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Excel Report: Optimization of Product Production and Cost using Excel Solver, Assignments of Quantitative Techniques

The results of an optimization problem solved using Microsoft Excel's Solver add-in. The problem aims to minimize the total cost of producing a certain amount of products A and B, subject to constraints on production capacity and processing time. The report includes the final values of variables and constraints, sensitivity analysis, and limit reports.

Typology: Assignments

2020/2021

Uploaded on 10/18/2021

neeti-mehta
neeti-mehta 🇮🇳

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Microsoft Excel 16.0 Answer Report
Worksheet: [M&DModel.xlsx]Model
Report Created: 04-10-2021 13:51:26
Result: Solver found a solution. All Constraints and optimality conditions are satisfied.
Solver Engine
Engine: GRG Nonlinear
Solution Time: 0.016 Seconds.
Iterations: 3 Subproblems: 0
Solver Options
Max Time 100 sec, Iterations 100, Precision 0.000001
Convergence 0.001, Population Size 100, Random Seed 0, Derivatives Forward, Require Bounds
Max Subproblems 5000, Max Integer Sols 5000, Integer Tolerance 5%, Assume NonNegative
Objective Cell (Min)
Cell Name Original Value Final Value
$B$16 Minimize Total Cost ₹1,300.00 ₹800.00
Variable Cells
Cell Name Original Value Final Value Integer
$B$14 Gallons Produced Product A 125 250 Contin
$C$14 Gallons Produced Product B 350 100 Contin
Constraints
Cell Name Cell Value Formula Status Slack
$B$19 Product A Provided 250 $B$19>=$C$19 Not Binding 125
$B$20 Total Production Provided 350 $B$20>=$C$20 Binding 0
$B$23 Processing Time Hours Used 600 $B$23<=$C$23 Binding 0
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Microsoft Excel 16.0 Answer Report Worksheet: [M&DModel.xlsx]Model Report Created: 04-10-2021 13:51: Result: Solver found a solution. All Constraints and optimality conditions are satisfied. Solver Engine Engine: GRG Nonlinear Solution Time: 0.016 Seconds. Iterations: 3 Subproblems: 0 Solver Options Max Time 100 sec, Iterations 100, Precision 0. Convergence 0.001, Population Size 100, Random Seed 0, Derivatives Forward, Require Bounds Max Subproblems 5000, Max Integer Sols 5000, Integer Tolerance 5%, Assume NonNegative Objective Cell (Min) Cell Name Original Value Final Value $B$16 Minimize Total Cost ₹1,300.00 ₹800. Variable Cells Cell Name Original Value Final Value Integer $B$14 Gallons Produced Product A 125 250 Contin $C$14 Gallons Produced Product B 350 100 Contin Constraints Cell Name Cell Value Formula Status Slack $B$19 Product A Provided 250 $B$19>=$C$19 Not Binding 125 $B$20 Total Production Provided 350 $B$20>=$C$20 Binding 0 $B$23 Processing Time Hours Used 600 $B$23<=$C$23 Binding 0

are satisfied. Require Bounds NonNegative

Microsoft Excel 16.0 Limits Report Worksheet: [M&DModel.xlsx]Model Report Created: 04-10-2021 13:51: Objective Cell Name Value $B$16 Minimize Total Cost ₹800. Variable Lower Objective Upper Objective Cell Name Value Limit Result Limit Result $B$14 Gallons Produced Product A 250 250 800 250 800 $C$14 Gallons Produced Product B 100 100 800 100 800

M&D Chemicals Parameters Product A Product B Time Available Processing Time (hours) 2 1 600 Production Cost $2.00 $3. Minimum Total Production 350 Product A Minimum 125 Model Product A Product B Gallons Produced 250 100 Minimize Total Cost $800. Provided Required Product A 250 125 Total Production 350 350 Hours Used Hours Available Unused Hours Processing Time 600 600 0 A B C D E 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23