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ASSIGNMENT INSTRUCTIONS:
SECTIONS 1 & 2 ARE ALREADY COMPLETE
COMPLETE TAB FS A-B IN THE ATTACHED EXCEL FILE
3. Optimizing Performance: Finally, you’ll decide on an optimal solution that will maximize the organization’s objectives. You’ll need to think about the level of sensitivity and uncertainty of other solutions in supporting your optimal solution. The analyses need to be submitted in an annotated Excel file and include your reasoning.
Decide on the values of the constraints to be used to generate the target number when running Solver.
Using Solver, calculate the level of sensitivity of decision variables and explain the importance of the report.
Using Solver, calculate the limits of decision variables and explain the importance of the report.
Identify solutions that will maximize profits for the organization based on the Solver analysis.
HOW TO WORK ON THIS ASSIGNMENT (EXAMPLE ESSAY / DRAFT)
In this project, we have completed Sections 1 and 2, and now we are moving to the final section of the analysis: Optimizing Performance. In this section, we will be deciding on an optimal solution that will maximize the organization’s objectives, taking into account the level of sensitivity and uncertainty of other solutions in supporting our optimal solution.
To do this, we will be using Solver, an add-in for Microsoft Excel that helps us find the optimal solution for a problem by changing the values of the decision variables to meet certain constraints. The first step is to decide on the values of the constraints to be used to generate the target number when running Solver.
After running Solver, we will calculate the level of sensitivity of decision variables and explain the importance of the report. This report will help us understand how changes in the decision variables will affect the objective function and whether the optimal solution is robust or sensitive to small changes in the input parameters.
We will also calculate the limits of decision variables and explain the importance of the report. This report will help us identify the boundaries of the decision variables that would lead to feasible solutions, and we can use this information to make informed decisions about the optimal solution.
Finally, we will identify solutions that will maximize profits for the organization based on the Solver analysis. By analyzing the results, we can make recommendations for the optimal solution that will achieve the organization’s objectives and maximize their profits.
All of these analyses will be submitted in an annotated Excel file, and we will include our reasoning for each decision. By doing so, we can ensure that our decisions are based on sound logic and are transparent to others who may need to review our work.
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