Encyclopedia of Operations Research and Management Science

2013 Edition
| Editors: Saul I. Gass, Michael C. Fu

Optimal Computing Budget Allocation

Reference work entry
DOI: https://doi.org/10.1007/978-1-4419-1153-7_200546

A statistical ranking and selection framework for choosing the best system design among a finite set of alternatives whose performance must be estimated, usually via simulation, with the objective of maximizing the probability of correct selection.



  1. Chen, C.-H., & Lee, L. H. (2010). Stochastic simulation optimization: An optimal computing budget allocation. Singapore: World Scientific.CrossRefGoogle Scholar

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© Springer Science+Business Media New York 2013