OptQuest for SIMUL8 - $495
OptQuest for SIMUL8 is SIMUL8 Standard Plug-in that adds optimization features to SIMUL8 Standard. It is included in SIMUL8 Professional.
Buy | 60 Day Money Back Guarantee Simulation is great for evaluating proposed decisions but it can't help to uncover the "right decisions" to evaluate. OptQuest for SIMUL8 enables the user to find the best answer to the "what-if" questions in their simulations. They can quickly determine what combination of variables results in achieving their objectives. For example:
- Maximum return on budgets allocated to different uses, given uncertain product demand, machine reliability, and raw material availability.
- Most effective configuration of machines for production scheduling under variable conditions of demand and operation.
- Most effective location and release sequencing of raw materials to minimize waiting time.
- Optimal workforce allocations to minimize lead time and labor costs.
How it Works
Suppose the simulation user wants to know:
- What is the most cost effective inventory policy?
- What is the best workforce allocation?
- What is the most productive operating schedule?
Answers to such questions require examination of multiple scenarios. Each scenario requiring some modification to your simulation model. To investigate every possible scenario can be very time consuming. Knowing what decision scenarios should be investigated makes this task far more effective.
OptQuest for SIMUL8 lets the user specify a variety of relationships to determine the optimal decisions. For example:
- ranges of key parameters
- budget limitations
- machine capacities
- minimum and maximum lot sizes
- limits on hours worked
OptQuest for SIMUL8 then isolates scenarios that will yield the highest quality outcomes according to the criteria set by the user. These scenarios are passed to SIMUL8 for evaluation.
Based on SIMUL8's outputs OptQuest for SIMUL8 measures the merit of the inputs that were fed into the model. On the basis of both current and past evaluations, the optimization procedure decides upon a new set of input values.
The process continues until an appropriate termination criterion is satisfied (usually based on the user's preference for the amount of time to be devoted to the search).
Product Highlights
OptQuest for SIMUL8 provides the user with the following capabilities in analyzing simulation runs:
- Define multiple objectives for optimization including profit, throughput, inventories, operating expenses, capital, resources, cycle times, and delivery times.
- Identify a variety of process variables to analyze through simulation including labor and machine quantities and types, batch sizes, order quantities, reorder points, etc.
- Satisfy various constraints including budget and resource limitations and cash flows.
Using OptQuest for SIMUL8 with SIMUL8's Financial Reporting
Most decisions are based on balancing a number of issues to maximize profit or minimize cost. OptQuest for SIMUL8 has been built to work well with SIMUL8's financial reporting feature. SIMUL8 computes a single number (profit) that OptQuest for SIMUL8 can use as the outcome to optimize.
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