocation
KW - Ordinal optimization
KW - Simulation optimization
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U2 - 10.12988/ams.2015.58561
DO - 10.12988/ams.2015.58561
M3 - Article
AN - SCOPUS:84981187937
SN - 1312-885X
VL - 9
SP - 6507
EP - 6519
JO - Applied Mathematical Sciences
JF - Applied Mathematical Sciences
IS - 131
ER -