Optimal computing budget allocation

Optimal computing budget allocation (OCBA) is a concept first introduced in the mid-1990s by Dr. Chun-Hung Chen. This approach intends to maximize the overall simulation efficiency for finding an optimal decision. Simply put, OCBA is an approach to simulation that will help determine the number of replications and/or the simulation time that is needed in order to receive acceptable or best results within a set of given parameters. This is accomplished by using an asymptotic framework to analyze the structure of the optimal allocation.