You are correct that the
Goal Seek function in Excel is typically used to find a specific value in a cell by changing the value in another cell. However, it is possible to use Goal Seek to minimize a value by setting it to zero.
Here's how you can use Goal Seek to minimize the total cost of your shipments:
- First, make sure you have a formula in your spreadsheet that calculates the total cost of a shipment based on the shipment size and storage costs. Let's say this formula is in cell A1.
- Next, choose the cell where you want to enter the shipment size that will minimize the total cost. Let's say this is cell B1.
- Enter an initial guess for the shipment size in cell B1.
- Go to the "Data" tab in the Excel ribbon and click on "What-If Analysis" and then "Goal Seek."
- In the Goal Seek dialog box, set the "Set cell" field to the cell that contains the total cost formula (A1 in our example).
- Set the "To value" field to 0, since we want to minimize the total cost.
- Set the "By changing cell" field to the cell that contains the shipment size (B1 in our example).
- Click "OK" to run the Goal Seek function.
- Excel will now try different values for the shipment size until it finds the one that minimizes the total cost. Once it has found a solution, it will display a message asking if you want to keep the solution. Click "OK" to accept the solution.
- The shipment size in cell B1 will now be set to the value that minimizes the total cost.
I hope this helps you optimize your shipment sizes and storage costs!