Customer Reviews

Simulation Modeling Using @RISK: Updated for Version 4

5 star:		(2)
4 star:		(2)
3 star:		(0)
2 star:		(3)
1 star:		(1)

 

 

There are only two reasons that I can think of as to why a person might want to buy this book: either they want to learn about simulation modelling or they want to learn how to use @Risk. Regardless of which category you fall into, buying this book is not the best course of action.

Although, if you read this book, you would undoubtedly learn something about simulation modelling, there are better books to teach you about simulation. Winston presents very little of the theory behind simulation in this book and instead focuses on teaching through examples. I don't have a problem with the use of examples in text books, I think examples are essential, but unless the theory used in those examples is also presented, it can be difficult to apply that theory to other problems that may differ from the examples. For those of you looking for a good introductory text on simulation, try "Simulation" by Sheldon M. Ross instead.

On the other hand, if you are only interested in learning how to use the @Risk computer package, then you don't need this book. Admittedly, Winston does do a reasonable job of introducing readers to the basics of @Risk, but if you have this program on your computer, then you will already have access to the built in tutorial video and the 511 page manual, which are a lot more detailed. When I learnt @Risk, I found that the easiest way to learn this program was to work through the tutorial video, stopping after each action was demonstrated and repeating it myself. Taking that approach, I learnt this program in under 3 hours. Whenever I need additional help, I just look at the instruction manual. I have barely touched Winston's book since buying it.

Note that @Risk is NOT a free-ware program. It is an add-on program for Microsoft Excel that must be purchased separately. It is an excellent program, which I highly recommend, but it is also quite pricey. This book includes a CD that contains a 30 day trial version of @Risk version 4.0 (the latest version of @Risk, at the time of writing this, is version 5.0), but if you wish to use this program after the 30 day period expires, then you are going to have to pay a lot. This book does not give instruction on simulation using any other computer packages.

Readers should note that until 11/2000 Simulation Modeling Using @RISK was shipped with an older version of the @RISK software. Customer reviews that reference software problems are all reviews of this older edition of the book. The current edition ships with @RISK 4.0; software that supports all newer versions of Excel and Windows. The text has been entirely updated to reflect this newest version of @RISK.

I rated this book earlier as "a reader from Spokane Wa.". I wish to append the earlier statement, and add that you can get current a demo version of @Risk software from Palisade that is outstanding. I was so impressed that I purchased @Risk 4.0 from them, and subsequently ordered a number of other books by Wayne Winston, as well. I think that it would be only fair to retract most of my earlier statement. I understand that they are intending to soon publish a 2nd release of the book with updated software.

A one of a kind book that introduces simulation with spreadsheets and shows models of different disciplines. Makes the use of spreadsheet simulation easy and applicable to many every-day business problems. Clear and easy to read, and to follow the examples in Excel or Lotus.

Keep an eye on Winston. If he continues publishing as he has with his last two books, he will clearly be one of those unique and very few academic leaders that transcend the large void between theoretical teaching and practical, real world, business applications. He will be in demand.

Well done

This book is a nightmare.

Seriously. First of all, the @Risk 4.0 software which comes with the book is incompatible with Microsoft Office 2007, I tried installing it for ages only to find out from my professor that there is a link a patch which you will need to get it up and running. I myself had made calls to Palisade asking for more information but was told that there is not voice call support for this student version, luckly, we had contacts at Palisade and was able to get the link for the patch.

Secondly, the book itself is very vague. For the first couple of chapters, it might seem like a good book, but in the later chapters, it is 1) impossible to do some of the questions as the variables have not been defined 2) impossible to do the questions because the book doesn't actually tell you what to do, they give VERY basic examples which have no link to the question content.

The good things about this book is that it is small and lightweight, unlike other textbooks - that's about it

This may be a very good book on the subject. But the two disks containing the demonstrations are not compitable with Window 97. You have to have @Risk on your computer to learn. Go for his Financial Modeling ...

While the written material was of the expected quality, I never could get the associated software to install. Since, to me, this was half the value of the purchase price, I am deeply disappointed. The customer support was as badly developed as the four year old Install program, which, incidently, does not come with Install Shield. Not very professional in my mind. If you buy this book, and intend to run the software, good luck to you! Even with the poor support of Palisade Software, I could not get it to load onto my Thinkpad under Win95- and I've been writing code since 1984.

The book covers a hot topic, but since the software does not load it's a waste of time. The book should supplement the software for risk anaysis, but with no software this book is a complete waste of money and should not be on the market.