Solver Tool in Microsoft® Excel® 2003
Are you curious to know about the role of Solver tool in Microsoft Excel 2003?
Excel 2003, part of Microsoft Office 2003 is still used in offices even though its latest versions have been released. Though, the latest version has some advanced features, the simplicity and the ease of use of Excel 2003 makes it favorite. Talking about Excel 2003, it is the most famous spreadsheet software. The list feature was first introduced in Excel 2003. It also has some advanced features like Goal seek, data validation, data table, conditional formatting, visual basic editor, workbook comparison tools, etc. You can add more tools to Microsoft Excel from the Add-ins in your Excel 2003 toolbar. The Solver is such an add-in tool. If the Solver tool is not visible in your Excel 2003, just go to the 'Add-ins' in 'Tools' menu and click on the 'Solver Add-in' in the 'Add-in' dialogue box.
Some of the features and role of Solver tool in Microsoft Excel 2003 and the tips to use it are given below:
- Tips to use
You can solve the complex spreadsheet problems with the help of this tool. It can perform calculations in seconds. Solver is a powerful optimization algorithm which you can use to create engineering and financial models. The FORECAST function finds values for estimates and projections. By using Solver tool, you can have powerful and interactive risk analysis in Excel 2003.
You can get best case-scenarios with the help of Solver tool, but it depends on your input. Solver is widely used in the financial areas, like banking, insurance and logistics to solve the complex formulas and problems. Solver will help you to find the optimal solution when you want to optimize the scenarios related to budget, forecast, etc. It handles the constraints efficiently and faster.
You can find Solver in the 'Add-in' menu of toolbar. In the popped up Solver window, you can add the target cell – the cell where you need to get the answer. After that you can click on the cells where the input value resides. You can enter the formulas in the constraint box. You can insert as many as formulas you need by clicking on the 'Add' button. To find the answer, press 'Solve' button. By clicking the 'Restore' button, you can restore your original values.