From the course: Excel: Analytics Tips

Unlock this course with a free trial

Join today to access over 22,600 courses taught by industry experts.

Advanced optimization with Solver

Advanced optimization with Solver - Microsoft Excel Tutorial

From the course: Excel: Analytics Tips

Start my 1-month free trial Buy for my team

Advanced optimization with Solver

“

to share this next Pro Tip with you. This is a five-star, truly expert level analytics tip. We're going to talk about optimizing complex models using Solver. Now, what Solver's designed to do is work with real world, complex optimization problems that require multiple inputs or decision variables subject to a given set of constraints. Miami, Dallas, Seattle, and Baltimore, and we're going to be walking through this in depth when we jump into Excel, but the bottom line, the objective here, is to figure out how many units of product to ship from each factory to each distribution center in order to minimize our total shipping cost. Now, it's not quite that simple because in the real world we have constraints and limitations as well. For one, we need to fulfill all of the orders demanded, in this case 6,000 total orders, and two, we can't exceed the inventory available at each specific factory. So, for a problem like this we really can't use simpler tools like Goal Seek, which require a…

Contents