![]() ![]() We shall describe next how the Excel Solver can be used to quickly find the optimal solution. ![]() It is not necessary to use trial and error. This solution has a total profit of 19000. With this formulation, it becomes easy to analyze any trial solution.įor example, if we order 20 bicycles, 40 mopeds and 100 child seats, the total amount of resources used does not exceed the amount of resources available. On Windows, OpenSolver should work with Excel 2007 and later we test it on 32 and 64 bit Windows 7/10 in Excel 2010/2013/2016. Total Profit equals the sumproduct of UnitProfit and OrderSize. The amount of storage used equals the sumproduct of the range C8:E8 and OrderSize. Insert the following three SUMPRODUCT functions.Įxplanation: The amount of capital used equals the sumproduct of the range C7:E7 and OrderSize. To make the model easier to understand, create the following named ranges. On the Data tab, in the Analysis group, click Solver. Make sure that you format cells logically for example, if you cannot produce partial units of your products, format those cells to contain numbers with no decimal values. What is the overall measure of performance for these decisions? The overall measure of performance is the total profit of the three products, so the objective is to maximize this quantity.Ģ. Set up the worksheet with values and formulas. For example, each bicycle uses 300 units of capital and 0.5 unit of storage.Ĭ. ![]() ![]() What are the constraints on these decisions? The constrains here are that the amount of capital and storage used by the products cannot exceed the limited amount of capital and storage (resources) available. What are the decisions to be made? For this problem, we need Excel to find out how much to order of each product (bicycles, mopeds and child seats).ī. If the Solver add-in was not checked you need to close the Excel file before proceeding. To formulate this linear programming model, answer the following three questions.Ī. Real Statistics Resource Pack for Excel 2010, 2013, 2016, 2019. The model we are going to solve looks as follows in Excel.ġ. ![]()
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