Decision Making with Insight (with Insight.xla 2.0 and CD-ROM) [Paperback]

Sam L. Savage (Author)

Book Description

ISBN-10: 0534386393 | ISBN-13: 978-0534386399 | Publication Date: January 14, 2003 | Edition: 2

Dr. Sam Savage, who's recognized as a leading innovator in management science education, provides the most hands-on , practical introduction to methods of decision making. This book and accompanying suite of Excel add-ins for quantitative analysis covers Monte Carlo simulation, decision trees, queuing simulations, optimization, Markov chains, and forecasting. The Insight add-ins have been developed over several years by the author.

Editorial Reviews

About the Author

Dr. Savage received his Ph.D. in computer science from Yale University in 1973. He spent a year at General Motors Research Laboratory, then joined the faculty of the University of Chicago Graduate School of Business, where he taught regular classes until 1990. He then moved to Stanford University where he currently teaches courses on Analytical Modeling in Spreadsheets and directs an Industry/University relations program. In 1985, Dr. Savage led the development of What'sBest!, linking linear programming to spreadsheets. This popular package won PC Magazine's Technical Excellence Award. In 1990 he developed a successful series of seminars on analytical modeling in spreadsheets, of which "Practical Risk Modeling in Spreadsheets" is the latest. Dr. Savage is founder and president of AnalyCorp Inc., through which he consults and lectures extensively to business and government agencies.

Product Details

• Paperback: 368 pages
• Publisher: South-Western College Pub; 2 edition (January 14, 2003)
• Language: English
• ISBN-10: 0534386393
• ISBN-13: 978-0534386399
• Product Dimensions: 9.3 x 7.5 x 0.7 inches
• Shipping Weight: 1.3 pounds (View shipping rates and policies)
• Average Customer Review: 4.1 out of 5 stars  See all reviews (8 customer reviews)
• Amazon Best Sellers Rank: #323,636 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

17 of 17 people found the following review helpful:

5.0 out of 5 stars More Than Just a Book, December 29, 2007

By 

MAURICIO AGUIAR (Rio de Janeiro, RJ, Brazil) - See all my reviews
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This review is from: Decision Making with Insight (with Insight.xla 2.0 and CD-ROM) (Paperback)

I bought this book in 2003 and have learned a lot from it since then. This is not just a book, but a whole decision support system. For starters, just the software on the CD would more than justify the package price. The accompanying Monte Carlo software XLSim (an Excel add-in) is good enough for real applications - it will make you think twice before buying a premium competitor at a much higher price.

According to his website, author and Professor Sam Savage discovered that an Algebraic Curtain separated the bulk of his management students from management science. Prof. Savage has successfully dedicated much effort to removing that curtain. He has extensively used Excel, Monte Carlo, and resampling techniques to that effect. This book is an outstanding example of his work.

What is really great about this book is that it teaches you potentially complicated techniques through simple and straightforward examples that you can replicate using only Excel and the software included in the CD.

The 8 book chapters cover spreadsheet modeling in general, random variables, Monte Carlo simulation, queuing theory, discrete event simulation, Markov chains, forecasting (exponential smoothing, trends, and seasonality), decision trees, linear programming (including the Excel Solver), stochastic and non-linear optimization - all with clear and simple examples in a single book.

The author's writing style is informal, easy to read and sometimes even funny. A great learning (and teaching) resource. Highly recommended.

16 of 18 people found the following review helpful:

5.0 out of 5 stars Very practical! Inspiring! A turning point!, August 7, 2003

By 

Ryan J. Orr (Stanford, CA, USA) - See all my reviews
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This review is from: Decision Making with Insight (with Insight.xla 2.0 and CD-ROM) (Paperback)

Dr. Savage, a second generation statistician and consulting professor at Stanford University, provides a practical and hands-on introduction to analytical decision making. The book is jam-packed with sound theory presented in an easy to read format. The methods presented use the familiar language of Microsoft Excel to crack complicated problems with relative ease! This book & accompanying software helped me better understand 6-years of advanced engineering and business training. Recommended as an excellent resource for researchers, practioners, and educators alike.

10 of 12 people found the following review helpful:

5.0 out of 5 stars The "algebraic cloud" has lifted!!, October 13, 2004

By 

Michael A. King - See all my reviews
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This review is from: Decision Making with Insight (with Insight.xla 2.0 and CD-ROM) (Paperback)

In his book, Decision Making with Insight, Dr. Savage really does lift the algegraic cloud that hinders the learning of management science and modeling. I second the above remark, I wish I had this type of text when I was in MBA school. The examples are truely enlightening.

I am actually reading this book for plan fun!