In the current practice, ICD/ICV design parameters (e.g., number of compartments, compartment size, number of nozzles, and nozzle sizes) are optimized by a manual trial-and-error approach that requires tens to hundreds of iterations. To make the design process efficient and effective, an automated optimizer is desired. In addition, as more and more ICD/ICV wells are completed, reservoir simulation faces a challenge on how to efficiently run full field models with multiple ICD/ICV wells. This paper presents a new automated ICD/ICV design optimizer and an efficient way to run full field reservoir simulation with hundreds of ICD/ICV wells. The new optimizer uses oil recovery efficiency as its objective function. The optimizer works on injectors and producers separately. For injectors, the optimizer adjusts the packer locations, number of nozzles, and nozzle sizes to make the injection velocity along the wellbore as uniform as possible to ensure a uniform injection front. For producers, a five step optimization process is applied. Step 1 is to generate injected fluid flow travel times in 3D from injectors to producers and all major flow "highways" are identified. Step 2, the optimizer uses fluid travel times in a producer to automatically estimate number of compartments needed and adjust the compartment boundaries (packers) to match the "highways" identified, estimate number of nozzles needed and initial nozzle sizes to maximize oil production rate. No reservoir simulation is required in steps 1 and 2. Step 3 is to run a full field reservoir simulation with all design wells to tune and achieve the final nozzle sizes. Step 4 is to QC and analyze the results of all ICD/ICV wells and select all successful candidates for the final step, i.e., step 5 reconciliation of the designs with all other drilling/completion constraints. The optimizer is fully supported by the efficient well management logic which accurately and efficiently links ICDs/ICVs with reservoir simulation. Using the well management logic removes the needs of coupling between well simulation tools (e.g., NETool) and reservoir simulation software, and then makes full field simulations efficient. The new optimizer and well management logic have been applied and demonstrated significant values in a giant oil field in UAE. Compared to the traditional one-well-at-a-time well design, the new optimizer optimizes multiple ICD/ICV design wells at a time and results in better and faster designs with speedups in a range of several factors to an order of magnitude. The optimization is global and within the context of full field model. Running 370 ICD/ICV wells with the well management logic for a multi-million-cell reservoir simulation model only slows down the full field simulation around 10%.