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MIS Chapter 9

Understanding Goal Seek and Solver

QuestionAnswer
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
Created by: 1482116593