Practical Management Science: Spreadsheet Modeling and Applications [Hardcover]

Wayne L. Winston (Author), S. Christian Albright (Author), Mark Broadie (Author)

Book Description

ISBN-10: 0534217745 | ISBN-13: 978-0534217747 | Publication Date: September 1997 | Edition: Bk&Disk

This best-seller is based on an award-winning management science course at Indiana University. Intended for undergraduate or MBA courses in management science or quantitative methods with a business statistics prerequisite, the authors' practical spreadsheet approach teaches students to model a wide variety of business problems. Taking full advantage of Excel, Solver, and the add-in enhancements that come with the text, Practical Management Science:
-- Focuses on teaching modeling by introducing the entire modeling process in each text example, including insights that require students to think about the solution
-- Integrates real-world applications from finance and marketing in addition to operations management (Applications include hedging, pricing options, market share analyses, and many more.)
-- Emphasizes building Excel spreadsheet skills that students can take with them into the workplace
-- Eliminates algorithms relying instead on spreadsheet modeling to formulate and solve problems
-- Includes software add-ins for Monte Carlo and queuing simulations (Insight by Sam Savage), decision trees (tree plan by Mike Middleton), and a solver upgrade (Frontline Systems)
-- Offers excellent case studies (developed by Mark Brodie and colleagues at Columbia University) in each chapter.

Product Details

• Hardcover: 796 pages
• Publisher: Duxbury Pr; Bk&Disk edition (September 1997)
• Language: English
• ISBN-10: 0534217745
• ISBN-13: 978-0534217747
• Product Dimensions: 10.1 x 8.2 x 1.4 inches
• Shipping Weight: 3.5 pounds
• Average Customer Review: 4.5 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #2,701,335 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

45 of 47 people found the following review helpful:

5.0 out of 5 stars This text is without peer in MS but has wider applicability., September 10, 1998

By 

noonesbusiness (NY/CT/FL) - See all my reviews

This review is from: Practical Management Science: Spreadsheet Modeling and Applications (Hardcover)

Unlike most textbooks on OR/MS, Winston and Albright's Practical Management Science's has, at least, three clear possible roles -- each performed superbly. 1. As a self-study text for someone learning / relearning management science in a spreadsheet environment. 2. As a management science student's self-help resource to decipher whatever cryptic text happens to have been required for a course. 3. As a conventional textbook to be chosen by an academic for classroom use.

1. As a self-study text for someone learning / relearning management science in a spreadsheet environment, you'll find PMSc written with obvious and utter mastery of the subject matter, that's commendable but hardly unique. What is unique are the clarity of the presentation and the lucidity of the abundant examples running throughout. In addition, there is thoroughness in the treatment which effectively anticipates virtually any and all sources of confusion which a student of any stripe might suffer. It is, in my view, wholly autodidactic. There is a subset of this type of user: the individual with a job-specific task which defies current familiarity / skill-level. No sweat! Use the inside-the-front cover material as a functional area task locator to identify "look-alike" situations and then proceed to master all which is required by back-tracing the example to similar situations encapsulated within the many interspersed problems -- for each of which there is a complete Excel solution format.

2. As a management science student's self-help resource with which to cope and to decipher whatever cryptic text was assigned for the course. If you find yourself in this far too common dilemma, take heart, help is well and truly at hand. Skim the TOC, find the relevant chapter and enjoy basking in your fast-welling, new-found competence. PMSc will provide ample basis for warranting a celebration at the local "pub" -- or whatever passes for same in your locale.

3. "As a conventional textbook to be chosen by an academic for classroom use" was the category into which I "fell." To my dismay, I recently found myself assigned, on extremely short notice, to teach a comprehensive course on MS/OR. I found our standard two-volume text decidedly off-putting and could only conclude that my students would likely as well. As my background includes accounting, finance, and computer systems, I knew that I wanted a spreadsheet-based textbook for the course. As at most schools, MS is under fire for "relevance" and "accessibility," compounded here through the "mix" of students for my various sections: MBA, EMBA, and MS/MOT (latter all engineering degreed).

Suffice it to say that the classes proved complete successes: the students petitioned the Dean to have an advanced management science course added to the curriculum which I'm teaching this (fall '98) semester. In addition to covering the chapters / chapter sections omitted from the "introductory" course, we're using PMSc as the primary text with Bodily, Carraway, et al's excellent QBA case book for facilitating the integration of MS with finance, marketing, operations, and strategy.

As a sidebar: Most of my MBA students were from one of our "dedicated" MBA programs. These manager / students have apparently provided many of their subordinates with copies of PMSc. Their experience had regularly been that they were using on Monday the material I had "taught" them on Saturday.

As if this weren't enough praise, I'm using PMSc as a supplemental text in my finance courses because of its lucid and extensive coverage of @RISK and for the extensive finance material provided. This is proving extremely popular with my students.

As you might infer, I think that PMSc is without peer as the best and most effective text for learning how to actually perform REAL management science without tears or undue ancillary learning. I've yet to have a student who was not wildly enthusiastic about PMSc (that's not hyperbole) -- when's the last time you've had THAT experience?

I'd be happy to hear from anyone buying this text -- I really WANT to hear from anyone buying this text who is less than completely satisfied.

18 of 20 people found the following review helpful:

5.0 out of 5 stars This book is the best of the bunch, January 26, 1999

By 

[e-mail] (San Juan, Puerto Rico) - See all my reviews

This review is from: Practical Management Science: Spreadsheet Modeling and Applications (Hardcover)

I began using this book when I was a part time lecturer while working on my Ph.D. Now that I'm an Assistant Professor I get a chance to review most of the new books that deal with OR/MS. It is surprising that none of those can even come close to the quality of this book. What I enjoy most about it is the amazing clarity with which it explains concepts that would usually force students to run to the hills. In addition, its extensive use of spreadsheets helps the teacher to present the material in a more practical way. Without reservation I recommend it to anyone teaching an OR/MS course at an undergraduate (or even MBA) level.

6 of 8 people found the following review helpful:

5.0 out of 5 stars Very practical and useful, February 18, 1998

By A Customer

This review is from: Practical Management Science: Spreadsheet Modeling and Applications (Hardcover)

This is among one of best text books I've come across in my undergraduate and graduate school learnings. The text is filled to the brim with real-world application of MS as well as helping you exercise dormant analytical skillsets. This text help shed light on how many companies are able to realize dramatic operating improvements through management science optimization techniques. Personally, I think the book is worth 2-3 times the selling price.