Hybrid simulation–optimization methods: A taxonomy and discussion

•Overview of the full spectrum of simulation–optimization methods.•Exploration of the characteristics of these methods with four key dimensions.•Discussion over the underlying strategies and their relationship with problem characteristics.•Insights into the cross-fertilization of different methods.•Creation of a standard for a better communication in the community.

The possibilities of combining simulation and optimization are vast and the appropriate design highly depends on the problem characteristics. Therefore, it is very important to have a good overview of the different approaches. The taxonomies and classifications proposed in the literature do not cover the complete range of methods and overlook some important criteria. We provide a taxonomy that aims at giving an overview of the full spectrum of current simulation–optimization approaches. Our study may guide researchers who want to use one of the existing methods, give insights into the cross-fertilization of the ideas applied in those methods and create a standard for a better communication in the scientific community. Future reviews can use the taxonomy here described to classify both general approaches and methods for specific application fields.