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Discrete event systems (DES) have become pervasive in our daily lives. Examples include (but are not restricted to) manufacturing and supply chains, transportation, healthcare, call centers, and financial engineering. However, due to their complexities that often involve millions or even billions of events with many variables and constraints, modeling these stochastic simulations has long been a "hard nut to crack." The advance in available computer technology, especially of cluster and cloud computing, has paved the way for the realization of a number of stochastic simulation optimization...

With an eye to obtain more conservative assess
results for pressure equipments, three subjects will
be differentiated between the evaluation of
corrosion rate, failure probability of pressure
vessels and pressure safety valve (PSVs) in this
book. First, a statistical methodology was proposed
to modify the assessment of estimated corrosion
rates for the pressure components in conventional
methodology. Furthermore, the estimated corrosion
rates will be used to assess the failure probability
of the pressure components. By adopting First Order
Second Moment (FOSM) method, the failure...