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Simulation Modeling Using Risk (Business Statistics) download epub

by Wayne L. Winston

Epub Book: 1396 kb. | Fb2 Book: 1463 kb.

Wayne L. Winston is Professor Emeritus of Decision Sciences at the Kelley School of Business at Indiana University and is now a. .

Wayne L. Winston is Professor Emeritus of Decision Sciences at the Kelley School of Business at Indiana University and is now a Professor of Decision and Information Sciences at the Bauer College at the University of Houston. He has won more than 45 teaching awards and is a six-time recipient of the school-wide MBA award. His current interest focuses on showing how to use spreadsheet models to solve business problems in all disciplines, particularly in finance, sports, and marketing. This book goes over, in many chapters, a little bit on practically everything you can use for. Many possibilities for the program that I hadn't considered, were covered by Winston.

Simulation Modeling Using book.

Wayne Winston (Winstonana. Preface xv. ᭿ About the Author. Wayne L. Winston is Professor of Operations and Decision Technologies in the Kelley School of Business at Indiana University, where he has taught since 1975. Wayne received his . degree in mathematics from MIT and his P.

Wayne Leslie Winston (born February 14, 1950 in New Jersey) is an American academic who serves as Professor Emeritus of Decision and Information Systems at the Kelley School of Business at Indiana University.

Simulation Modeling Using Risk by Wayne Winston is ready for immediate shipment to any location. This is a brand new book at a great price. Author Wayne Winston. Publication Year 2000. Publisher Cengage Learning.

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Comments: (7)

During my graduate finance studies at Thunderbird in Phoenix I discovered @Risk in my classes. The program itself is amazingly useful for many tasks in business like forecasting, production scheduling, finance, and many more.

This book goes over, in many chapters, a little bit on practically everything you can use @Risk for. Many possibilities for the program that I hadn't considered, were covered by Winston.

The main issues I had with the book were its very general nature. The author doesn't focus in on any one area, but tries to cover everything. In that sense, as a graduate MBA student, the book is ideal. Since an MBA student would be expected to cover many different areas in a business, a generalist book like this one is best.

But if you're already working and have an immediate work-related need for @Risk then this book will quickly exhaust its usefulness. Many things that you can afford to not really know tons about in simulation modeling in a school environment can quickly lose you your job if you implement them at work without more knowledge than this book provides. The best example is this is the dependency of variables to one another. i.e. is one variable going to be higher or lower depending on the value of another variable, and how close is that relationship. This is a huge factor in real life simulation modeling, but is kind of glossed over in the book.

So, my recommendation for business students is go for it. @risk and the entire decision tools suite was a huge help in my coursework, but if you're a business person who wants to add simulation modeling to your forecasting, production, or anything else than you need to find other resources beyond this book before you actually implement any @risk forecasts to your business planning.
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.
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.
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
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.
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 ...
Simulation Modeling Using Risk (Business Statistics) download epub
Author: Wayne L. Winston
ISBN: 0534264905
Category: Science & Math
Subcategory: Mathematics
Language: English
Publisher: Wadsworth Pub Co; Teachers Guide edition (August 1, 1995)
Pages: 200 pages