Input optimization for minimizing costs
Like Alex King Alaoen

Input optimization for minimizing costs

Input optimization for minimizing costs

Description:

Published: May 5, 2018 0 0 724
By: Alex King Alaoen, Cal State San Marcos
Category: Other

Use of Excel to solve optimization (min-max) problems.


Scenario: there are a range of suppliers offering varying qualities of orange juice; optimize for the lowest cost while meeting specific quality criteria.


Ranges of the desired qualities were put directly into calculations while setting a goal for the lowest cost possible. Excel's Solver tool was used to find the proper mixed to meet both settings.