optimization models in excel solver examples

Constraints: The limitations or requirements of the problem are expressed as inequalities or equations in decision variables.The objective may be maximizing the profit, minimizing the cost, distance, time, etc., Objective function: The objective of the problem is expressed as a mathematical expression in decision variables.These variables represent unknown quantities (number of items to produce, amounts of money to invest in and so on). Decision variables: The decisions of the problem are represented using symbols such as X 1, X 2, X 3 ,….X n.The model consists of following components: For the given problem, we formulate a mathematical description called a mathematical model to represent the situation. This may be maximizing the profit, minimizing the cost, minimizing the total distance travelled or minimizing the total time to complete a project. In these problems, we find the optimal, or most efficient, way of using limited resources to achieve the objective of the situation. Introduction Optimization problems are real world problems we encounter in many areas such as mathematics, engineering, science, business and economics. We work through examples from different areas such as manufacturing, transportation, financial planning, and scheduling to demonstrate the use of Solver. This is especially useful for interdisciplinary courses involving optimization problems. USING EXCEL SOLVER IN OPTIMIZATION PROBLEMS Leslie Chandrakantha John Jay College of Criminal Justice of CUNY Mathematics and Computer Science Department 445 West 59 th Street, New York, NY 10019 Abstract We illustrate the use of spreadsheet modeling and Excel Solver in solving linear and nonlinear programming problems in an introductory Operations Research course.

Optimization models in excel solver examples