Let’s talk about two real-life problems before I am helping you out to solve these types of problems using Excel Solver.
4x+ y– 2z= 0
2x– 3y+ 3z= 9
–6x– 2y+ z= 0; Find out the values of x, y and z.
In your school life, you solved a problem like the above one, right?
Now you are matured. You do business or you work for a business; if you are not a full-time blogger like me though blogging is also like running a small business. Whatever in your business field, you might face challenges like the below one:
Say your company is SOFTEKO and you guys produce three products: Product A, Product B, and Product C. Your company’s profit profile is like below table:
From the above table, it is clear that to maximize profit you should produce only Product C as it generates the highest per unit profit. But let’s add some more conditions for producing those products.
- The production capacity of your company is 500 units per day.
- Your company has to produce 100 units of Product A as your company has that amount of order.
- Your company has to produce 80 units of Product B.
- And the sales of Product C is not so high, so your company is not interested to produce more than 50 units of Product C per day.
Now your head is jammed, right? You don’t know how much you will produce Product A, and Product B when the production of Product C is fixed to less than or equal to 50.
In the above two cases, you can use Excel Solver add-in.
Step by step guides on Excel Solver
I have made some step by step tutorials that will teach you how to use Excel Solver to solve the type of above problems:
- Reverse What-If Analysis in Excel.
- What is Solver in Excel?
- If Excel doesn’t show the Solver command.
- A simple Solver example in Excel.
- Solving simultaneous linear equations in Excel using Solver.
- Minimizing shipping costs in Excel using Solver.
- Allocating Resources in Excel using Solver.
- Optimizing an investment portfolio using Excel Solver.
If you follow the above tutorials step by step, you will be able to solve a huge number of mathematical and business related problems using Excel Solver.
Happy Excelling 🙂