Higher Education

Practical Management Science, 5th Edition

  • Wayne L. Winston Indiana University, Kelley School of Business (Emeritus)
  • S. Christian Albright Indiana University, School of Business
  • ISBN-10: 1305250907  |  ISBN-13: 9781305250901
  • 888 Pages
  • Previous Editions: 2012, 2009, 2007
  • © 2016 | Published
  • College Bookstore Wholesale Price = $233.75
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About

Overview

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 and Benefits

  • 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.

Table of 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 and Supply Chain Models.
13. Queueing Models.
14. Regression and Forecasting Models.
15. Project Management (Online only).
16. Multiobjective Decision Making (Online only).

What's New

  • Completely up to date, the Fifth Edition is entirely geared to Excel 2013. All screenshots are from this newest version of Excel.
  • The latest changes in the accompanying @RISK and PrecisionTree add-ins are incorporated throughout the text.
  • With BigPicture now part of the Palisade DecisionTools Suite, new "BigPicture" diagrams of spreadsheet models are included in the optimization chapters. The new diagrams offer a helpful visual to complement the verbal description of certain problems. Users of the book have access to BigPicture, just like @RISK and the other Palisade add-ins.
  • New and updated cases are included throughout. Two of the new cases extend over several chapters, giving students an opportunity to continue building on their new skills as they progress through the chapters.
  • Available online, Chapter 16: Multiobjective Decision Making has been thoroughly revised to be more conceptual, with fewer spreadsheet modeling details that most users would not implement in Excel.
  • Providing another learning tool to ensure thorough understanding, the author created almost 30 new tutorial videos that explain concepts and work through examples. Students can access the videos for free on the textbook companion website.
  • Chapter 9: Decision Making Under Uncertainty has been completely rewritten. Now a single "new product decisions" example is developed and extended throughout the chapter to promote continuity.

Alternate Formats

Choose the format that best fits your student's budget and course goals

To customize your learning solution, contact your Learning Consultant for more information.

  • Looseleaf Edition

    ISBN-10: 1305631544 | ISBN-13: 9781305631540

    List Price = $271.95  | CengageBrain Price = $271.95  | College Bookstore Wholesale Price = $204.50

Efficacy and Outcomes

Reviews

"A very good book, with great practical examples from different areas of management, with a focus on problem solving."

— Sal Agnihothri, Binghamton University-SUNY

"Important decision making concepts are presented in multiple examples. Examples are from different areas of the business. Excel is used as a modeling environment. The most important decision making tools are covered."

— Levon R. Hayrapetyan, Houston Baptist University

"Its approach to Management Science is through applied, relevant learning. It (the text) offers enough theory that students understand and appreciate the foundation of the topic, while allowing students to have immediate, hands-on experience with the methodologies. Students learn by doing and they love it!"

— Kathryn Ernstberger, Indiana University Southeast

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

Website  (ISBN-10: 1305250893 | ISBN-13: 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-10: 130549590X | ISBN-13: 9781305495906)

Student Solutions Manual, 2 terms (12 months) Instant Access  (ISBN-10: 1305250923 | ISBN-13: 9781305250925)

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

List Price = $49.00  | CengageBrain Price = $49.00  | College Bookstore Wholesale Price = $49.00

Student Supplements

Student Solutions Manual, 2 terms (12 months) Instant Access  (ISBN-10: 1305250923 | ISBN-13: 9781305250925)

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

List Price = $49.00  | CengageBrain Price = $49.00  | College Bookstore Wholesale Price = $49.00

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.