International FAIM Conference 24th : 2014 : San Antonio, TexasUniversity of Texas at San Antonio. Center for Advanced Manufacturing and Lean SystemsWu, YifanLiu, LipingLi, Shu-Xia2022-07-112022-07-112014http://dx.doi.org/10.14809/faim.2014.0889https://hdl.handle.net/20.500.12588/1029Paper presented at the Proceedings of the 24th International Conference on Flexible Automation & Intelligent Manufacturing, held May 20-23, 2014 in San Antonio, Texas, and organized by the Center for Advanced Manufacturing and Lean Systems, University of Texas at San AntonioIncludes bibliographical referencesSimulation optimization is a widely used methodology for complex stochastic system design. Though the simulation provides a flexible tool for model building, the optimization process could be very challenging due to the cumbersome computing times. A paired-t confidence interval based ranking and selection method is developed to tackle such a problem. The survive probability of each candidate system is calculated with the lower and upper bounds of the confidence interval obtained using paired-t comparison method. The proposed method is tested with several numerical examples. The experimental results suggest that the proposed method outperforms the other classical Ranking and Selection procedures.en-USSimulation methodsMathematical optimizationRanking and selection (Statistics)Article