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Advanced Excel Applications

Advanced Excel Applications. Examples. Optimization (Solver) Decision Trees (Precision Tree) Statistics and Data Mining Simulation Formulas (@Risk) Processes (SimQuick). Idea of Simulation. Goal: Evaluate a strategy. Examples of strategies: Investments Games Process improvement

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Advanced Excel Applications

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  1. Advanced Excel Applications

  2. Examples • Optimization (Solver) • Decision Trees (Precision Tree) • Statistics and Data Mining • Simulation • Formulas (@Risk) • Processes (SimQuick)

  3. Idea of Simulation • Goal: Evaluate a strategy. • Examples of strategies: • Investments • Games • Process improvement • Technique: Build a model in the computer and test the strategy on it.

  4. Example: Personal Investment Strategy

  5. A company that has implemented this idea on a big scale: www.financialengines.com

  6. Example: The game of craps

  7. Example: Waiting at a bank • Customers arrive every 2 minutes (on average; exp. dist.).

  8. Customers enter a single line. • There is a single teller; service takes 2.4 minutes on average (normal dist. with a st. dev. of .5 minutes).

  9. SimQuick software

  10. SimQuick model for bank

  11. SimQuick output

  12. Process improvement ideas • Add a second teller. • Speed up the single teller with some automation.

  13. Other applications of simulation • Queueing systems • Call centers • Logistics systems • Computer networks • Financial analysis • Health care systems

  14. Simulation with animation • An on-line example

  15. Plug If you’re interested in these types of applications there is a course devoted to them: Business Applications on Spreadsheets MGTI 473

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