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Excel Solver-An Optimization Tool

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M

icrosoft Excel

Solver is an op-

timisation tool,

inbuilt provided into Ex-

cel. This tool can be used

to solve practical business

problems like optimum

product mix problems,

transportation or distribu-

AN INTRODUCTIONTO EXCEL

SOLVER AN OPTIMIZATION

TOOL

CA. Liyakatali Lal

(The author is a Member of the Insti-

tute. He can be reached at liyakatali_

lal@in.com)

Lxcel soler is an optimization tool which can be used to nd solution or

make decision on real life business problems, where we want to arrive at

decision either based on maximum or minimum value of something. For ex-

ample prot, cost, return on inestment etc. Using Lxcel Soler is easy and

simple. It can be used to answer problems which otherwise seems dicult or

time consuming. This article provides an insight into this tool.

tion problems, capital Budget-

ing problems`, nancial plan-

ning problems, retirement

planning problems, and work-

force scheduling problems.

Using Lxcel Soler is easy and

simple. It can be used to answer

problems which otherwise seem

dicult or time consuming.

INFORMATION TECHNOLOGY

1409 THE CHARTERED ACCOUNTANT FEBRUARY 2009

See below listed illustrative problems:

A 1ype o problem Example

Optimum product

mix

How can a large FMCG

company determine

the monthly product

mix at their Mumbai

plant that maximizes

their prot with use o

limited resource?

B Transportation or

Distribution

If XYZ Textile Ltd

produces textile at

three different loca-

tions and distribute to

four outlets, how can

they minimize the cost

of meeting demand for

them?

C Capital Budgeting

(Selection of proj-

ect)

Software Ltd would like

to undertake 10 projects

that will require capital

and labour for the next

ew years. 1hey do not

have enough resources

for all projects; which

ones they should un-

dertake?

D Financial Planning How should I allocate

my inestment porto-

lio among Govt. bond,

blue chip stocks, specu-

lative stocks and short

term deposits?

In all the aboe situations, we want to nd the best`

way to do something i.e. we want to either maximize

or minimize values of certain cells in a worksheet to

achiee our objectie. Microsot Oce Lxcel Soler

tool helps us answer all such optimization problems.

1he best way to understand how to use Soler is to

look at some detailed examples

An optimization model has three parts: target cell,

changing cells, and the constraints.

1. The target cell represents the objective or goal. We

want to either minimize or maximize the amount in

the target cell. In our examples

Example Maximise or

minimise

Target cell

FMCG Com-

pany - Product

Mix

Maximise Prot

XYZ Textile

Ltd

Minimise Di s t r i but i on

cost

Sotware Ltd -

Project

Maximise Net present val-

ue (NPV)

I n v e s t me n t

planning

Maximise Annual return

2. The changing cell represents cells that we can

change or adjust to optimize the target cell. In our

examples

Example Changing cell

lMCG Company -

Product Mix

Qty o each product pro-

duce during the month

XYZ Textile Ltd Qty produce at each

plant and shipped to

each outlet

Sotware Ltd - Project Which project to be se-

lected

Investment planning Amount o money in-

vested in each asset class

3. The list of problem Constraints in our examples

Example Changing cell

lMCG Company -

Product Mix

Product mixes dont

use more resource than

aailable, Qty should not

be more than demand.

XYZ Textile Ltd Dont ship more than

plant capacity, outlet

receie Qty what they

need

Sotware Ltd - Project Projects cant use more

capital and labour than

available

Investment planning Minimise risk and xed

% in speculation stock

1o install Soler, click the Microsot Oce Button,

click Excel Options, and click Add-Ins. In the Man-

age box at the bottom of the window, select Excel

Add-ins, and click Go. Check the Solver Add-in in the

Add-Ins box, and click OK. After Solver is installed,

you can run Soler by clicking Soler in the Data tab.

Figure 1 shows the Solver parameters dialog box.

