explain "solver" with the help of illustration
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Answer:
The tutorial explains how to add and where to find Solver in different Excel versions, from 2016 to 2003. Step-by-step examples show how to use Excel Solver to find optimal solutions for linear programming and other kinds of problems.
Everyone knows that Microsoft Excel contains a lot of useful functions and powerful tools that can save you hours of calculations. But did you know that it also has a tool that can help you find optimal solutions for decision problems?
In this tutorial, we are going to cover all essential aspects of the Excel Solver add-in and provide a step-by-step guide on how to use it most effectively.
Excel Solver belongs to a special set of commands often referred to as What-if Analysis Tools. It is primarily purposed for simulation and optimization of various business and engineering models.
The Excel Solver add-in is especially useful for solving linear programming problems, aka linear optimization problems, and therefore is sometimes called a linear programming solver. Apart from that, it can handle smooth nonlinear and non-smooth problems. Please see Excel Solver algorithms for more details.
While Solver can't crack every possible problem, it is really helpful when dealing with all kinds of optimization problems where you need to make the best decision. For example, it can help you maximize the return of investment, choose the optimal budget for your advertising campaign, make the best work schedule for your employees, minimize the delivery costs, and so on.
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