Efficient Frontier Analysis in Manufacturing

Presented by

Dr. Steve Van Drew

About this talk

If you’ve ever felt that Excel’s Solver add-in didn’t allow you to adequately model an optimization decision, then this three-part series on what Palisade can add to the optimization portion of your analytical tool kit is for you. The series will first review single-objective, deterministic optimization then go beyond this limited approach to optimization by presenting several advanced optimization concepts and demonstrating how Evolver, part of Palisade’s Decision Tools Suite, and @RISK Industrial’s RISKOptimizer can be used to solve models with these embellishments. Examples used for the demonstrations will come primarily from the manufacturing/operations management arena. By the conclusion of the three webinars, you will be able to model, solve and interpret solutions of single- and dual-objective optimization problems under deterministic conditions and conditions of uncertainty using Evolver and RISKOptimizer as appropriate. Part 3 – Efficient Frontier Analysis. This webinar will present efficient frontier analysis (dual objective optimization/trade-off analysis) as solved by both Evolver, part of the Palisade Decision Tools Suite, and @RISK Industrial’s RISKOptimizer. Many optimization situations present the decisionmaker with a pair of competing objectives such as maximize profits while keeping costs at a minimum. Efficient frontier analysis as solved by two of Palisade’s products addresses this dual-objective challenge with a robust trade-off analysis under deterministic conditions (Evolver) or conditions of uncertainty (RISKOptimizer). Several mostly manufacturing/operations management examples will be used to demonstrate how to model, solve and interpret the solution of these real-world conundrums.

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