I have to run computer simulations to find the optimal parameters for a structural problem. I have 8 factors and each of 3 levels. I can not run a full factorial design as it will take a lot of time to run 3^8 simulations. I want to reduce the number of simulations. I am confused between the Fractional Factorial method and Latin Hyper-cube method. Both can reduce the no. of experiments (simulation runs in this case), but what is fundamental difference between the two method? Which one is appropriate for this problem ?
Suggestions regarding other methods which can reduce the no. of simulation run are also welcome.