Navigation to Excel Solver tool:

Lxcel200: Oce Button Lxcel Options

Add-Ins In Manage box select Lxcel Add-Ins

INFORMATION TECHNOLOGY

FEBRUARY 2009 THE CHARTERED ACCOUNTANT 1410

Go Check Soler Add-in OK. Ater installa-

tion go to Data tab in ribbon Soler

Lxcel2003: 1ool Add-Ins Check Soler Add-

in OK. Ater installation 1ool Soler

Figure 1 : Solver parameters dialog box

After we have input the target cell, changing cells, and

constraints, what does Solver do? To understand this

we need to know some background in Solver termi-

nology. Any specication o the changing cells that

satises the model's constraints is known as a easible

solution. In our example o lMCG company product

mix that satises the ollowing three conditions would

be a feasible solution:

1. Does not use more raw material or labour than

is available

2. Does not produce more of each product than

is demanded

3. Does not produce a negatie amount o any

product

Lssentially, Soler searches all easible solutions and

nds the one that has the "best" target cell alue ,the

largest value for maximum optimization, the smallest

for minimum optimization). Such a solution is called

an optimal solution. Some Solver models have no op-

timal solution and some have a unique solution. Oth-

er Soler models hae multiple ,actually, an innite

number of) optimal solutions.

A. Determine the Optimal Product Mix:

How can I determine the monthly product mix

that maximizes protability?

Companies oten need to determine the Qty o each

product to produce on a monthly basis. In its simplest

form, the product mix problem involves how to deter-

mine the amount of each product that should be pro-

duced during a month to maximize prots. Product

mix must usually adhere to the ollowing constraints:

1. Product mix can't use more resources than are

available.

2. \e can't produce more that its demand, because

the excess production is wasted (for example, a per-

ishable drug).

Let's sole the ollowing example o the product mix

problem. Say we work or a lMCG company that

produces six different products at their plant. Produc-

tion of each product requires.

ligure 2 : leasible solution ,not optimum, ts con-

straints

Iow can this company maximize its monthly prot,

within the labour, material and demand constraints?

If we knew nothing about Excel Solver, we would

attack this problem by constructing a worksheet to

track prot and resource usage associated with the

product mix. 1hen we do trial and error to ary the

product mix to optimize prot within the gien con-

straints. \e can use Soler in process only at the trial-

and-error stage i.e. Solver is an optimization tool that

performs the trial-and-error search.

In solving the product mix problem we need to com-

pute the resource usage and prot associated with

given product mix. An important function SUM-

PRODUCT can be used to calculate this. 1he SUM-

PRODUC1 unction multiplies corresponding alues

in cell ranges and returns the sum of those values.

Lach cell range used in a SUMPRODUC1 ealuation

must hae the same dimensions i.e. we can use SUM-

PRODUC1 with two rows or two columns, but not

with one column and one row.

Let's try to compute our resource usage. Our usage

is calculated as ",Labour Qty o P Qty produce o

P, - ,Labour o Q Qty o Q, -. ,Labour o U

Qty o U,`, we could compute usage in tedious ash-

ion as ~B4B5-C4C5-D4D5-L4L5-l4l5-G

Available

INFORMATION TECHNOLOGY

1411 THE CHARTERED ACCOUNTANT FEBRUARY 2009

4G5 or by using ~SUMPRODUC1,B4:G4,B5:G5,.

Similarly, raw material usage could be computed as

~B4B6-C4C6-D4D6-L4L6-l4l6-G4G

6 or by ~SUMPRODUC1,B4:G4, B6:G6,. Lntering

formula in traditional fashion for six products is time-

consuming. Imagine how long it would take if we are

working with a company that produced 50 products.

\e can now identiy the three components o our

product mix solver model:

1. Target cell - Our goal is to maximize prof-

it in cell B11 computed by ormula as

~SUMPRODUC1,B4:G4,B9:G9, .

