Abstract
This paper proposes an open-source algorithm for simulation optimization. The intent is to permit many who use a variety of simulation software codes to be able to apply the proposed methods using an MS Excel-Visual Basic interface. First, we review selected literature on simulation optimization and its usefulness. Then, we briefly discuss methods that are commonly used for simulation optimization. Next, we present the proposed Population Indifference Zone (PIZ) algorithm and related software code. Also, we discuss the properties of the proposed method and present the code that runs the Visual Basic program. Finally, we discuss the functionality of the Population Indifference Zone method with examples of problems to which it might be applied and conclude with topics for future research.
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