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The Module 2 Project Focuses on the basic use of a spreadsheet to work through a deterministic model. This assignment uses the MS Excel Solver
The Module Project Focuses on the basic use of a spreadsheet to work through a deterministic model. This assignment uses the MS Excel Solver Package to find an optimal product production plan. While the concepts are simple, they have extensive value and application for dozens of business use cases the instructor of this course regularly uses these kinds of spreadsheet models to help with sensitivity analyses and whatif analyses Let's start with this basic one to launch a better understanding. Vocabulary and background content you should think about before starting: Decision Variable, Objective Function, Constraint, SUMPRODUCT Fx For excel use Simple Profit Formula Revenue Costs Profit Deterministic vs Probabilistic Model ScienceDirect Whatif Analysis, MS Excel Solver Use Case for optimal production. Scenario: You are investigating the production volume of a physical product. The product is an accessory that is needed to run a boiler for a physical plant. This is one of a few hundred products that are manufactured on the physical plant. The product comes in five different design configuations based on the specific boiler specification. The production company is the only supplier on the west coast for this particular product but the firm also has a small market in London and Western Europe. Details: The firm runs an analysis on a production cycle basis to look at how to allocate resources and labor efforts for maximum profit. This is one of their many production analyses that needs to be completed before end of quarter in order to set the stage for production planning in the next manufacturing cycle. Assumptions: All products have equal demand and everything produced will
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