- Solving transportation problems.
- The assignment problem: Assigning the right person for the right job.
- Financial planning and Capital budgeting. Using the solver for capital investment budgeting decisions
- Product Mix: Determine how many products of each type to assemble from certain parts to maximize profits while not exceeding available parts inventory
- Blending: Determine which raw materials from different sources to blend to produce a substance with certain desired qualities at minimum cost
- Scheduling workforce in an organization.
WHY SHOULD YOU ATTEND?
Any business professional or student interested in optimizations.
The Solver is an Excel Addin tool used for linear and nonlinear programming. It is used to obtain the optimal solution for either minimization (cost, time etc.) or maximization (profit). The set of programs the Solver is used for is under the general discipline of operations management.
AREA COVERED
“Solver is a Microsoft Excel add-in program you can use for what-if analysis. Use Solver to find an optimal (maximum or minimum) value for a formula in one cell — called the objective cell — subject to constraints, or limits, on the values of other formula cells on a worksheet. Solver works with a group of cells, called decision variables or simply variable cells that are used in computing the formulas in the objective and constraint cells. Solver adjusts the values in the decision variable cells to satisfy the limits on constraint cells and produce the result you want for the objective cell.
Put simply, you can use Solver to determine the maximum or minimum value of one cell by changing other cells. For example, you can change the amount of your projected advertising budget and see the effect on your projected profit amount”. (Microsoft Support page.)
LEARNING OBJECTIVES
The purpose of this workshop is to introduce you to the use of Microsoft Solver for optimizations.
The topics:
- Solver
- Optimization
- Applications
- Where you can use it.
- Examples
WHO WILL BENEFIT?
- Decision Maker.
- Financial analyst.
- Data Analyst
- Any business professional or student.
- Finance, marketing, production, accounting
Any business professional or student interested in optimizations.
The Solver is an Excel Addin tool used for linear and nonlinear programming. It is used to obtain the optimal solution for either minimization (cost, time etc.) or maximization (profit). The set of programs the Solver is used for is under the general discipline of operations management.
“Solver is a Microsoft Excel add-in program you can use for what-if analysis. Use Solver to find an optimal (maximum or minimum) value for a formula in one cell — called the objective cell — subject to constraints, or limits, on the values of other formula cells on a worksheet. Solver works with a group of cells, called decision variables or simply variable cells that are used in computing the formulas in the objective and constraint cells. Solver adjusts the values in the decision variable cells to satisfy the limits on constraint cells and produce the result you want for the objective cell.
Put simply, you can use Solver to determine the maximum or minimum value of one cell by changing other cells. For example, you can change the amount of your projected advertising budget and see the effect on your projected profit amount”. (Microsoft Support page.)
The purpose of this workshop is to introduce you to the use of Microsoft Solver for optimizations.
The topics:
- Solver
- Optimization
- Applications
- Where you can use it.
- Examples
- Decision Maker.
- Financial analyst.
- Data Analyst
- Any business professional or student.
- Finance, marketing, production, accounting
