Excel Solver example and step-by-step explanation

Excel solver examplesExcel’s Solver tool is an optimization package. It finds the optimal solution to a problem by changing multiple variables.

It can solve for more complex “what-if-analysis” which Goal Seek can’t. Goal seek is restricted to changing one variable, whereas with solver you can have many variables.

Now, calling Solver an “advanced goal seek” doesn’t do it any justice. Solver can handle complex data models and solve for the optimal solution. But; it can also easily solve for the more simpler problems that we might face at work.

For example:

  • How can we maximize our profit by slightly altering price and costs AND take into account specific constraints for costs and price; Such that price cannot go above a certain level and costs cannot go below a certain point. Or:
  • How can we distribute the remaining budget dollars among our different projects based on certain constraints?

In this video I show you how you can use Excel’s solver to solve for these problems. I’ll also show you how you can add it to your Excel Ribbon in case solver is not activated for you.

Watch the steps in this video:

Best way to work with Solver is to experiment. Start simple and build on it for more complex analysis. Feel free to Download the Workbook HERE.

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