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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Palisade Company is the world’s leading provider of risk and decision analysis software solutions for science and industry. Our array of software products and custom services enhance the management experience by combining the latest in cutting-edge technology with over 35 years of analytics experience. Palisade’s unified software platform helps clients increase margins, improve performance, expand market share, and maximize operational efficiencies. We have a very simple mission: to minimize risk while maximizing potential.