Spreadsheet Modeling & Decision Analysis: A Practical Introduction to Management Science (with Printed Access Card) Review

Spreadsheet Modeling and Decision Analysis: A Practical Introduction to Management Science (with Printed Access Card)
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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.

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SPREADSHEET MODELING AND DECISION ANALYSIS, Sixth Edition, provides instruction in the most commonly used management science techniques and shows how these tools can be implemented using Microsoft Office Excel 2010.

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College Algebra with Modeling and Visualization (4th Edition) Review

College Algebra with Modeling and Visualization (4th Edition)
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This book is the cat's ass. It was required for my online algebra course. This basically consisted of teaching yourself the material using only the book and then heading to the professor's office hours if you had any problems/questions. So I taught myself college algebra using only this book and I received an A for the course. I haven't used any other college algebra books so I have nothing to compare it to. But this book will definitely lay it all out for you and get you where you need to be. Highest recommendation!

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Gary Rockswold teaches algebra in context, answering the question, "Why am I learning this?" By experiencing math through applications, students see how it fits into their lives, and they become motivated to succeed. Rockswold's focus on conceptual understanding helps students make connections between the concepts and as a result, students see the bigger picture of math and are prepared for future courses. Introduction to Functions and Graphs; Linear Functions and Equations; Quadratic Functions and Equations; More Nonlinear Functions and Equations; Exponential and Logarithmic Functions; Trigonometric Functions; Trigonometric Identities and Equations; Further Topics in Trigonometry; Systems of Equations and Inequalities; Conic Sections; Further Topics in Algebra For all readers interested in college algebra.

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Financial Modeling Review

Financial Modeling
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Simon Benninga's 3rd Edition of Financial Modelling with Excel is the single most useful book for finance students and professionals ever published and continues to offer an outstanding reference and textbook for students and practitioners of applied finance.
For further information, please use the "Look Inside" feature and examine the Table of Contents carefully, because I will emphasize selected portions.
It is difficult to overstate how useful and practical and helpful this work is for a wide audience and Financial Modelling is the single finance book I recommend for everyone after they have taken (or read themselves) Introductory Finance.
For those looking for "one-stop-shopping" for models that resemble those of professional financial analysts then there is no better value than Benninga's FM3.
Benninga's FM3 is a coal-face work for those who must make financial decisions using models. There are further specialist texts in topics covered here (credit modelling, portfolio construction, option pricing), but the models in FM3 are the first advanced models applied to loans, bonds, options, and equity portfolios. Master these and then specialized texts are easier to digest.
"Cookbook" metaphors are too strong and do not do this work justice, for Financial Modelling 3rd (FM3) is not a mere collection of recipes but rather topical introduction, explanation, and then direct technique.
If we can make a comparison with a "cookbook" then FM3 falls somewhere between "The Joy of Cooking" and "Mastering the Art of French Cooking." "Joy" combines chapters on technique, ingredients, and tools with dense pages of endless recipes, whereas "Mastering" emphasises technique and a few well-selected recipes.
The welcome new chapters cover bank valuation, the Black-Litterman approach to portfolio optimization, and Monte Carlo methods and applications to option pricing, and the previous 2nd edition's small chapter on using array functions and formulas has been expanded. The chapter on data downloads from YAHOO is also welcome, especially for those on a budget.
There is a single significant flaw in the work, which is excusable and redeemable. Far too often the discounting in the chapters is done over a flat interest rate curve. While the term structure of interest rates is covered, and historical term structures and parallel shifts and steepening and flattening is covered in isolation in a thorough chapter and with wonderful data files, the necessity and explicit connection of discounting from an appropriate yield curve is left implied and only mentioned in a few exercises. I would have preferred a "round up" chapter where each of the subjects treated (bond discounting, portfolio expected returns, options, etc.) under a yield curve with advanced models. Sure BLOOMBERG and REUTERS have these sort of things (often incorrectly) programmed, but students need to learn explicitly about them and do the exercise themselves to comprehend the importance of curve discounting.
The CD attached in the back of the book is alone worth the price, with over two score of models that are practical and adaptable for students and professionals alike. The files are stored and separated according to chapters and subject matter. Each file has logical progression of the concepts advanced in the book, and each separate sheet either stands alone or appropriately links to data and models on other sheets, so editing for your own purposes is a breeze.
For those who want to train themselves in Finance (not "personal finance") then I suggest reading Copeland, Weston, & Shastri's Financial Theory and Corporate Policy (4th Edition) and Brealey, Myers, and Marcus's "Corporate Finance" and "Investments" followed by working through FM3. Such a course would give any self-disciplined person the equivalent of a Masters of Science in Finance.
Full disclosure: I am thanked in the "Acknowledgements" for providing a few helpful comments on the second edition.

