Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.ġ4 Model Classification and the Nonlinear Solver Tactical information Plan for decision variables Strategic information What factors could lead to better levels of performance? Binding constraints are economic factors that restrict the value of the objective.
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Interpreting Results Optimal values of decision variables Best course of action for the model Optimal value of objective function Best level of performance possible Constraint outcomes Constraint is tight or binding if LHS=RHS in LT or GT constraint Throughout optimization, generally only some constraints are binding Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.ġ3 Interpreting Results: Optimization Solution Layout Organize worksheet in modules Decision variables, objective function, constraints Place decision variables in single row (or column) Use color or border highlighting Place objective in single highlighted cell Arrange constraints for visual comparison of LHS and RHS Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.ġ1 Solver Tip: Ranges for Decision VariablesĪrrange worksheet with all decision variables in adjacent cells Enables a single reference to their range Makes data entry efficient Reduces clutter in Solver interface Makes task pane description easier to interpret Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.ġ2 Copyright © 2013 John Wiley & Sons, Inc. Layout Standard model template is advisable Enhances ability to communicate Provides common language Reinforces understanding how models shaped Improves ability to spot modeling errors Enables “scaling up” more easily Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.ġ0 Copyright © 2013 John Wiley & Sons, Inc.
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Types of Constraints LT constraints (LHSRHS) Commitments or thresholds EQ constraints (LHS=RHS) Material balance Define related variables consistently Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.ĩ Copyright © 2013 John Wiley & Sons, Inc. Solver Window Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.Ħ Copyright © 2013 John Wiley & Sons, Inc.įormulation Decision variables What must be decided? Be explicit with units Objective function What measure compares decision variables? Use only one measure (as a “yardstick”) – put in target cell Constraints What restrictions limit our choice of decision variables? Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.ħ Copyright © 2013 John Wiley & Sons, Inc.Ĭonstraints Left-hand-side (LHS) Usually a function Right-hand-side (RHS) Usually a number (i.e., a parameter) Three types of constraints LHS = RHS (Greater than constraint) LHS = RHS (Equality constraint) Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.Ĩ Copyright © 2013 John Wiley & Sons, Inc.
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Solver Standard with Excel Analytic Solver Platform Comes with text – install off text CD More advanced than standard solver Is preferred tool throughout text Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.Ĥ Copyright © 2013 John Wiley & Sons, Inc.ĭecision Variables Levers used to improve performance Want to find the best values for the variables Finding these best values can be challenging Need Solver’s sophisticated software Still relatively easy to construct models beyond Solver’s capabilities Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.ĥ Copyright © 2013 John Wiley & Sons, Inc. Optimization Find the best set of decisions for a particular measure of performance Includes: The goal of finding the best set The algorithms (procedures) to accomplish this goal Chapter 8 Copyright © 2013 John Wiley & Sons, Inc.
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Chapter 8 PowerPoint Nonlinear OptimizationĢ Copyright © 2013 John Wiley & Sons, Inc.