2. Changing cells - 1he Qty produced o each prod-

uct (listed in the cell range B4:G4)

3. Constraints - We have the following constraints:

Do not use more of labour or raw material

than available i.e. values in cells B13:B14 (used)

must be less than or equal to the values in cells

D13:D14 (available).

Do not produce more of a drug than its de-

mand i.e. values in the cells B4:G4 (produced)

must be less than or equal to the value in cell

B3:G3 (demand).

\e can't produce a either partial or negatie

Qty o any product.

Now enter the target cell, changing cells and con-

straints into Solver. Then click the Solve button to

nd a prot maximizing product mix. Soler param-

eter dialog box will look like

Figure 3 : Final dialog box for product mix problem

Click the Options button in the Solver Parameters

dialog box. Check Assume Linear Model box and As-

sume Non-Negative box as shown below. Click OK.

Figure 4 : Solver option settings

Checking the Assume Non-Negative box ensures

that changing cell assumes a non-negative value. We

checked the Assume Linear Model box because this is

a linear problem. Lssentially, a Soler model is linear

under the following conditions:

1. 1he target cell is computed by adding together

the terms in orm ,changing cell, ,constant,

2. Lach constraint is ealuated by adding together

the terms in orm ,changing cell, ,constant,.

Since our product mix problem is a linear model, why

should we care?

1. If a Solver model is linear and we select As-

sume Linear Model, Solver is guaranteed to

nd the optimal solution to the Soler model.

I a Soler model is not linear, Soler may or

may not nd the optimal solution.

2. If a Solver model is linear and we select As-

sume Linear Model, Soler uses a ery ecient

algorithm ,the simplex method, to nd the

model's optimal solution. I a Soler model

is linear and we do not select Assume Linear

Model, Soler uses a ery inecient algorithm

,the GRG2 method, and might hae diculty

nding the model's optimal solution.

After clicking OK in the Solver Options box, we re-

turn to the main Solver parameter dialog box, shown

earlier in Figure 3. When we click Solve, Solver calcu-

INFORMATION TECHNOLOGY

FEBRUARY 2009 THE CHARTERED ACCOUNTANT 1412

lates an optimal solution (if one exists) for our prod-

uct mix problem. An optimum solution calculated in

ligure 5.

ligure 5 : Optimum solution o product mix within

constraint

Our lMCG Company can maximize prot o ,601

by producing 1 unit o R, 56 units o S and 1000

units of T. We can be sure that with our limited re-

sources and demand, there is no way to make more

than ,601.

Is it necessary that Solver model always have a

feasible solution?

1he answer is No`. Say, in our example demand or each

product must be met. Demand constraint will change from

B4:G4 ~ B3:G3 to B4:G4 ~ B3:G3. Soler result gies

message as "Soler could not nd a easible solution".

This message means that with our limited resources, we

can't meet demand or all products.

What if Solver result gives the message as The

set cell values do not converge?

Let's see what happens i we allow unlimited demand

for each product, delete demand constraint and we

allow negatie Qty to be produced, clear the Assume

Negative box. When we click Solve, Solver returns the

message "Set Cell Values Do Not Conerge". 1his

means that our model has an error.

B. Transportation or Distribution Problems:

Many companies manuacture products at dierent

locations ,Supply point, and ship their products to

customers (Demand points). A question then is, what

is the least expensie way to produce and ship prod-

ucts to customers and still meet demand 1his type o

problem is called a transportation problem. A trans-

portation problem is a linear model with the following

specications:

1. Target cell - Minimize total shipping and dis-

tribution cost

2. Changing cells - 1he Qty produced at each sup-

ply point and shipped to each demand point

3. Constraints - 1he Qty shipped rom each

supply point can't exceed plant capacity. Lach

demand point must receive its required de-

mand. Also, each changing cell must be non

negatie and an integer number ,Partial Qty

cannot be shipped)

If XYZ Textile Ltd produces textile at three different

locations and distribute to our outlets, how can they

minimize the cost of meeting demand for them?

