Solving optimization problems in MS Running title: Solving optimization problems with Excel's Solver add-in (original) (raw)

An optimization problem is one where is need to select a best element (with regard to some criterion) from some set of available alternatives. Optimization often is referred to as mathematical programming, which is a field of management science that finds the optimal, or most efficient, way of using limited resources to achieve the objectives of an individual or a business. In the simplest case, an optimization problem consists of maximizing or minimizing a real function by systematically choosing input values from within an allowed set and computing the value of the function. The optimization help to solve different types of problems: determining product mix, financial planning, routing and logistics and so on. The aim of this paper is to show how such optimization problem can be solved with Excel's Solver add-in.