Customer Reviews

Spreadsheet Modeling and Decision Analysis

5 star:		(10)
4 star:		(5)
3 star:		(2)
2 star:		(2)
1 star:		(1)

 

 

Since Lotus 1-2-3 burst onto the scene almost thirty years ago, spreadsheet software has been a vital tool in aiding business decision-making. There are many books offering instruction in learning to use a spreadsheet. Some books promise to teach business processes but end up delivering a course on basic spreadsheeting with only a passing nod to the business processes the student was expecting to learn.

This fine book actually delivers the goods. First and foremost, it is a solid text on decision analysis in business management. It teaches the student on how to model optimization problems and solve them using linear programming. It covers sensitivity analysis and the simplex method, network modeling, integer linear programming, goal programming and multiple objective optimization, non-linear programming and evolutionary optimization, regression analysis, discriminant analysis, time series forecasting, introduces simulation, queuing theory, project management, and concludes with a chapter devoted to decision analysis. This final chapter covers both probabilistic and non-probabilistic methods, the expected value of imperfect information, decision trees, analyzing risk in a decision tree, computing conditional probabilities, and finally, utility theory.

What is wonderfully useful about this book is that it teaches these important principles of business decision making by turning them into practical tools using Excel spreadsheets. It not only shows the reader (student) how to build the spreadsheet, it also does the important task of teaching the WHY of the tool, not just the how.

It is clearly written, is laid out logically, and comes across as supportive of the student trying to learn this material.

Included in this book are 2 CDs. Included are: an advanced Solver, a 140 day trial of the Crystal Ball software, which will limit your use of it to the term you first study the material, but won't be of use to you unless you buy the software. The same goes for the 120-day trial of Microsoft Project. It is great to be introduced to these tools, but once you have invested time learning them, you will need to make other investments to keep using them. This is OK with me; I just think you ought to know that up front.

I think this is a fine text and could be the foundation of a very useful course.

Yes, this book is expensive. Yes, the subject matter is rather dry. But if you don't expect dry subject matter, what are you doing in graduate school?

I have no natural talent in analysis, especially when that analysis involves mathematics. This book, while not making it particularly easy for me to understand modeling and decision analysis, certainly eased the process of learning to understand it. Ragsdale's writing style is direct and to-the-point. I had the additional advantage of taking this class from Dr. Ragsdale. His style of lecturing carries over to his style of writing. Each sentence logically follows the other, so the student doesn't easily drift or get lost.

Is this textbook an easy read? Not particularly. But it is for a graduate-level class, so easy reading should not be expected. Does this book promote understanding and learning? Absolutely.

This book is way too overpriced for what it actually provides. For this price, I think it is reasonable to ask for problem solutions at the end of the chapter/book (if not the entire solution explanation, at least the final result). Another alternative would be to give access to odd or even problem solutions on the Internet. Now that I am done with my class I am going to resell it asap. This book is useless.

This book was a textbook for the required 1st year MBA operations research class at Berkeley. I waived the class, but bought the book anyway and still occasionally refer to it as needed. Ragsdale does an excellent job explaining how to setup and solve operations research problems in MS Excel.

This book is designated as the textbook for our master's level management modeling class. The author concerntrated on the application of Microsoft Solver to solve various of optimazation problems that we freqently faced in the real business opreations. Overall, this is good book for entry-level management modeling study.

I really resented having to pay $200 for a textbook, but I must admit that the material is very useful and interesting. Some people in my class are using the previous edition (much cheaper) and they report very little difference from the new edition. The book is very well written - not nearly as dry as one would expect from the title. The author makes extensive use of hypothetical cases, which are relevant and easy to understand.

Ragsdale really makes spreadsheet modeling accessible to real-world business situations. It was a great asset to my MBA coursework. As a student, it came with a free student version of @RISK risk analysis software as well.

Like other reviewers have noted, effective textbooks offer limited check figures to allow students the capability of checking their work. You will not find check figures in this text.

This book does what it sets out to do: teach spreadsheet modeling. I'm only on the third chapter, but the author does a good job including step by step instructions on how to create winning models. The author is also very easy to understand. So if you're going to be doing optimization and modeling in your work, I highly recommend this book.

Excellent book; I am considering it as a textbook for a Managerial Sciences course. The examples are clear and real increasing the interest of the students.