Higher Education

Quantitative Methods for Business, 13th Edition

  • David R. Anderson University of Cincinnati
  • Dennis J. Sweeney University of Cincinnati
  • Thomas A. Williams Rochester Institute of Technology
  • Jeffrey D. Camm Wake Forest University
  • James J. Cochran University of Alabama
  • Michael J. Fry University of Cincinnati
  • Jeffrey W. Ohlmann University of Iowa
  • ISBN-10: 1285866312  |  ISBN-13: 9781285866314
  • 936 Pages
  • Previous Editions: 2013, 2010, 2006
  • © 2016 | Published
  • College Bookstore Wholesale Price = $290.25
  *Why an online review copy?
  • It's the greener, leaner way to review! An online copy cuts down on paper and on time. Reduce the wait (and the weight) of printed texts. Your online copy arrives instantly, and you can review it anytime from your computer or favorite mobile device.

If you prefer a print copy to review, please contact your representative.

About

Overview

Written with the non-mathematician in mind, QUANTITATIVE METHODS FOR BUSINESS, 13E by award-winning authors Anderson, Sweeney, Williams, Camm, Cochran, Fry, and Ohlmann equips your students with a strong conceptual understanding of the critical role that quantitative methods play in today's decision-making process. This applications-oriented text clearly introduces current quantitative methods, how they work, and how savvy decision makers can most effectively apply and interpret data. A strong managerial orientation motivates learning by weaving relevant, real-world examples throughout. The authors' hallmark "Problem-Scenario Approach" helps readers understand and apply mathematical concepts and techniques. Instant online access provides students with Excel® worksheets, LINGO, and the Excel add-in Analytic Solver Platform. Using Microsoft Excel to develop spreadsheet simulation models, the thoroughly revised Chapter 16 explains how to construct a spreadsheet simulation model using only native Excel functionality, while the chapter appendix covers how the use of Excel add-in Analytic Solver Platform facilitates more sophisticated simulation analyses. Data Tables and Goal Seek Excel features were also added to Appendix A to help in the construction of spreadsheet simulation models. The 13th Edition includes a more holistic description of how variable activity times affect the probability of a project meeting a deadline, while maintaining simplicity by showing when using the critical path for these calculations is reasonable. In addition, numerous all-new Q.M. in Action vignettes, homework problems, and end-of-chapter cases are included throughout.

Features and Benefits

  • Helpful Margin Annotations Clarify Key Points For Students. Brief, informative annotations in the margins of the book highlight key information and offer additional insights for readers who wish to know more. Providing appropriate emphasis, these clear annotations enhance students' understanding of key terms and concepts.
  • Notes and Comments Provide Additional Insights and Warnings About Methodology. At the end of many sections, "Notes & Comments" offer added information about the methodology being discussed and its application. Notes & Comments may include warnings or highlight limitations of the methodology, offer recommendations for applications, or provide brief technical considerations.
  • Self-Test Exercises Let Students Instantly Check Comprehension Before Progressing. Helpful Self-Test Exercises enable students to immediately evaluate their understanding of chapter concepts before advancing to the next topic. Completely worked-out Self-Test solutions appear in an appendix in addition to the solutions for even-numbered problems, as requested by past users.
  • Engaging Q.M. in Action Articles Summarize Applications from Real-World Practice. Interesting Q.M. in Action articles throughout the text offer practical summaries of how quantitative methods apply in business today. The articles feature adaptations from INTERFACES and OR/MS TODAY as well as contributions from leading practitioners.

Table of Contents

Preface.
1. Introduction.
2. Introduction to Probability.
3. Probability Distributions.
4. Decision Analysis.
5. Utility and Game Theory.
6. Time Series Analysis and Forecasting.
7. Introduction to Linear Programming.
8. Linear Programming: Sensitivity Analysis and Interpretation of Solution.
9. Linear Programming Applications in Marketing, Finance, and Operations Management.
10. Distribution and Network Models.
11. Integer Linear Programming.
12. Advanced Optimization Applications.
13. Project Scheduling: PERT/CPM.
14. Inventory Models.
15. Waiting Line Models.
16. Simulation.
17. Markov Processes.
Appendix A: Building Spreadsheet Models.
Appendix B: Binomial Probabilities.
Appendix C: Poisson Probabilities.
Appendix D: Areas for the Standard Normal Distribution.
Appendix E: Values for e-λ.
Appendix F: References and Bibliography.
Appendix G: Self-Test Solutions and Answers to Even-Numbered Problems.

