Linear Programming with Microsoft Excel

What you'll learn:
Students will understand the basic assumptions and properties of linear programming
Students will be able to graphically solve any linear programming problem that has only two variables by the corner point method.
Students will understand the special issues in linear programming such as infeasibility, unboundedness, redundancy, and alternative optimal solutions.
Students will understand the role of sensitivity analysis.
Students will use Excel to solve linear programming problems.

Requirements
Have a basic foundation of Microsoft Excel

Description
Many management decisions today try to make the most effective and efficient use of an organization's limited resources. Suppose a company produces three products A, B, and C. The company would like to determine how it should allocate its limited resources (e.g., personnel, capacity) to produce the right mix of A, B and C that maximizes profit.

Linear Programming is a widely used mathematical technique for maximizing, or minimizing, a linear function of variables such as output, profit, or costs. Linear programming helps in resource allocation decisions where the resources that are being allocated are finite (e.g., machine time, labor, money, time, warehouse space). Resources are those tangible/intangible assets used to furnish a product/service.

In this course, students will develop the foundational skills they need to construct and solve a linear programming model on their own. By the conclusion of this course students will be able to:

Use the Chart features in Excel to graph constraints

Use Excel Solver to solve linear programming problems

Use Advanced Excel functions such as Goal Seek and Sum Product.

Use and read the Sensitivity Report generated by Excel Solver

The course you will be viewing is similar to a college level lecture where ideas are discussed, acted on and solved using the most widely used spreadsheet tool across industries.

Who this course is for
Marketing research professionals and college/university students