Let's now sole the ollowing example o the 1rans-

portation problem.

ligure 6 : leasible solution ,not optimum, within

constraints

\e can now identiy the three components o 1rans-

portation Solver model:

1. Target cell - Our goal is to minimise Total ship-

ment cost in cell C19 computed by using ormula

~SUMPRODUC1,B4:L6,B12:L14, or can also be

calculated in tedious ashion as ~B4B12-C4C12-

D4D12-L4L12-B13B5-C13C5-D13D5-L1

3L5-B14B6-C14C6-D14D6-L14L6.

|Note: 1he SUMPRODUC1 unction can multi-

ply corresponding element in two separate rectangle

(both rectangle are of the same size) and add together

the product.]

2. Changing cells - 1he Qty produced at each supply

point (Factories) and shipped to each demand point

(Outlet), (listed in the cell range B12:E14).

3. Constraints - We have the following constraints:

Do not ship rom each lactory more than

plant capacity i.e. alues in cells l12:l14

(Sent) must be less than or equal to the values

in cells I12:I14 ,capacity,.

Available

~SUM,L12:L14,

Receied & Sent Qty is

calculated by using SUM

function

INFORMATION TECHNOLOGY

1413 THE CHARTERED ACCOUNTANT FEBRUARY 2009

Demand from each of warehouse outlet

must be met i.e. alues in the cells B15:L15

(received) must be more than or equal to the

value in cell B17:E17 (demand).

\e can't ship either partial or negatie Qty o

any product i.e. alue in cell B12:L14 should

be an integer.

Now enter the target cell, changing cells and con-

straints into Solver. Then click the Solve button to

nd a minimum shipment cost. Soler parameter dia-

log box will look like

Figure 7 : Final solver dialog box for Transportation

problem

Our transportation problem is a linear Solver model

because our target cell is created by adding together

the terms in orm ,changing cell,,constant, and both

our supply and demand constraints are created by

comparing the sum of changing cells to a constant.

Thus, Click Options and check the Assume Linear

Model and Assume Non-Negatie boxes. linally Click

Solve, Solver will calculate an optimal solution (if one

exists) for our transportation problem. An optimum

solution calculated in Figure 8.

Figure 8 : Optimum solution for transportation prob-

lem that ts constraints

The minimum shipment cost of meeting demand of XYZ

Ltd is 86,825 deried by supplying 9500 units rom lactory3

to \1, 8000 units rom lactory2 to \3 and so on.

C. Capital Budgeting Problems:

Many companies like to know which new products to

develop or which projects to be undertaken, i.e. one

want to undertake projects that contribute the greatest

net present value (NPV), subject to limited resources

,usually capital and labour,. 1he Soler eature in Mi-

crosot Oce Lxcel can help to make such decisions.

Let's look at this problem, Sotware Ltd would like to

undertake 10 projects that will require capital and labour

or the next 2 years. 1hey do not hae enough resources

or all projects, which ones should they undertake

ligure 9 : Data to decide which project to undertake -

Capital budgeting problem

Problems where either we want to do or don't do

something can be soled by using binary changing

cells. A binary changing cell always equals 0 or 1.

Where 1 = Do the project and 0 = dont do the proj-

ect. lor this we need to add constraint by selecting

changing cell and then choose bin from the list in the

Add Constraint dialog box.

Figure 10 : Add constraint box with option of bin =

Binary & int ~ Integer

INFORMATION TECHNOLOGY

FEBRUARY 2009 THE CHARTERED ACCOUNTANT 1414

Now, let us sole this problem, by identiy the three

components of capital budgeting model:

1. Target cell - Our goal is to maximise To-

tal NPV in cell L18 computed by using ormula

~SUMPRODUC1,A3:A12,C3:C12,, this ormula

only picks up NPV o project with 1 in column

A and doesnt consider NPV with 0 in column

A. It can also be calculated in tedious fashion

by multiplying binary ariable in column A with

NPV alues in column C, eery row wise and

adding together for all projects to arrive at total

NPV gure.

