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Practical Management Science 4th Edition

Wayne L. Winston, S. Christian Albright

  • Published
  • Previous Editions 2009, 2007, 2005
  • 936 Pages

Overview

This text takes an active-learning approach, providing numerous examples and problems so students can practice extensively with a concept before moving on. Four types of problems--skill-building, skill-extending, modeling, and cases--are graded within sections and chapters to help instructors assign homework. Another important feature is the way that the text integrates modeling into all functional areas of business: finance, marketing, operations management using real examples and real data. The text emphasizes modeling over algebraic formulations and memorization of particular models. Shell files are also provided so that instructors can give students as much or as little information as they need. This edition has been revised to be compatible with Excel 2010 and the corresponding add-ins for Excel 2010.

Wayne L. Winston, Indiana University, Kelley School of Business (Emeritus)

Wayne L. Winston is Professor Emeritus of Decision Sciences at the Kelley School of Business at Indiana University and is now a Professor of Decision and Information Sciences at the Bauer College at the University of Houston. He has won more than 45 teaching awards and is a six-time recipient of the school-wide MBA award. His current interest focuses on showing how to use spreadsheet models to solve business problems in all disciplines, particularly in finance, sports, and marketing. In addition to publishing more than 20 articles in leading journals, Dr. Winston has written such successful textbooks as OPERATIONS RESEARCH: APPLICATIONS AND ALGORITHMS; MATHEMATICAL PROGRAMMING: APPLICATIONS AND ALGORITHMS; SIMULATION MODELING WITH @RISK; DATA ANALYSIS FOR MANAGERS; SPREADSHEET MODELING AND APPLICATIONS; MATHLETICS, DATA ANALYSIS AND BUSINESS MODELING WITH EXCEL 2013; MARKETING ANALYTICS; and FINANCIAL MODELS USING SIMULATION AND OPTIMIZATION. Dr. Winston received his B.S. degree in mathematics from MIT and his Ph.D. in operations research from Yale.

S. Christian Albright, Indiana University, School of Business

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 until his retirement in 2011. 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 applied probability. He has also published several successful textbooks, including BUSINESS ANALYTICS: DATA ANALYSIS AND DECISION MAKING; DATA ANALYSIS FOR MANAGERS; SPREADSHEET MODELING AND APPLICATIONS; and VBA FOR MODELERS.
  • Given its Excel-based approach and application-oriented material, Excel 2010 updates are key to this edition. All Excel applications, problems, and screen shots are updated to reflect Excel 2010.
  • The biggest change in Excel 2010 that affects this edition most is the new Solver add-in. Optimization chapters discuss in detail the new Solver enhancements.
  • Old chapters 9 (Multiobjective Decision Making) and 15 (Project Management) are now offered online, and the balance of chapters have been renumbered accordingly.
  • In the first optimization chapter, Chapter 3, the authors replaced the introductory two-variable diet model with a simpler two-variable product mix model. Then they follow it up with a larger version of the same basic product mix model. These revisions should make the introduction to optimization easier for instructors to teach and for students to follow.
  • In the regression and forecasting chapter, now numbered Chapter 14, the authors discontinued the use of the Analysis Toolpak and jumped directly into the Palisade StatTools add-in.
  • The authors have updated and refined examples, cases, and problems. This edition also offers pedagogical tools to help students and instructors. More and better exercises have been added to help students grasp concepts.
  • Modeling skills are emphasized through the use of Microsoft® Excel and are incorporated throughout the text. The use of spreadsheets allows students of varying mathematical backgrounds to build skills as they work through sophisticated problems.
  • Professional add-ins provides students with the most up-to-date tools for solving problems. Now included are Palisade Decision Tools Suite (@RISK, StatTools, PrecisionTree, TopRank, RISKOptimizer, NeuralTools, and Evolver) and SolverTable, which allows users to do sensitivity analysis.
  • Interdisciplinary examples and problems from finance, marketing, and operations research--covering topics such as portfolio selection, options, pricing models, and many others--keep student interest at a high level throughout the course.
Brief Contents.
1. Introduction to Modeling.
2. Introduction to Spreadsheet Modeling.
3. Introduction to Optimization Modeling.
4. Linear Programming Models.
5. Network Models.
6. Optimization Models with Integer Variables.
7. Nonlinear Optimization Models.
8. Evolutionary Solver: An Alternative Optimization Procedure.
9. Decision Making Under Uncertainty.
10. Introduction to Simulation Modeling.
11. Simulation Models.
12. Inventory Models.
13. Queueing Models.
14. Regression and Forecasting Models.
15. Project Management (Online only).
16. Multiobjective Decision Making (Online only).

Textbook Only Options

Traditional eBook and Print Options

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  • ISBN-10: 1133464173
  • ISBN-13: 9781133464174
  • STARTING AT $24.49

  • STARTING AT $164.99

  • ISBN-10: 1111531315
  • ISBN-13: 9781111531317
  • Bookstore Wholesale Price $243.75
  • RETAIL $324.95

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

FOR INSTRUCTORS

Website

ISBN: 9781305250895
Contains PowerPoint® lecture slides, all data sets and problem files, all solutions files, solution shells, example files, and case solutions.

Cengage Learning Testing, powered by Cognero Instant Access

ISBN: 9781305495906

Student Solutions Manual, 2 terms (12 months) Instant Access

ISBN: 9781305250925
Answers to a select number of problems in each chapter of the textbook are provided.

FOR STUDENTS

Student Solutions Manual, 2 terms (12 months) Instant Access

ISBN: 9781305250925
Answers to a select number of problems in each chapter of the textbook are provided.