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Advanced Excel Applications. Examples Optimization (Solver) Decision Trees (Precision Tree) Statistics and Data Mining Simulation  Formulas 

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Presentation on theme: "Advanced Excel Applications. Examples Optimization (Solver) Decision Trees (Precision Tree) Statistics and Data Mining Simulation  Formulas "— Presentation transcript:

1 Advanced Excel Applications

2 Examples Optimization (Solver) Decision Trees (Precision Tree) Statistics and Data Mining Simulation  Formulas (@Risk)  Processes (SimQuick)

3 Idea of Simulation Goal: Evaluate a strategy. Examples of strategies:  Investments  Games  Process improvement Technique: Build a model in the computer and test the strategy on it.

4 Example: Personal Investment Strategy

5 A company that has implemented this idea on a big scale: www.financialengines.com

6 Example: The game of craps

7 Example: Waiting at a bank Customers arrive every 2 minutes (on average; exp. dist.).

8 Customers enter a single line. There is a single teller; service takes 2.4 minutes on average (normal dist. with a st. dev. of.5 minutes).

9 SimQuick software

10 SimQuick model for bank

11 SimQuick output

12 Process improvement ideas Add a second teller. Speed up the single teller with some automation.

13 Other applications of simulation Queueing systems Call centers Logistics systems Computer networks Financial analysis Health care systems

14 Simulation with animation An on-line example

15 Plug If you’re interested in these types of applications there is a course devoted to them: Business Applications on Spreadsheets MGTI 473

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