Introduction to Simulation and Risk Analysis (2nd Edition) (Hardcover)

~ (Author), David L. Olson (Author), (Author)

Editorial Reviews

Product Description

Soundly structured and highly practical, this informative guide introduces users to the concepts, methodologies, and applications of simulation in business, using easy-to-apply Microsoft Excel spreadsheets as the principal means to illustrate simulation modeling concepts, computational issues, and analysis of results. Uses spreadsheets throughout to convey quantitative methodologies in a language readers can most easily understand, and allows them to address the elementary concepts of both risk analysis and systems simulation approaches in a common framework. Fully covers all basic concepts of simulation (i.e., the nature of simulation models, systems (time/event driven) simulation, techniques for implementing simple simulation models on Excel spreadsheets, statistical concepts and methods important in simulation analysis, and more. Offers an in-depth study of risk analysis using the Excel add-in Crystal Ball as a practical method for Monte Carlo simulation. Presents a detailed analysis of systems simulation including discussions on the fundamentals of simulating inventory and queueing systems and event-driven simulation. Provides SkillBuilder exercises for practicing and developing spreadsheet and software applications skills, as well as Simulation in Practice cases and numerous examples and illustrations of simulation models throughout. For business administrators, industrial engineers, and related professionals who want to learn about simulation and risk analysis.

From the Back Cover

Soundly structured and highly practical, this informative guide introduces users to the concepts, methodologies, and applications of simulation in business, using easy-to-apply Microsoft Excel spreadsheets as the principal means to illustrate simulation modeling concepts, computational issues, and analysis of results. Uses spreadsheets throughout to convey quantitative methodologies in a language readers can most easily understand, and allows them to address the elementary concepts of both risk analysis and systems simulation approaches in a common framework. Fully covers all basic concepts of simulation (i.e., the nature of simulation models, systems (time/event driven) simulation, techniques for implementing simple simulation models on Excel spreadsheets, statistical concepts and methods important in simulation analysis, and more. Offers an in-depth study of risk analysis using the Excel add-in Crystal Ball as a practical method for Monte Carlo simulation. Presents a detailed analysis of systems simulation including discussions on the fundamentals of simulating inventory and queueing systems and event-driven simulation. Provides SkillBuilder exercises for practicing and developing spreadsheet and software applications skills, as well as Simulation in Practice cases and numerous examples and illustrations of simulation models throughout. For business administrators, industrial engineers, and related professionals who want to learn about simulation and risk analysis.

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Product Details

• Hardcover: 392 pages
• Publisher: Prentice Hall; 2 edition (July 3, 2001)
• Language: English
• ISBN-10: 0130329282
• ISBN-13: 978-0130329288
• Product Dimensions: 10.2 x 8.1 x 1 inches
• Shipping Weight: 2.1 pounds
• Average Customer Review: 4.0 out of 5 stars  See all reviews (3 customer reviews)
• Amazon.com Sales Rank: #1,409,036 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

17 of 19 people found the following review helpful:

4.0 out of 5 stars Risk Analysis made easy, July 7, 2000

By	Matt (Sydney) - See all my reviews

This review is from: Introduction to Simulation and Risk Analysis (Hardcover)

I bought the book two years ago to get up to speed with risk analysis. I'll now buy it again because I had to leave the last copy with my former employer. The book is very well written, clear and concise with good worked examples so that even a non-mathematically-inclined person and statistics novice will readily grasp the basic concepts and be able to use the enclosed software CD. Very good! My one only gripe is that the demo software included with the book is limited to a "student" level of performance, but I guess if you get heavily into it it'll be worth to pay the extra to get the full version of the Excel add-on which runs the calculations.

7 of 8 people found the following review helpful:

3.0 out of 5 stars For lack of a better alternative......, May 8, 2002

By	Brian (MO, USA) - See all my reviews

This review is from: Introduction to Simulation and Risk Analysis (Hardcover)

I used this book for a graduate school class and wasn't impressed. The book is poorly written and the questions at the ends of the chapters have too many errors. Learning to use simulation modeling requires hands-on activities and when those activities are poorly conceived, or simply incorrect, it seriously inhibits the learning process. Personally, I'd rather have typos in the main text of the book than unaswerable questions at the end of chapters.

However, the book does provide an introduction to a broad range of areas in which simulation modeling can be used and for lack of a better alternative, I won't give it a lower score. Most of the problems I found with this book could be fixed by using a better editor.

3 of 5 people found the following review helpful:

5.0 out of 5 stars The better way to learn Risk assessment, September 16, 2001

By	Sarawoot Chittratanawat (Bangkok, THAILAND) - See all my reviews

This review is from: Introduction to Simulation and Risk Analysis (Hardcover)

I have this book for sometimes for my research area is simulation. Now I need to seriously study the Risk analysis for the ERP implementation for the real-business and I found this book is quite useful. Comparing to the Risk management book, this book gives you more quantitative analysis using simulation approach. Hence, this book will guide you for more tangible subject rather than intangible subject.
I agree with other reviewer for the "student version" of the software, come with this book. It would be great if the authors provide the "bigger" size than student level for better analysis the bigger system :) I wish the authors read my note here :)