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excellinear-programmingsolversimplex

Excel Solver MOLP - is there a way to Maximise Amount whilst Minimising cost?

Is there a way to use solver in a way to maximise X wilst using as little of budget Y as possible?

Looked onlime but can't find any MOLP videos using excel, mainly just mathematical literature.

this comes about as after using solver, I noticed that If one choice was used instead of another, it would turn out cheaper whilst still satisfying all constraints, as I had just set objective to maximise X.

I've tried looking at maximum X, but since that is the goal and there is no minimum Y constraint, I cannot find a solution that satisfies max X in the most economically efficient way.

I am using simplex LP.

Thanks.

Solution

  • I think this is what you want:

    1. Solve maximizing X
    2. Fix X to its optimal value
    3. Solve minimizing Y

    The problem is called a pre-emptive MOLP and this algorithm is called lexicographic.