This report maps the possibilities and challenges which combined simulation and optimization offers. This is done by establishing a common understanding of this technique through description of the important characteristics and the practical significance. The first section of the report builds the basic for combined simulation and optimization by looking at the advantages and drawbacks of the individual methods simulation and optimization. In the second section the different categories and ways of combining simulation and optimization is described from a theoretic and practical view. The benefits of combining simulation and optimization for the problem classes operational and strategic planning are also focused. In the last section possible application directions for the practical case of optimal slaughter logistics is outlined.