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ModelRisk incorporates the World’s most popular stochastic optimization engine called OptQuest by OptTek Systems, Inc. The optimizer is accessed by clicking on the OptQuest icon:
which opens the Optimization Settings interface. The last tab provides a number of control options. These are described below:
User can select between a specific number of solutions to try, or specify how long the optimizer should run.
Selecting ‘Redraw Excel worksheet’ will show simulated random values at each sample of the model. This can be a useful option for demonstrating what is happening during a model simulation, but should generally be turned off because it greatly decreases the run speed.
Choose ‘With simulation’ (and the number of samples) if the model is a stochastic optimization.
Choose ‘Without simulation’ if the model is a deterministic optimization (i.e. the model has no random simulating components).
Note: the ‘Without simulation’ option is incompatible with setting any Simulation Requirements. Any specified simulation requirements are reinterpreted as follows:
Targets are reinterpreted for deterministic optimization as follows:
Choose ‘Auto set to best solution’ if you wish ModelRisk to place the best solution directly into your model at the end of its optimization run.
Choose ‘Leave set to original value’ if you wish ModelRisk not to place the best solution directly into your model at the end of its optimization run. You can still select a solution and place it into your Excel model via the Optimization Results Window which appears at the end of the optimization run.
