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MIS Chapter 9
Understanding Goal Seek and Solver
| Question | Answer |
|---|---|
| An Excel tool that determines the value of a single input to obtain a specified output. | Goal Seek |
| An Excel add-in program used for optimization. | Solver |
| With this program, you can set up complex business models in a worksheet and use the program to determine the optimal set of decision inputs to meet an objective, such as minimizing costs or maximizing profits. | Solver |
| With this program, you can use it to answer very complex questions about allocation and optimization, it is an excellent tool for determining the best way to apply resources to a particular problem. | Solver |
| The combination of the objective cell, variable cells, and constraints that are used to solve a problem. | Solver Model |
| A term that indicates the constraint has a final value that is equal to the value of the constraint; the constraint limits, the solution of the Solver model. | Binding Constraints |
| The result when Solver cannot determine the combination of decision variables that satisfy all of the constraints identified in the Solver model. | Infeasible Solution |
| An optimization problem in which there is a one-to-one relationship between a resource and an assignment or job. | Assignment Problem |
| One machine in a plant might be assigned to one job, is an example of: | Assignment Problem |
| With solver, you can change the values in as many as 200 cells at one time to reach a goal in the _______ ________. | Target/Objective Cell |
| You can base the constraints that limit the value of a particular cell in the Solver model on company policies or on physical limits; these constraints are often based on company history and, to some extent, inertia. | Policy Constraints |
| A constraint bases its purpose of the size of something; such as the size of a truck or the actual inventory of milk available in a store. | Physical Constraints |
| A report that documents and describes the solution, and identifies the constraints that affected the results. | Solver Report |
| Most frequently used Solver report and most useful report for business users. | Answer Report |
| The reports that are mostly used to analyze the mathematical results of a Solver model, and are used by more experienced users; these reports are not available when the model has integer constraints. | Sensitivity and Limits Reports |
| If all of the constraints, which represent the availability of resources, have these values, the solution isn't the optimal solution that maximizes the available resources. (Unused Resources) | Slack |
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