2. Changing cells - \e look or a 0 or 1 binary

changing cell for each project (listed in A3:A12).

Here, 1 = Do the project and 0 = dont do the

project.

3. Constraints - We have the following con-

straints:

Do not use capital and labour more

than aailable in each year i.e. al-

ues in cells L14:I14 ,Used, must

be less than or equal to the values

in cells L16:I16 ,Aailable,. Used capital

and labour is computed by using ormula

~SUMPRODUC1,>A>3:>A>12, L3:L12,

and copy rom L14:I14 ,> sign is used or

absolute cell referencing).

Values of changing cell listed in A3:A12

should be Binary.

After entering the target cell, changing cells and con-

straints into Solver. Solver parameter dialog box will

look like

Figure 11 : Final solver dialog box with constraint

Since our model is linear, we will also check the As-

sume Linear Model and Assume Non-Negative boxes

under Option. linally Click Sole, Soler will calculate

an optimal solution for our capital budgeting prob-

lem. An optimum solution calculated in Figure 12.

Figure 12 : Optimum solution - maximum NPV with-

in constraint

Sotware Ltd. can obtain maximum NPV o 6,554 by

selecting project 1-3, 6-8 and 10.

D. Financial Planning:

1he Soler eature in Microsot Oce Lxcel can be

used as a powerul tool or analyzing nancial plan-

ning problems like how much money I need to sae

or retirement Or how should I allocate my inest-

ment portfolio among Govt. bond, blue chip stocks,

speculative stocks and short term deposits?

Let's look at the example in ligure 13, we hae total

fund of 20 Lakhs to invest in among 4 options within

following constraints:

\eighted aerage risk actor not to exceed 25

Amt in speculative stocks should not exceed

20% of total amount invested

At least 2 Lakhs to be invested in short term

deposits

Inestment in any option should be whole

number i.e. fraction of rupee cannot be in-

ested in any option.

INFORMATION TECHNOLOGY

1415 THE CHARTERED ACCOUNTANT FEBRUARY 2009

Figure 13 : Feasible solution (not optimum) for In-

vestment decision within given constraints

\e can now identiy the three components o Invest-

ment problem:

1. Target cell - Our goal is to maximise Annual Return

in cell L6 computed as ~SUM,L2:L5,.

2. Changing cells - The Investment amount in each

option ,listed in the cell range D2:D5,.

3. Constraints - We have the following constraints:

1otal inestment amt alue in cell D6 not to

exceed total fund available i.e. 20 Lakhs.

Weighted average risk factor computed in

cell C8 ,~SUMPRODUC1,C2:C5, D2:D5,,

SUM,D2:D5, not to exceed 25.

Amt in speculative stocks i.e. value in cell D4

not more than value in cell G4 (20% of total

amount invested)

Inestment in Short term deposits in cell D5

should be at least 2 Lakhs.

Inestment amount in cell range D2:D5

should be an integer.

After entering the target cell, changing cells and con-

straints into Solver. Solver parameter dialog box will

look like

Figure 14 : Final solver dialog box with all constraints

for Investment decision

In this nancial planning problem, our model is non-

linear as the relationship that each constraint should be

in orm ,changing cell, ,constant, is not satised in

case of Risk factor constraint, where we have used divi-

sion to calculate weighted aerage. \e will only check

the Assume Non-Negatie boxes under Option. linally

Click Solve, Solver will calculate an optimal solution for

our nancial planning ,Inestment, problem. An opti-

mum solution calculated in ligure 15.

ligure 15 : Optimum solution within constraints or

Investment planning

Maximum annual return o 302,66 can be obtained

by inesting 383,334 in Got. bond, 1,016,666 in Blue

chip stocks, 4 Lakhs in Speculative stocks and 2 Lakhs

in Short term deposits.

Conclusion:

Excel solver is an optimization tool which can be used

to nd solution or make decision on real lie business

problems, where we want to arrive at decision either

based on maximum or minimum value of something.

lor example prot, cost, return on inestment, etc.

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