What's New

  • Completely Revised and Updated Simulation Chapter. While the authors maintain Chapter 16's intuitive introduction by continuing the use of best-, worst-, and base-case scenarios, they also added a more elaborate treatment of uncertainty by using Microsoft Excel to develop spreadsheet simulation models. Chapter 16 thoroughly explains how to construct a spreadsheet simulation model using only native Excel functionality, while the chapter appendix covers how the use of an Excel add-in−Analytic Solver Platform−facilitates more sophisticated simulation analyses. This new appendix replaces the previous edition's coverage of Crystal Ball, which is no longer paired with the textbook.
  • Data Tables and Goal Seek in Appendix A. These two Excel features were added to Appendix A, Building Spreadsheet Models, as they are particularly useful in the construction of spreadsheet simulation models in the completely revised Chapter 16.
  • New Section on Variability in Project Management. The 13th Edition's new section on variability provides a more holistic description of how variable activity times affect the probability of a project meeting a deadline, while maintaining simplicity by showing when using the critical path for these calculations is reasonable. In contract, traditional coverage has focused solely on the critical path to estimate the probability of a project meeting a deadline (on average, the longest sequence of activities). However, this calculation is based on the implicit assumption that no other "non-critical" activity will become a bottleneck. In the presence of highly variable activities, the assumption may not be accurate, yet traditional coverage provides no insight on this.
  • Adjustment of Forecasting Notation in Chapter 6. The notation in Chapter 6, Time Series Analysis and Forecasting, was adjusted to be more in line with "regression-style" standard notation for forecasting.
  • Updated Q.M. in Action. The 13th Edition includes 15 all-new Q.M. in Action vignettes to provide the most recent examples available.
  • New Cases: End-of-chapter student cases offer more in-depth and open-ended exercises than homework problems, giving students plenty of experience applying what they learn to real-world practice. This edition includes new cases on linear programming applications in Chapter 9, distribution and network models in Chapter 10, and integer programming in Chapter 11. Solutions to all cases are provided to instructors.
  • New And Updated Homework Problems: The 13th Edition added more than 35 new homework problems as well as updated numerous others to ensure the timeliest references available.

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: 1305631536 | ISBN-13: 9781305631533

    List Price = $270.95  | CengageBrain Price = $270.95  | College Bookstore Wholesale Price = $203.25

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.

Printed Text + CengageNOW , 1 term (6 months) Instant Access

ISBN-10: 1337079677  | ISBN-13: 9781337079679

List Price = $398.95  | CengageBrain Price = $398.95  | College Bookstore Wholesale Price = $300.25

This Bundle Includes:

  • Quantitative Methods for Business
    List Price = $386.95  | CengageBrain Price = $386.95  | College Bookstore Wholesale Price = $290.25
  • CengageNOW , 1 term (6 months) Instant Access
    List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00


Printed Text + CengageNOW™, 2 term (12 months) Instant Access

ISBN-10:  1337079685  | ISBN-13:  9781337079686

List Price = $405.95  | CengageBrain Price = $405.95  | College Bookstore Wholesale Price = $305.25

This Bundle Includes:

  • Quantitative Methods for Business
    List Price = $386.95  | CengageBrain Price = $386.95  | College Bookstore Wholesale Price = $290.25
  • CengageNOW™, 2 term (12 months) Instant Access
    List Price = $140.00  | CengageBrain Price = $140.00  | College Bookstore Wholesale Price = $140.00


Printed Text + LMS Integrated for CengageNOW™, 1 term (6 months) Instant Access

ISBN-10:  1337079693  | ISBN-13:  9781337079693

List Price = $398.95  | CengageBrain Price = $398.95  | College Bookstore Wholesale Price = $300.25

This Bundle Includes:

  • Quantitative Methods for Business
    List Price = $386.95  | CengageBrain Price = $386.95  | College Bookstore Wholesale Price = $290.25
  • LMS Integrated for CengageNOW™, 1 term (6 months) Instant Access
    List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00


Printed Text + LMS Integrated for CengageNOW™, 2 terms (12 months) Instant Access

