Answer :
Solver in Excel helps optimize problems, like maximizing profits, by setting an objective function, decision variables, and constraints. Solver is enabled through the 'Add-ins,' and after specifying required information in the Solver Parameters dialog box and clicking 'Solve,' it provides the optimum solution.
Using Excel Solver is an effective way to solve optimization problems such as maximizing a company's profit. First, ensure that Solver is enabled in Excel, which can sometimes be found under the 'Tools' menu or may require installation through the 'Add-ins' option in newer versions. Solver needs three key pieces of information: the objective function, decision variables, and constraints.
To set up a problem, you would generally specify your target cell (the objective function) in the Solver Parameters dialog box, the cells that can change (the decision variables), and any constraints on those variables. Once everything is filled out, pressing the 'Solve' button will command Solver to find the optimal solution. If Solver finds a solution, the optimally adjusted values will appear in your spreadsheet. Otherwise, Solver will indicate that no feasible solution could be found.
Note that Solver is not robust enough to solve nonlinear problems for which you might need other software like Matlab. For learning purposes, start with simpler problems where Excel has been pre-set to guide you through the process of setting up and solving with Solver.