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Too often, finance courses stop short of making a connection between textbook finance and the problems of real-world business. Financial Modeling bridges this gap between theory and practice by providing a nuts-and-bolts guide to solving common financial models with spreadsheets. Simon Benninga takes the reader step by step through each model, showing how it can be solved using Microsoft Excel. The long-awaited third edition of this standard text maintains the "cookbook" features and Excel dependence that have made the first and second editions so popular. It also offers significant new material, with new chapters covering such topics as bank valuation, the Black-Litterman approach to portfolio optimization, Monte Carlo methods and their applications to option pricing, and using array functions and formulas. Other chapters, including those on basic financial calculations, portfolio models, calculating the variance-covariance matrix, and generating random numbers, have been revised, with many offering substantially new and improved material.Other areas covered include financial statement modeling, leasing, standard portfolio problems, value at risk (VaR), real options, duration and immunization, and term structure modeling. Technical chapters treat such topics as data tables, matrices, the Gauss-Seidel method, and tips for using Excel. The last section of the text covers the Visual Basic for Applications (VBA) techniques needed for the book. The accompanying CD contains Excel worksheets and solutions to end-of-chapter exercises. Praise for the previous editions: "Benninga has a clear writing style and uses numerous illustrations, which make this book one of the best texts on using Excel for finance that I've seen." --Ed McCarthy, Ticker Magazine "The author describes this as a 'cookbook' and that is a good analogy...Its breadth is extensive, covering simple present valuing and cost of capital ...to the likes of real options and early exercise of American-style options...A worthwhile acquisition."--Paul Dentskevitch, Risk Magazine "Financial Modeling is highly-recommended to readers who are interested in an introduction to basic, traditional approaches to financial modeling and analysis, as well as to those who want to learn more about applying spreadsheet software to financial analysis." --Edward Weiss, Journal of Computational Intelligence in Finance "Financial Modeling belongs on the desk of every finance professional. Its no-nonsense, hands-on approach makes it an indispensable tool." --Hal R. Varian, Dean, School of Information Management and Systems, University of California, Berkeley "This is applied finance theory for the professional at its best. As a student, I and countless others learnt the intricacies of Lotus and financial theory from Professor Benninga's first book--Numerical Techniques in Finance. Now, as a professional, I do not have to 're-invent the wheel' in Excel. An invaluable guide. A must for all financial analysts." --Vikas Nath, Global Strategist, Emerging Equity Markets, Union Bank of Switzerland, London

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Modeling, Functions, and Graphs: Algebra for College Students (with iLrn(TM) Printed Access Card) Review

