Spreadsheet Modeling and Applications: Essentials of Practical Management Science (with CD-ROM and InfoTrac) / Edition 1

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Chris Albright and Wayne Winston have brought their hallmark teach-by-example approach to the undergraduate spreadsheet modeling course. Renowned for their other successful texts in operations research/management science, Winston and Albright successfully show how spreadsheets are used in real life to model and analyze real business problems. By modeling problems using spreadsheets from the outset, SPREADSHEET MODELING AND APPLICATIONS prepares future managers for the types of problems they will encounter on the job. Real cases throughout the text further cement this book's status as the most relevant of its kind on the market. This text is also accompanied by Palisade Corporation's professional spreadsheet add-ins, DecisionTools Suite.

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Editorial Reviews

From the Publisher
"I like the real-world examples interlaced in the problems and prose. In particular, it is refreshing that the authors admit that the mathematical models take into account several assumptions in order to establish a frame of reference or starting point in solving them."

"The level of difficulty of the examples is varied, so that some examples are quite readily absorbed, whereas others require deeper study. The examples are nicely designed to lead into the exercise sets that follow them."

"The level of difficulty of the examples is varied, so that some examples are quite readily absorbed, whereas others require deeper study. The examples are nicely designed to lead into the exercise sets that follow them."

"In fact, the exercises are graded (not formally) in their level of difficulty, and there are plenty of them, giving the instructor plenty of room to assign a subset of the exercises that the instructor deems to be appropriate for the backgrounds and skill levels of the students studying from the book."

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Product Details

  • ISBN-13: 9780534380328
  • Publisher: Cengage Learning
  • Publication date: 4/21/2004
  • Edition description: Book & CD-ROM, with Software Package
  • Edition number: 1
  • Pages: 688
  • Product dimensions: 7.92 (w) x 10.18 (h) x 1.88 (d)

Meet the Author

S. Christian Albright received his B.S. degree in mathematics from Stanford in 1968 and his Ph.D. in operations research from Stanford in 1972. Since then, he has been teaching in the Operations and Decision Technologies Department in the Kelley School of Business at Indiana University. He has taught courses in management science, computer simulation, and statistics to all levels of business students: undergraduates, MBAs, and doctoral students. His current interest is in spreadsheet modeling, including development of VBA applications in Excel. Dr. Albright has published more than 20 articles in leading operations research journals in the area of applied probability. He has also published a number of successful textbooks, including DATA ANALYSIS AND DECISION MAKING, DATA ANALYSIS FOR MANAGERS, and SPREADSHEET MODELING AND APPLICATIONS.

Wayne L. Winston is Professor of Operations and Decision Technologies in the Kelley School of Business at Indiana University, where he has taught since 1975. Wayne received his B.S. degree in Mathematics from MIT and his Ph.D. degree in Operations Research from Yale. He has written the successful textbooks OPERATIONS RESEARCH: APPLICATIONS AND ALGORITHMS, MATHEMATICAL PROGRAMMING: APPLICATIONS AND ALGORITHMS, SIMULATION MODELING WITH @RISK, PRATICAL MANAGEMENT SCIENCE, DATA ANALYSIS FOR MANAGERS, SPREADSHEET MODELING AND APPLICATIONS, AND FINANCIAL MODELS USING SIMULATION AND OPTIMIZATION. Wayne has published over 20 articles in leading journals and has won many teaching awards, including the school-wide MBA award four times. His current interest is in showing how spreadsheet models can be used to solve business problems in all disciplines, particularly in finance and marketing.

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Table of Contents

Part I: INTRODUCTION TO SPREADSHEET MODELING. 1. Introduction to Modeling. Introduction. A Waiting Line Example. Modeling Versus Models. The Seven-Step Modeling Process. A Successful Management Science Application. Why Study Management Science? Software Included in This Book. Conclusion. 2. Introductory Spreadsheet Modeling. Introduction. Basic Spreadsheet Modeling: Concepts and Best Practices. Cost Projections. Breakeven Analysis. Ordering with Quantity Discounts and Demand Uncertainty. Decisions Involving the Time Value of Money. Conclusion. Appendix: Tips for Editing and Documenting Spreadsheets. Part II: DECISION MAKING UNDER CERTAINTY. 3. Introduction to Optimization Modeling. Introduction. Introduction to Optimization. A Two-Variable Model. Sensitivity Analysis. Properties of Linear Models. Infeasibility and Unboundedness. A Product Mix Model. A Multiperiod Production Model. A Comparison of Algebraic and Spreadsheet Models. A Decision Support System. Conclusion. Appendix: Information on Solvers. 4. Linear Programming Models. Introduction. Advertising Models. Static Workforce Scheduling Models. Aggregate Planning Models. Blending Models. Production Process Models. Financial Models. Conclusion. 5. Network Models. Introduction. Transportation Models. Assignment Models. Minimum Cost Network Flow Models. Shortest Path Models. Project Scheduling Models. Conclusion. 6. Linear Optimization Models with Integer Variables. Introduction. Overview of Optimization with Integer Variables. Capital Budgeting Models. Fixed-Cost Models. Set Covering Models and Location/Assignment Models. Conclusion. 7. Nonlinear Optimization Models. Introduction. Basic Ideas of Nonlinear Optimization. Pricing Models. Advertising Response and Selection Models. Facility Location Models. Models for Rating Sports Teams. Portfolio Optimization Models. Conclusion. Part III: DECISION MAKING UNDER UNCERTAINTY. 8. Decision Making Under Uncertainty. Introduction. Elements of a Decision Analysis. The PrecisionTree Add-In. Bayes Rule. Multistage Decision Problems. Incorporating Attitudes Toward Risk. Conclusion. 9. Introduction to Simulation Modeling. Introduction. Real Applications of Simulation. Probability Distributions for Input Variables. Simulation with Built-In Excel Tools. Introduction to @RISK. The Effect of Input Distributions on Results. Conclusion. 10. Simulation Models. Introduction. Operations Models. Financial Models. Marketing Models. Simulating Games of Chance. Conclusion. 11. Queuing Models. Introduction. Elements of Queuing Models. The Exponential Distribution. Important Queueing. Relationships. Analytical Queuing Models. Queuing Simulation Models. Conclusion. 12. Regression and Forecasting Models. Introduction. Overview of Regression Models. Simple Regression Models. Multiple Regression Models. Overview of Time Series Models. Moving Averages Models. Exponential Smoothing Models. Conclusion.

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