Choosing The Right Tools: Analyzing Stochastic Systems With Analytical, Simulation, And Learning-Based Models

Abstract

In the realm of practical stochastic systems, whether in manufacturing or services, choosing the optimal modeling approach is a critical decision. This talk will compare and contrast analytic, simulation, and machine learning methods for modeling stochastic systems, aiming to answer the question, "Is there a clear winner among these three major approaches?" Through real-world examples, we'll demonstrate which method excels in specific scenarios, offering valuable guidance to operations researchers and data scientists facing real-world challenges.

Short bio

Zhe George Zhang is a Professor of Business Analytics and Quantitative Modeling in the Department of Decision Sciences at the College of Business and Economics, Western Washington University, and an Adjunct Professor of Management Science at Simon Fraser University. He holds degrees in computer science and economics from Nankai University, an MBA from the Schulich School of Business (York University), and a Ph.D. from the University of Waterloo.

George’s research focuses on queuing theory, stochastic dynamic programming, reliability modeling, and supply chain management, with an emphasis on bridging theory and practice through quantitative analysis. His current work examines congestion challenges in transportation, healthcare, and public service systems, incorporating both service quality and security considerations. He has published over 150 papers in leading journals including Management Science, Operations Research, and Manufacturing & Service Operations Management, and has delivered keynote and plenary talks internationally.

He is co-author of the Springer monograph Vacation Queueing Models: Theory and Applications and the book Fundamentals of Stochastic Models (2023). He currently serves as an Editor-in-Chief of the Journal of the Operational Research Society (JORS), a founding Editor-in-Chief of Queueing Models and Service Management, and a Senior Editor of Production and Operations Management, and holds editorial board roles with several international journals.