Head First Data Analysis

Chapter 3. Optimization: Take it to the max

We all want more of something.

And we’re always trying to figure out how to get it. If the things we want more of—profit, money, efficiency, speed—can be represented numerically, then chances are, there’s an tool of data analysis to help us tweak our decision variables, which will help us find the solution or optimal point where we get the most of what we want. In this chapter, you’ll be using one of those tools and the powerful spreadsheet Solver package that implements it.

You’re now in the bath toy game

You’ve been hired by Bathing Friends Unlimited, one of the country’s premier manufactures of rubber duckies and fish for bath-time entertainment purposes. Believe it or not, bath toys are a serious and profitable business.

They want to make more money, and they hear that managing their business through data analysis is all the rage, so they called you!

Sharpen your pencil

Here’s an email from your client at Bathing Friends Unlimited, describing why they hired you.

From: Bathing Friends Unlimited

To: Head First

Subject: Requested analysis of product mix ...