Goal seek method is a tool used for obtaining an input given that only the output is known. In businesses, this approach is used to determine what resources are needed to achieve certain goals, the level of achievement of the goals and also giving the best solution under varied priorities. For example, if a bank needs to know the amount of interest a borrower qualifies for, given they only know the amount affordable per month. Goal seek method is used in this case taking the interest rate as the input to be found and monthly contribution as output. (Gallier, J. H 2015, p. 90)
Cost-value-profit-analysis is used in finding out how changes in volume and cost of goods affect a business regarding operating profit. For instance, an organizer knowing the breakeven level can decide and modify spending and raise efforts of production to increase profitability. (Gallier, J. H 2015, p. 96)
What-if analysis is a technique used for making quality decisions by avoiding those likely to hurt the business by creating an opportunity to test a variety of models. Through the utilization of these models, changes in given input will show how some variables are altered thereby creating a scenario of screening a reality without necessarily experiencing it. For instance, a company trying to determine the quantity of material or labor to increase production. If it realizes hiring 12 employees produces 31 gadgets and hiring 18 employees produces 46 devices, they will go for high productivity if an increased profit arises. (Gallier, J. H, 2015 p. 115)
The solver tool is part of a command suite that uses practical aspects of a given operation to generate the most convenient solutions. In businesses, the level of advertising affects sales. The solver can change advertising budgets to a given budget constraint that ensures the maximum realization of profits. (Gallier, J. H, 2015 p. 165)
Gallier, J. H. (2015). Logic for computer science: foundations of automatic theorem proving. Courier Dover Publications.