When it comes to using spreadsheets, Microsoft Excel has proven to be a master. No other spreadsheet has been as widely used and accepted as Microsoft excel. One of the major reasons for the same are all the functions that can be performed using Microsoft excel! However, this is not all. Microsoft Excel is also equipped with add-in extensions, which further aid towards increasing the productivity of the application. Amongst all the add-in extensions, Microsoft Excel Solver happens to be the one catering to easing budgeting, scheduling and capital asset management problems.
Using Solver in Microsoft Excel
Several users, being new to the concept of add-ins, are unaware of the basics of running and using these. For such people, however, there is no need to get stressed. Explained below is the complete guide to how to use the Solver application of Microsoft Excel. Read on.
– Step 1: The first step towards getting to know how to work Solver is to ensure that the Microsoft Excel has Solver add-in. If it is not available, go to the main menu and select “options”. Under this, choose “solver Add-in”. Close Excel and restart. You will now be able to see Solver option under the data menu.
– Step 2: The next step is to develop a model containing variables, constraints and objectives.
* In order to do this, you first need to determine the variables on solver construct model. If given a specified constraint or a number of constraints, the numbers tend to change. One of the examples of variable cells can be the spending by each department. However, these cells do not require defining and simply labeling them as changing cells work fine.
* After variables, establish the constraints for the model. Place specific constraints on the cells within the model. These can be either applied to the variable cells or the objective cells likewise. For example, if you are making a model concerning a budget, you can create a constraint in terms of overall budget limit or specific limits for each department spending.
* Now you need to decide on the objective of the model. Clearly, whatever the model is trying to solve becomes the objective. Therefore, the very initial response that led to using the Solver will become the objective.
– Step 3: Next you need to start entering information within the Solver model. Go the main menu and select ‘Data’ and then click on ‘Solver’ add-in. This will open the Solver dialogue box. Begin by filling information into the objective cell or target cell. Then go on to set limits of that cell. Next you select the cell ranges on the changing cells. Lastly, you enter the constraints in the respective cells. Once all the data is in place, you can save the information and select the “solve” icon within the solver dialogue box.
Thus, you can begin solving the budgeting requirements using Microsoft Excel Solver. Complicated as it may sound, it isn’t so once you get hold of the entire functioning module and systematics.