Practical Management Science 5e

Christian S. Albright

Geared entirely to Excel 2013, PRACTICAL MANAGEMENT SCIENCE, 5e helps students understand and take full advantage of the power of spreadsheet modeling. It integrates modeling into all functional areas of business--finance, marketing, operations management--using real examples and real data. Emphasizing applied, relevant learning, the text presents just the right amount of theory to ensure students understand the foundation of the topic, followed by exercises that give them practical, hands-on experience with the methodologies. It focuses on modeling over algebraic formulations and memorization of particular models. The Fifth Edition includes the latest changes in the accompanying @RISK and PrecisionTree add-ins, incorporates "BigPicture" diagrams of spreadsheet models into the optimization chapters, and provides new and updated cases throughout. The online Chapter 16: Multiobjective Decision Making is now more conceptual, while Chapter 9: Decision Making Under Uncertainty extends a single "new product decisions" example throughout the chapter. In addition almost 30 new tutorial videos explain concepts and work through examples.
Features
PRACTICAL MANAGEMENT SCIENCE, 5e takes an active-learning approach, providing numerous examples and problems so students can practice extensively with a concept before moving on.
Integrated throughout the text, modeling skills are emphasized through the use of Microsoft® Excel. The use of spreadsheets and "BigPicture" diagrams allows students with varying mathematical backgrounds to build upon their skills as they work through sophisticated problems.
Equipping students with the most up-to-date tools for solving problems, the text provides professional add-ins that include Palisade Decision Tools Suite (@RISK, StatTools, PrecisionTree, TopRank, NeuralTools, Evolver and BigPicture) and SolverTable, which allows users to do sensitivity analysis.
Finding connections with a broad range of business majors, interdisciplinary examples and problems from finance, marketing, and operations research cover such topics as portfolio selection, options, pricing models, and many others--keeping students engaged with the content throughout the course.
Four types of problems--level A, level B, modeling, and cases--are graded within sections and chapters to help instructors assign homework.
Shell files enable instructors to give students as much or as little information as they need to work the problems.