April 2016
Intermediate to advanced
284 pages
9h 26m
English
book
Practical Spreadsheet Risk Modeling for Management
by Dale Lehman, Huybert Groenendaal, Greg Nolder
Content preview from Practical Spreadsheet Risk Modeling for Management
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Optimization and Decision Making 221
Excel comes with a built-in optimization procedure called “Solver.” It
is found under the Data ribbon of the Excel toolbar.
*
The basic Solver that
comes standard with Excel is limited in the type of problems that it can
solve; in particular, it is not reliable when there are conditional statements
(such as IF statements) in the model. Solver also frequently can get stuck in
a local optimum. For example, Solver cannot handle the IF statements that
are contained in our airfare pricing model and cannot accommodate Monte
Carlo simulation.
Fortunately, better optimization tools are available. W
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