ISBN-10:  1337079707 | ISBN-13:  9781337079709

List Price = $405.95  | College Bookstore Wholesale Price = $305.25

This Bundle Includes:

  • Quantitative Methods for Business
    List Price = $386.95  | CengageBrain Price = $386.95  | College Bookstore Wholesale Price = $290.25
  • LMS Integrated for CengageNOW™, 2 terms (12 months) Instant Access
    List Price = $140.00  | College Bookstore Wholesale Price = $140.00


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

Website  (ISBN-10: 1305503171 | ISBN-13: 9781305503175)

Accessible through Cengage.com/login with your faculty account, this website for instructors features all of the assets available to students at no charge, plus an Instructor's Resource Manual (instructional objectives, chapter outlines, discussion questions, suggested lecture topics, suggested paper topics, and related Internet resources) and PowerPoint® presentations. Additionally, the following test bank format types are available for download from the Instructor Companion Website: Blackboard, Angel, Moodle, Canvas, Desire2Learn, and PDF.

Solutions Manual  (ISBN-10: 1305503244 | ISBN-13: 9781305503243)

This trusted Solutions Manual includes verified solutions and answers to all problems in the text that enable you to efficiently grade student homework. For your convenience and in response to instructors’ requests, a printed version of the Solutions Manual may be packaged with the textbook for student purchase.

CengageNOW , 1 term (6 months) Instant Access  (ISBN-10: 1305503201 | ISBN-13: 9781305503205)

With its engaging learning and assessment tools, CengageNOW supports the entire student workflow, from motivation to mastery. For instructors, CengageNOW provides control and customization with the opportunity to tailor the learning experience to improve outcomes.

List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00

CengageNOW™, 2 term (12 months) Instant Access  (ISBN-10: 130550321X | ISBN-13: 9781305503212)

With its engaging learning and assessment tools, CengageNOW supports the entire student workflow, from motivation to mastery. For instructors, CengageNOW provides control and customization with the opportunity to tailor the learning experience to improve outcomes.

List Price = $140.00  | CengageBrain Price = $140.00  | College Bookstore Wholesale Price = $140.00

LMS Integrated for CengageNOW™, 1 term (6 months) Instant Access  (ISBN-10: 1305503279 | ISBN-13: 9781305503274)

Cengage Learning provides Learning Management System (LMS) integration with our MindLinks service. This service is designed to deliver an optimal user experience through the LMS already used by the institution−facilitating learning retention and contributing to better learner outcomes. Our collaboration with LMS industry leaders helps drive advanced features like gradebook integration, while the fluid pedagogical design contributes to more teachable moments.

List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00

LMS Integrated for CengageNOW™, 2 terms (12 months) Instant Access  (ISBN-10: 1305503295 | ISBN-13: 9781305503298)

Cengage Learning provides Learning Management System (LMS) integration with our MindLinks service. This service is designed to deliver an optimal user experience through the LMS already used by the institution−facilitating learning retention and contributing to better learner outcomes. Our collaboration with LMS industry leaders helps drive advanced features like gradebook integration, while the fluid pedagogical design contributes to more teachable moments.

List Price = $140.00  | College Bookstore Wholesale Price = $140.00

Cengage Learning Testing, powered by Cognero® Instant Access  (ISBN-10: 1305503260 | ISBN-13: 9781305503267)

Cengage Learning Testing Powered by Cognero is a flexible, online system that allows you to author, edit, and manage test bank content from multiple Cengage Learning solutions; create multiple test versions in an instant; and deliver tests from your learning management system, your classroom, or wherever you want!

Student Supplements

CengageNOW , 1 term (6 months) Instant Access  (ISBN-10: 1305503201 | ISBN-13: 9781305503205)

With its engaging learning and assessment tools, CengageNOW supports your entire workflow, from motivation to mastery.

List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00

CengageNOW™, 2 term (12 months) Instant Access  (ISBN-10: 130550321X | ISBN-13: 9781305503212)

With its engaging learning and assessment tools, CengageNOW supports your entire workflow, from motivation to mastery.

List Price = $140.00  | CengageBrain Price = $140.00  | College Bookstore Wholesale Price = $140.00

LMS Integrated for CengageNOW™, 1 term (6 months) Instant Access  (ISBN-10: 1305503279 | ISBN-13: 9781305503274)

Cengage Learning provides Learning Management System (LMS) integration with our MindLinks service. This service is designed to deliver an optimal user experience through the LMS already used by the institution−facilitating learning retention and contributing to better learner outcomes. Our collaboration with LMS industry leaders helps drive advanced features like gradebook integration, while the fluid pedagogical design contributes to more teachable moments.

