Higher Education

Practical Management Science, 4th Edition

  • includes Essential Textbook Resources Printed Access Card
  • Wayne L. Winston Indiana University, Kelley School of Business (Emeritus)
  • S. Christian Albright Indiana University, School of Business
  • ISBN-10: 1111531315  |  ISBN-13: 9781111531317
  • 936 Pages
  • Previous Editions: 2009, 2007, 2005
  • © 2012 | Published
  • College Bookstore Wholesale Price = $289.50
  • Newer Edition Available
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About

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.

Features and Benefits

  • 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.

Table of Contents

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).

What's New

  • 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.

Learning Resource Bundles

Choose the textbook packaged with the resources that best meet your course and student needs. Contact your Learning Consultant for more information.

Bundle: Practical Management Science (with Student Bind-In Card), 4th + VBA for Modelers: Developing Decision Support Systems (with Microsoft® Office Excel® Printed Access Card), 4th

ISBN-10: 1133432344  | ISBN-13: 9781133432340

List Price = $565.95  | CengageBrain Price = $565.95  | College Bookstore Wholesale Price = $425.50

This Bundle Includes:

  • Practical Management Science
    List Price = $385.95  | CengageBrain Price = $385.95  | College Bookstore Wholesale Price = $289.50
  • VBA for Modelers: Developing Decision Support Systems
    List Price = $183.95  | CengageBrain Price = $183.95  | College Bookstore Wholesale Price = $136.00


Bundle: Text + Decision Sciences & Operations Management CourseMate with eBook Printed Access Card

ISBN-10:  1133073409 | ISBN-13:  9781133073406

List Price = $397.95  | College Bookstore Wholesale Price = $299.50

This Bundle Includes:

  • Practical Management Science
    List Price = $385.95  | CengageBrain Price = $385.95  | College Bookstore Wholesale Price = $289.50
  • Decision Sciences & Operations Management CourseMate with eBook, 1 term (6 months) Printed Access Card
    List Price = $269.00  | College Bookstore Wholesale Price = $201.00


Supplements

All supplements have been updated in coordination with the main title. Select the main title's "About" tab, then select "What's New" for updates specific to title's edition.

For more information about these supplements, or to obtain them, contact your Learning Consultant.

Instructor Supplements

Instructor’s Resource CD-ROM  (ISBN-10: 1111531285 | ISBN-13: 9781111531287)

Contains PowerPoint® lecture slides, Test Bank with ExamView® testing software, all data sets and problem files, all solutions files, solution shells, example files, and case solutions. All elements reflect revised content of the 4th edition textbook.

Student Supplements

Essential Textbook Resources Instant Access Code  (ISBN-10: 1111961859 | ISBN-13: 9781111961855)

List Price = $54.00  | CengageBrain Price = $54.00  | College Bookstore Wholesale Price = $54.00

Meet the Author

Author Bio

Wayne L. Winston

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, including the school-wide MBA award six times. His current interest is in showing how spreadsheet models can be used 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. He received his B.S. degree in mathematics from MIT and his Ph.D. in operations research from Yale.

S. Christian Albright

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.