Optimization and Simulation

This lecture covers the concepts of optimization and simulation in engineering systems. It starts with an introduction to engineering systems, their objectives, and the importance of modeling to capture causal effects. The lecture then delves into data analysis, emphasizing the pitfalls of focusing solely on the mean and the challenges of generating draws from complex systems. Finally, it explores optimization, discussing assumptions, the general framework of optimization problems, and the multi-objective optimization approach. Throughout the lecture, the instructor highlights the need to consider more than just the mean in data analysis and the importance of identifying controls that improve functions of indicators in optimization.