List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00

LMS Integrated for CengageNOW™, 2 terms (12 months) Instant Access  (ISBN-10: 1305503295 | ISBN-13: 9781305503298)

Cengage Learning provides Learning Management System (LMS) integration with our MindLinks service. This service is designed to deliver an optimal user experience through the LMS already used by the institution−facilitating learning retention and contributing to better learner outcomes. Our collaboration with LMS industry leaders helps drive advanced features like gradebook integration, while the fluid pedagogical design contributes to more teachable moments.

List Price = $140.00  | College Bookstore Wholesale Price = $140.00

Meet the Author

Author Bio

David R. Anderson

Dr. David R. Anderson is a textbook author and Professor Emeritus of Quantitative Analysis in the College of Business Administration at the University of Cincinnati. He has served as head of the Department of Quantitative Analysis and Operations Management and as Associate Dean of the College of Business Administration. He was also coordinator of the College’s first Executive Program. In addition to introductory statistics for business students, Dr. Anderson has taught graduate-level courses in regression analysis, multivariate analysis, and management science. He also has taught statistical courses at the Department of Labor in Washington, D.C. Professor Anderson has received numerous honors for excellence in teaching and service to student organizations. He is the coauthor of ten textbooks related to decision sciences and actively consults with businesses in the areas of sampling and statistical methods. Born in Grand Forks, North Dakota, he earned his BS, MS, and PhD degrees from Purdue University.

Dennis J. Sweeney

Dr. Dennis J. Sweeney is a textbook author, Professor Emeritus of Quantitative Analysis and founder of the Center for Productivity Improvement at the University of Cincinnati. He also served five years as head of the Department of Quantitative Analysis and four years as Associate Dean of the College of Business Administration. In addition, he has worked in the management science group at Procter & Gamble and has been a visiting professor at Duke University. Professor Sweeney has published more than 30 articles in the area of management science and statistics. The National Science Foundation, IBM, Procter & Gamble, Federated Department Stores, Kroger, and Cincinnati Gas & Electric have funded his research, which has been published in MANAGEMENT SCIENCE, OPERATIONS RESEARCH, MATHEMATICAL PROGRAMMING, DECISION SCIENCES, and other journals. Dr. Sweeney is the coauthor of ten textbooks in the areas of statistics, management science, linear programming, and production and operations management. Born in Des Moines, Iowa, he earned a BS degree from Drake University, graduating summa cum laude. He received his MBA and DBA degrees from Indiana University, where he was an NDEA Fellow.

Thomas A. Williams

Dr. Thomas A. Williams is Professor of Management Science in the College of Business at Rochester Institute of Technology where he was the first chairman of the Decision Sciences Department. He teaches courses in management science and statistics, as well as graduate courses in regression and decision analysis. Before joining the College of Business at RIT, Professor Williams served for seven years as a faculty member in the College of Business Administration at the University of Cincinnati, where he developed the undergraduate program in Information Systems and then served as its coordinator. The co-author of 11 leading textbooks in the areas of management science, statistics, production and operations management, and mathematics, Professor Williams has been a consultant for numerous Fortune 500 companies and has worked on projects ranging from the use of data analysis to the development of large-scale regression models. He earned his B.S. degree at Clarkson University and completed his graduate work at Rensselaer Polytechnic Institute, where he received his M.S. and Ph.D. degrees.

Jeffrey D. Camm

Jeffrey D. Camm is the Inmar Presidential Chair and Associate Dean of Analytics in the School of Business at Wake Forest University. Born in Cincinnati, Ohio, he holds a B.S. from Xavier University (Ohio) and a Ph.D. from Clemson University. Prior to joining the faculty at Wake Forest, he was on the faculty of the University of Cincinnati. He has also been a visiting scholar at Stanford University and a visiting professor of business administration at the Tuck School of Business at Dartmouth College. Dr. Camm has published over 30 papers in the general area of optimization applied to problems in operations management and marketing. He has published his research in Science, Management Science, Operations Research, Interfaces, and other professional journals. Dr. Camm was named the Dornoff Fellow of Teaching Excellence at the University of Cincinnati and he was the 2006 recipient of the INFORMS Prize for the Teaching of Operations Research Practice. A firm believer in practicing what he preaches, he has served as an operations research consultant to numerous companies and government agencies. From 2005 to 2010 he served as editor-in-chief of interfaces.

