Thursday, July 23, 2015

Using the Solver add-in in Excel for finding optimal solutions

Today we learned about a nifty tool in Excel that can be used to solve 'maximizer' or 'most optimal' solution to problems. For e.g. Given a set of constraints, should we make cars or trucks.

The below links would give a quick idea on how to use this tool to find out optimal solutions and also carry out 'what-if' analysis. You enter the objective, constraint and decision variable cells and let the tool do the magic.

http://www.excel-easy.com/data-analysis/solver.html

http://www.solver.com/excel-solver-help