Stochastic Optimization in a Probabilistic Simulation Environment
Probabilistic simulation with integrated stochastic optimization is the current pinnacle for predictive and prescriptive analysis. Traditionally, probabilistic simulation and optimization have been separate disciplines, with differing solutions addressing each area of need, due to the complexity and computational intensity of the approaches. Today, these two approaches can be used together with powerful results. Blending probabilistic simulation and stochastic optimization offers important breakthroughs in managing business and technical challenges.