James J. Cochran

James J. Cochran is Professor of Applied Statistics and the Rogers-Spivey Faculty Fellow in the Department of Information Systems, Statistics and Management Science at the University of Alabama. He previously served as Professor of Quantitative Analysis and the Bank of Ruston, Barnes, Thompson, & Thurman Endowed Research Professor at Louisiana Tech University and was a visiting scholar at Stanford University, Universidad de Talca, and the University of South Africa. Professor Cochran has published more than two dozen papers in the development and application of operations research and statistical methods, and his research has appeared in MANAGEMENT SCIENCE, THE AMERICAN STATISTICIAN, COMMUNICATIONS IN STATISTICS--THEORY AND METHODS, EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, JOURNAL OF COMBINATORIAL OPTIMIZATION, and other professional journals. He received the 2008 INFORMS Prize for the Teaching of Operations Research Practice and the 2010 Mu Sigma Rho Statistical Education Award. Dr. Cochran was elected to the International Statistics Institute in 2005 and named a Fellow of the American Statistical Association in 2011. A strong advocate for effective operations research and statistics education as a means of improving the quality of applications to real problems, he has organized and chaired teaching effectiveness workshops in Uruguay, South Africa, Colombia, India, Argentina, Kenya, Cameroon, and Croatia. He has served as a statistics and operations research consultant to numerous companies and not-for-profit organizations. He was editor-in-chief of INFORMS TRANSACTIONS ON EDUCATION from 2007 to 2012 and serves on the editorial board of INTERFACES, the JOURNAL OF QUANTITATIVE ANALYSIS IN SPORTS, and ORION. He holds a B.S., M.S., and MBA from Wright State University and a Ph.D. from the University of Cincinnati.

Michael J. Fry

Dr. Michael J. Fry is Associate Professor and Lindner Research Fellow in the Department of Operations, Business Analytics, and Information Systems in the Carl H. Lindner College of Business at the University of Cincinnati, where he also serves as Assistant Director for the Center for Business Analytics. At the University of Cincinnati since 2002, he has been a visiting professor at the Samuel Curtis Johnson Graduate School of Management at Cornell University and the Sauder School of Business at the University of British Columbia. Dr. Fry has published more than twenty research publications in such journals as OPERATIONS RESEARCH, M&SOM, TRANSPORTATION SCIENCE, NAVAL RESEARCH LOGISTICS, IIE TRANSACTIONS, and INTERFACES. His research interests include applying management science methods to the areas of supply chain analytics, sports analytics, and public policy operations. He has worked with many different organizations for his research, Including Dell, Inc., Copeland Corporation, Starbucks Coffee Company, The Cincinnati Fire Department, the State of Ohio Election Commission, the Cincinnati Bengals, and the Cincinnati Zoo and Botanical Gardens. Professor Fry's teaching awards include the 2013 Michael L. Dean Excellence in Graduate Teaching Award and the 2006 Daniel J. Westerbeck Junior Faculty Teaching Award. Born in Killeen, Texas, he earned a B.S. from Texas A&M University, and M.S.E. and Ph.D. degrees from the University of Michigan.

Jeffrey W. Ohlmann

Jeffrey W. Ohlmann is Associate Professor of Management Sciences in the Tippie College of Business at the University of Iowa, where he has been since 2003. Professor Ohlmann’s research on the modeling and solution of decision-making problems has produced more than a dozen research papers in such journals as MATHEMATICS OF OPERATIONS RESEARCH, INFORMS JOURNAL ON COMPUTING, TRANSPORTATION SCIENCE, and INTERFACES. He has collaborated with companies such as Transfreight, LeanCor, Cargill, the Hamilton County Board of Elections and the Cincinnati Bengals. Due to the relevance of his work to industry, he received the George B. Dantzig Dissertation Award and was recognized as a finalist for the Daniel H. Wagner Prize for Excellence in Operations Research Practice. Born in Valentine, Nebraska, he earned a BS from the University of Nebraska and MS and PhD degrees from the University of Michigan.