Process or methodology of making

Assignment Help Business Management
Reference no: EM131113624

Reply to each comment with 250 words, the two answers must be original and different APA and with references

1. According to Merriam-Webster, optimization is the process or methodology of making something as fully perfect, functional, or effective as possible; specifically: the mathematical procedures (as finding the maximum of a function involved in this) (Merriam-Webster, 2016).

Businesses use optimization to find the most cost effective method, procedure, or outcome. Other uses are to find the most achievable or desirable performance. This is usually accomplished by maximizing desired outcomes and by minimizing undesired outcomes. Many businesses use computer simulation (modeling) of business problems that is achieved by using linear programming techniques. Which leads us into the solver tool in Excel.

The basic purpose of the solver tool is to find solutions. Using constraints, solver considers all variables to reach an objective as defined by the user. Solver is also sometimes referred to as a "what if" analysis tool. Typically, solver is used to find the maximum or minimum value for a formula or scenario. This is what is referred to as the objective.

Typical inputs to the solver tool include the decision variables, the constraints, and the mathematical relationships between the objective and constraints and the decision variables. Solver will manipulate these inputs in order to achieve the best possible outcome, the objective, as a maximum or minimum - as specified by the user.

2. Optimization in excel includes three categories which are the target cell, the changing cells and also the constraints. Optimizing is coming up with the best or most efficient way to do something and applying that to excel will create a formula to optimize something by minimizing or maximizing an objective. The target cell is the goal trying to be achieved or solution you are searching for. You will want to increase or decrease the number in the target cell.

At Wal-Mart for instance the model could be sales, customer surveys or profit and you would want to maximize each of those into the target cell. You could also use wages as a way to minimize into the target cell. A changing cell is used to optimize that target cell that you are trying to maximize or minimize. The changing cell for Wal-Mart could be the number of products sold to achieve the increasing of sales or on the opposite side see what is negatively affecting sales or profit.

Constraints could be how many items are available for sale to create the sales for an item that contributes to the whole of the store. The solver tool works by calculating the target with the changing cells and the constraints. To use this ensure you have the add in by downloading it through options. Then to use the tool you go to the data tab and click analysis and you should see the solver box. Clicking on that will bring up a dialog box to enter the target, changing cells and also constraints. You would set the target cell, which is equal to the max, min or value of (). Select the changing cells then click add to enter in the constraints then click solve and the answer will appear in the box you selected.

Reference no: EM131113624

Questions Cloud

What are the main types of waiver to the adult court : What are the main types of waiver to the adult court? When is treatment in the juvenile system no longer desirable for a juvenile? What are the basic arguments in favor of and in opposition to the retention of the juvenile court
Find the equivalent series impedance referred : Calculate the voltage at the primary high voltage terminals if the secondary supplies rated secondary current at 230 V and unity power factor.
Management understans losses experienced by employees : Describe how people at the three levels in the organization initiates or respondesto the change. Did top management helps his or her middle managers prepare employees for and implement the change? Did management understans the “losses” experienced by..
Goods out on approval to customers : Where, if at all, should the following items be classified on a balance sheet
Process or methodology of making : According to Merriam-Webster, optimization is the process or methodology of making something as fully perfect, functional, or effective as possible; specifically: the mathematical procedures (as finding the maximum of a function involved in this) ..
Compute the following terms : Terminal voltage on the high-voltage side when the transformer is delivering full load at 230 V and 0.866 power factor lagging.
What are the benefits of international standardization : What is ISO? What are the benefits of international standardization? How have the ISO 9000 standards been received worldwide? What are the latest changes in ISO 9000 (2000)? What are the basic principles of the latest revision to the ISO 9000 stan..
What is a product financing arrangement : What is a product financing arrangement? How should product financing arrangements be reported in the financial statements?
Natural and capital resources : What are the factors of production and what are our natural and capital resources?

Reviews

Write a Review

 

Business Management Questions & Answers

  Maximum and not a minimum

Determine the maximisation amount of profit that the firm could obtain. Verify that it is a maximum and not a minimum.

  Morally right action by business executive

Give an example from your own experience or research an article or the media in which a business executive did something of significance that is morally right.

  Determine the new contribution margin

Determine the new contribution margin.

  Interdependent variablesthe pepsico leadership development

interdependent variablesthe pepsico leadership development program so find out how cultural intelligence nonlinear

  Why are they important to your chosen organization

Your company's vice president of human resources has approached your team for assistance in recruiting and developing your organization's future leaders. The vice president has asked your team to brainstorm, research, and prepare a written profile..

  Vasa capsizes case study

Describe the "information system" (person, problem, decision, context,communication (mode of presentation) etc.) that surrounded the Vasa's scenario?NOTE: Even without the electronic aspect, you should be able to see the components of an informati..

  Which an organization may be susceptible

Specify two (2) legal considerations to which an organization may be susceptible if it were to implement forced ranking performance evaluation systems unfairly and inaccurately. Suggest the key corrective actions that an organization could take..

  List all the different types of bribes-payments

For those practices that you say are illegal, classify each as lubrication, extortion or subornation and tell explain why. Which of the payments, favours or bribes are illegal under the Foreign Corrupt Practices Act (FCPA)?

  Receive this kind of catalog will order a product

It is known by experience that 50% of all people that receives some kind of catalog by mail will order some product. Find the probability that only 3 out of 9 people that receive this kind of catalog will order a product.

  Explain working for a regional home builder

A few years ago a construction manager earning $70,000/ year working for a regional home builder obvious to open his own home building company

  What key strategies did bezos use to grow the company

What key strategies did Bezos use to grow the company in just 17 years? Use credible sources and research to support and explain.

  Organizational risk1looking at historical claims data is

organizational risk1.looking at historical claims data is one way to identify an organizations risk followed by

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd