Introduction to Management Science, 2e offers a unique case study approach and integrates the use of Excel. Each chapter includes a case study that is meant to show the students a real and interesting application of the topics addressed in that chapter. This most recent revision has been thoroughly updated to be more “user-friendly” and more technologically advanced. These changes include, a completely new chapter on the art of modeling with spreadsheets. This unique chapter goes far beyond anything found in other textbooks and are based on the award winning methodologies used by Mark Hillier in his own course. The technology package has also been greatly enhanced to include, Crystal Ball 2000 (Professional Edition) a Management Science Online Learning Center, and an Excel add-in called Alver Table for performing sensitivity analysis. Crystal Ball is the most popular Excel add-in for computer simulation and includes OptQuest (an optimizer with simulation) as well as a forecasting module. The Management Science Online Learning Center (website) includes several modules that enable students to interactively explore certain management science techniques in depth. Solver Table is an Excel add-in developed by the author to help perform sensitivity analysis systematically, as well as substantially expanded coverage of computer simulation, including Crystal Ball. We now have two chapters on computer simulation instead of one, where the second chapter features the use of Crystal Ball.all.
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New Material on Premium Solver's evolutionary solver: A new section in Chapter 8 (section 8.4, immediately after material on Non-linear programming) has been added explaining the use of Premium Solver's evolutionary solver. (Premium Solver is an optimization add-in for Microsoft Excel that solves difficult non-linear problems and finds the best way to allocate scarce resources.) Premium Solver is widely used in industry and this new coverage will equip students with the skills necessary to be successful in their career.
Greater emphasis on good spreadsheet modeling practices: A new section at the end of Chapter two delineates and displays how to develop models using spreadsheets. Many of the spreadsheets from the first edition have been revised.
New Material on Premium Solver's evolutionary solver: A new section in Chapter 8 (section 8.4, immediately after material on Non-linear programming) has been added explaining the use of Premium Solver's evolutionary solver. (Premium Solver is an optimization add-in for Microsoft Excel that solves difficult nonlinear problems and finds the best way to allocate scarce resources.) Premium Solver is widely used in industry and this new coverage will equip students with the skills necessary to be successful in their career.
Greater emphasis on good spreadsheet modeling practices: A new section at the end of Chapter two delineates and displays how to develop models using spreadsheets. Many of the spreadsheets from the first edition have been revised. The modern approach to teaching management science is to emphasize spreadsheet modeling. We have now added an entire chapter on (not just a section) the art of spreadsheet modeling. This unique chapter goes far beyond anything found in other textbooks in reflecting the current state of the art in modeling with spreadsheets. It covers topics such as how to get started setting up a spreadsheet model, common stumbling blocks and how to get past them, how to create spreadsheets that are easy to read, modify, and debug, tips and tools for testing and debugging spreadsheets, good uses for range names, shading, etc. This approach provides a more modern and effective study of modeling for students.
New Two-Color design: To be competitive with the leading books on the market, Hillier and Hillier will include a new two-color interior design.
Extended coverage of simulation: A second chapter on simulation has been added, reflecting the increased interest in this topic. This new chapter, as well as the other chapter on simulation retained from the First Edition, will be based on Crystal Ball, including OptQuest. References to @At Risk will be eliminated from the new edition. A new case will be added to this new chapter. The new case will cover using simulation to evaluate a potential business venture.
Inventory coverage will be shortened and consolidated: The coverage of the basic principles of inventory management will be consolidated into one chapter. More advanced or specialized topics of inventory management, currently found in the textbook, will appear as an 'enrichment module' on the student CD-ROM. Moreover, in the interest of greater clarity, the treatment of inventory shortage costs has been changed to eliminate the per unit time feature.
New material on preemptive goal programming: A new section has been added on preemptive goal programming. Goal programming is used for problems that have many objectives or goals to be satisfied. Preemptive goal programming is a useful strategy when there is a clear hierarchy of goals (most important, secondary importance, least important, etc.)
New treatment of Distribution-Network problems: Section 3.4 in Chapter 3 has been thoroughly revised in order to shift from a tabular formulation to a better, more useful kind of spreadsheet modeling formation. This represents a shift from "old fashioned" modeling (trying to fit problems into tabular formats) to a more "state-of-the-art" spreadsheet modeling approach.
New Pedagogy: An abundance of new pedagogy has been added to the Second Edition to make the text more user-friendly such as:
Crystal Ball replaces @Risk on the student CD ROM.
Margin notes have been added to clarify difficult topics
Solved problems now appear at the ends of selected chapters
Learning Objectives' now appear at the beginning of each chapter.
'How to' instructions for using Excel spreadsheets now appear for template applications
'Mini-cases' added in addition to full-blown cases, providing a simpler alternative for students.
More 'self-contained' problems at the ends of chapters
A Modeling Approach: The entire book revolves around modeling as an aid to managerial decision making. Rather than spending substantial time on algorithms, the mechanics of procedures, or the manipulation of spreadsheets, the focus is on the art of model formulation, the role of a model, and the analysis of model results. A wide-range of model types is considered.
A Case Studies Approach: Many of the chapters feature at least one case study that introduces and illustrates the application of that chapter's techniques in a realistic setting. (In a few cases, the entire chapter revolves around a case study.) These cases also convey the whole process of a management science study, some of the pitfalls involved, and the complementary roles of the management science team and that manager responsible for the decisions to be made. The cases at the end of the chapters then enable the instructor to continue the case study process.
An Emphasis on Applications: An unusually heavy emphasis is placed on conveying the diversity of application areas for the various models and techniques. These application areas cut across the spectrum of the functional areas of business that the students are studying in their other courses
Full Integration of Management Science Success Stories: Many of the other MS books now include vignettes of management science success stories in boxes separated form the text. Rather than setting them apart as interesting curiosities, this book fully integrates them into the text to illustrate certain types of applications in realistic settings.
Further Descriptions of What is Happening In Practice: In addition to these success stories, attention is given to the status of the practice of management science in general. What size of problems is being solved? Which models and techniques are being used most widely? What are their shortcomings and what new developments are beginning to address these shortcomings?
A Managerial Perspective: The students typically are future managers, so the focus is on teaching what an enlightened future manager needs to learn from a management science course rather than trying to train technical analysts.
Strong Motivation: Through all the above features that link the course to the reality of the student's future career would, strong evidence is provided about the relevance and power of management science.
Minimum Prerequisites: The book has been written with a typical business student's vocabulary, background, and attitudes very much in mind. Therefore, the book is directed at a student with little or no college mathematics who is both skeptical and apprehensive about a mathematical approach to decision making. All unnecessary mathematical symbolism and terminology has been eliminated. The only necessary prerequisites are algebra at a pre-calculus level and, for the later chapters, a brief introduction to probability theory. Some familiarity with spreadsheets also is preferable.
Review Questions At the End of Each Section: Several review questions at the end of each section help the student identify the key material from the section. The instructor also has the option of using the questions for homework, lecture material, and class discussion.
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Book Description McGraw-Hill Inc.,US, 1999. Paperback. Book Condition: Very Good. Sent within 24 hours. Expedited UK delivery available. Bookseller Inventory # BBI2002714