…After you create your Solver worksheet, you need to create the model,…that contains the rules, that Solver will use to find its solution.…To show you how to do that, I will use the Solver optimization workbook,…which you can find in the chapter two folder, of your exercise files archive.…This workbook contains a single sheet And on that…sheet I have a model for a coupon mailing.…There are eight different offers and…I have the discount redemption rate, number mailed…and total expected revenue for each of the offers.…
What I want to do is maximize my…total revenue, which is calculated here in cell F12.…I can find the best solution using Solver, so I'll…click the Data tab and then click the Solver button.…Doing so displays the Solver Parameters dialog box.…If you don't have Solver installed, don't worry, I show…you how to do that in another movie in this chapter.…The first thing I need to do, is set my objective, and…in this case, that is the cell that I want to maximize.…That is total revenue in cell F12.…
So I will ensure that the insertion point…
- Explain how to create a scenario in Excel.
- Identify the two input values that should be used to create a two variable data table.
- Recall what the Excel feature Goal Seek is used for.
- Recognize the three things that must be separated from one another to make reading a worksheet with multiple units easier.
- Describe the tools that Excel provides to manipulate data.
- Break down the steps required to recalculate a worksheet's formulas.
Skill Level Intermediate
1. Defining Scenarios and Data Tables
2. Creating Goal Seek and Solver Models
3. Creating a Configurable Model
4. Performing Monte Carlo Simulation
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