Using Excel Solver for Linear Optimization Problems

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Presentation transcript:

Using Excel Solver for Linear Optimization Problems Wendy Pitchko Irene Meglis Shawn Lemko

What is Solver? Solver is an Add-In for Microsoft Excel which can solve optimization problems, including multiple constraint problems. You can maximize, minimize, or set a target value to achieve.

Installing Solver for Use On Excel Menu, choose Tools Add-Ins...

Installing Solver for Use On Excel Menu, choose Tools Add-Ins... Put a Check in the Box Next to ‘Solver Add-in’

Using Solver On Excel Menu, choose Tools Solver This brings up the Solver Parameters box which will be discussed next.

Refresher: Setting up a Linear Problem On Paper Recall the Cargo Problem from the last homework assignment… Our task is to maximize the profit for a shipping company using a combination of cargo weights without violating the given constraints Revenue is $250 per ton of cargo shipped Limit of 50,000 ft3 space and 100 tons Three types of Cargos with different densities, maximum available amounts

Setting Up the Problem in Excel The Objective Function

Setting Up the Problem in Excel The Objective Function The Decision Variables (optimal values will be calculated by Solver)

Setting Up the Problem in Excel The Objective Function The Decision Variables The Constraints Relationships

Setting Up the Problem in Excel The Objective Function The Decision Variables The Constraints Relationships Values

Running Solver

Solver Solution

Understanding the Output: the Answer Report

Understanding the Output: the Sensitivity Report

The End Thanks for your attention…