Modeling, Functions, and Graphs: Algebra for College Students (with iLrn(TM) Printed Access Card)
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Dear Average Reader,
Math is my best subject, but it might as well be my worst because this is absolutely the worst text book I've ever seen. If I could meet the authors, Mr. and Mrs. Yoshiwara, I would ask them why they believe the best way for a student to learn college algebra is by providing him with an 8.5-by-10.5-inch hardcover text at 2 inches thick containing almost 1000 pages and a CD ROM, an 8.5-by-11-inch softcover "work book" an inch thich with 350 pages, and an 10-by-8-inch softcover "solution manual" another inch thick with 425 pages.
I deduce from these books that college algebra must be the most complicated thing to learn in the history of mankind. In fact, I actually shudder before these books. The reason I shudder is not because I believe algebra must be this difficult, but because I can't think of a worse undertaking than what I'll witness inside these pages.
Forget the $115 + $45 + sales tax price (as of Fall 2006). First, no person in a college program could possibly have enough time in his semester to completely read these books. I seriously doubt anyone would ever attempt, or could be able, to read these books in his entire life. This assessment comes from just the threat of the sheer size of so many pages, and a CD ROM.
Second, the book is merely acceptable at best. For instance, the first question of the first excercise asks how many weeks are between week 5 and week 9? Five, of course. I'll count them: week 5, week 6, week 7, week 8, and week 9. My math teacher insisted I was wrong, but that's not my point: why would anyone publish a textbook so reckless that the answer of its questions must be assumed in definition?
Let me explain. I suggest to my friend we could go get some lunch together. He says he didn't bring much money. So, I take the change out of my pocket and hold it in my hand. Then, I instruct my friend to do the same. I count my money, and he counts his. We add them together and we get our answer. We have just 95 cents BETWEEN the two of us.
Here's another one. There are five people sitting between me and that actor from television. I wasn't counting him, nor me. Following this interpretation means there are three weeks between weeks 5 and 9. That is because weeks 6, 7, and 8 are between weeks 5 and 9: three weeks. Logically, one should not assume an interpretation without facts.
Here's a question similar to one from the book which my class studied. I go to the grocery store for cola. A 2-liter of cola costs $1.70. A 3-liter of cola costs $2.25. Therefore, the 2-liter is 85 cents per liter, and the 3-liter is 75 cents per liter. Because the price of the 3-liter is a better bargain, I go to the cashier. I pay 75 cents and leave. Since it's impossible for anyone to buy one liter from a 3-liter, I know this math doesn't account for the view of who's doing the shopping.
Here's a math problem not in the Yoshiwara text. A doctor once asked the mathematician and philosopher Bertrand Russell a question. He asked, "Where does it hurt?" Russell says, "In my mind." This book will be doing that, too.
Here's a math question from the book. What is the cost of 10 feet of fabric at $5.79 per yard? It's an easy question to answer: $19.30. But, this same question in the book, Excercise A.1, number 5, reads exactly like this:
Question 5. Dress fabric is sold (from bolts with a standard width) for $5.79 per yard.
a. Write an expression for the nubmer of yards of fabric in terms of the number of feet of the fabric. (There are 3 feet in a yard.)
b. Write an expression for the cost of the fabric in terms of the number of feet.
c. Find the cost of 10 feet of fabric.
Let me give you MY VERSION of this question a second time.
Question 5. "What is the cost of 10 feet of fabric at $5.79 per yard?"
Notice the simplicity of my version of their question?
First, what does it want to know when it wants something "in terms" of something else? What is this? What are terms? Every math problem will result in writing a term. Factually, it's impossible to do any math class homework without writing a term. This wording has no logic.
Second, why does the book have to tell me to "write an expression?" I always write expressions for all math homework. I cannot solve the problem without forming an expression. Does it ask me to write the expression I form? Well, my college professor told me to do that anyway. He called it, "Homework." All math teachers want students to write the expression they think. How else do students perform homework: writing it really is the only way! This book is full of trite statements!
Third, all the questions in the book ask questions with the same confusion I mention. They have traded in the normal style of algebra text book homework where the question is posed as a question, and NOT posed as an instruction, telling me what to do. In the Yoshiwara book, all questions are formed as instructions; meaning, it has no questions in the book. Therefore, the main objective of the Yoshwara text is to force conformity upon students. The famous MENSA International, the intellectual exchange with IQ tests, forms questions with question marks ending their sentences. Their logic quizzes do not expect members to follow statements of instruction. Therefore, I can extrapolate: the Yoshiwara text uses no proper test of logic, nor does it use any logic in its test design.
I told a friend of mine I thought the Yoshiwara algebra text was excessive. He said, your teacher would know more than you about the qualifications of the textbook for his class. The statement is correct, but it unfortunately only accounts for one person's beliefs, and is inconsiderate to the students'. I scored highest in my last two math classes, but I know I don't know nothing, so I gently reminded him, although my teacher is a professional instructor, that I am a professional student who has to read the text. My friend suggested I study from an alternate algebra text, but I told him that action doesn't make much sense since I will have to complete problems from the Yoshiwara text for my instructor anyway. To form a pun, I figure I don't need more problems.
Math has always been my best subject, to which I have always done well. I had a higher grade score in my last two algebra courses than anyone else in my classes. But, since I have to study from Yoshiwaras' book, I'm thinking of suicide.
The Yoshiwara text is only in line with that new logic that says people are using their vision to learn, more than reading books to learn. My English teacher told me about that new logic. It's like being on crack, or watching MTV. At least, the book tries to adapt to what my English teacher calls the mind of an MTV generation. If this book follows that logic, it's because there's very little simplicity. It's a major undertaking. It's a barrage of math principle with a prerequisite of a master's degree. It was designed by math professors with total interest in math and a blatant disregard to life and logic. They didn't make it to learn math from it; they made it to look like it's the most complete text on algebra that ever existed, only in order to make its existence necessary, for no sane person would read it.
Judging from the text questions I read and the quantity of text, I bet the authors want to teach students to "pump out" math answers without having to think.
No one should ever be forced to study a math text larger than a New York City phone book.

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