Introduction to Time Series and Forecasting Review

Average Reviews:

(More customer reviews)Very good introductory book to ARMA models. Full of real-life examples that provide some intuitive insight about the issues that may arise when modelling time series and forecasting. Requires some initial knowledge in statistics and algebra but if you're involved in time series modelling, it should be your first book.

Click Here to see more reviews about: Introduction to Time Series and Forecasting

This is an introduction to time series that emphasizes methods and analysis of data sets. The logic and tools of model-building for stationary and non-stationary time series are developed and numerous exercises, many of which make use of the included computer package, provide the reader with ample opportunity to develop skills. Statisticians and students will learn the latest methods in time series and forecasting, along with modern computational models and algorithms.

Get 20% OFF

Click here for more information about Introduction to Time Series and Forecasting

Read More...

Balanced Sourcing: Cooperation and Competition in Supplier Relationships Review

Average Reviews:

(More customer reviews)Excellent reference on how to balance competition while still maintaining partnership status. Helps to explain how to take advantage of the entire scope of partnership relationships with suppliers while maintaining cost effectiveness.
SJL- VP National Association of Purchasing Management

Click Here to see more reviews about: Balanced Sourcing: Cooperation and Competition in Supplier Relationships

There's too much work to be done. Your organization can't handle the load. That's when you begin to consider outsourcing some of your business functions. But how can you choose the right suppliers and ensure maximum results? In this book, Laseter--of the world-renowned consulting firm Booz?Allen & Hamilton--shows companies how to address that challenge through the dynamic pursuit of balanced sourcing."This will be a super book to provide to new purchasing people and to reinvigorate experienced purchasing professionals. It was great to see many of the concepts with which we have experimented logically explained. I wholeheartedly endorse it."--Jean Mayer, executive director, manufacturing procurement operations, Ford Motor CompanyLaseter and Booz?Allen coined the term "balanced sourcing" to describe a model for ensuring competitive pricing from suppliers while simultaneously nurturing cooperative relationships. Drawing upon Booz?Allen's experiences with leading companies, Balanced Sourcing lays out the six organizational capabilities that make up the firm's field-tested strategy. Detailed case studies of four prominent corporations-Honda of America, Cisco Systems, SUPERVALU, and Florida Power & Light-show you the broad applicability of this model for companies in industries from manufacturing to services to high-tech."Too many 'best practice' guides present a one-size-fits-all solution, such as copying the so-called Japanese model of sole sourcing. In fact, the best Japanese companies do not treat all suppliers as sole-sourced partners and you should not either. Balanced Sourcing is full of practical tools and models that will help you think through appropriate strategies for each of your suppliers."-Dr. Jeffrey K. Liker, associate professor, industrial & operations engineering, and co-director, Japan Technology Management Program, University of MichiganGet real-life lessons from around the world on: **Creating sourcing strategies **Building and sustaining supplier relationships **Leveraging supplier innovation?and much more! Make the most of your outsourcing with this one-of-a-kind best practices guide!

Get 27% OFF

Click here for more information about Balanced Sourcing: Cooperation and Competition in Supplier Relationships

Read More...

Martingale Methods in Financial Modelling (Stochastic Modelling and Applied Probability) Review

Average Reviews:

(More customer reviews)I've been using this book on and off over the last year. At first I was very impressed with the level of detail in the mathematics, especially as it was the only book at the time focussing on risk-neutral methods and covering BGM. But I've become increasing disillusioned with it of late. It's difficult to explain, but although the whole book is written in traditional theorem-proof style, there are no real proofs! (I have a PhD in math and have done research for 10 years so I should know a little about proofs.) The only "proofs" provided are basically symbol shifting, but the heart of the math is strangely absent. This is especially strange given the Springer series in which it appears.
In short, if you want a catalogue of methods this book does the job, but if you want a deeper understanding try Lars Nielsens book.

Click Here to see more reviews about: Martingale Methods in Financial Modelling (Stochastic Modelling and Applied Probability)

A new edition of a successful, well-established book that provides the reader with a text focused on practical rather than theoretical aspects of financial modellingIncludes a new chapter devoted to volatility riskThe theme of stochastic volatility reappears systematically and has been revised fundamentally, presenting a much more detailed analyses of interest-rate models

Get 34% OFF

Click here for more information about Martingale Methods in Financial Modelling (Stochastic Modelling and Applied Probability)

Read More...

The Integrative Design Guide to Green Building: Redefining the Practice of Sustainability (Sustainable Design) Review

Average Reviews:

(More customer reviews)What an inspired, clear, and exciting guide to improving our design/construction processes. I am a third through the book but can't see myself beginning a new project without implementing what I have learned so far. Therefore, we have planned our first Goal Setting Workshop for a new project near the end of this month, and I am tasked with serving as a process facilitator and presenter of the Integrative Design Process/Systems Thinking Concept. I see great power in the many stories and pictures in your book.
Thank you for sharing your talents and passion, Michael

Click Here to see more reviews about: The Integrative Design Guide to Green Building: Redefining the Practice of Sustainability (Sustainable Design)

Get 29% OFF

Click here for more information about The Integrative Design Guide to Green Building: Redefining the Practice of Sustainability (Sustainable Design)

Read More...

Elements of Influence: The Art of Getting Others to Follow Your Lead Review

Average Reviews:

(More customer reviews)How can you best persuade potential donors to contribute money to a cause, convince the boss to give you a raise, compel people to vote for the candidate you favour, or get a teenager to keep her room clean? Terry Bacon aims to answer these kinds of everyday influence challenges in this book. Influence is part of nearly every communication and occurs in virtually every human interaction.
The author describes ten ethical influence techniques:
*Logical persuading - the most frequently used technique, but not always effective because nothing human beings do is entirely rational.
*Legitimizing - essentially involving appealing to authority, a technique which works only in situations where people respect authority.
*Exchanging - offering others something in exchange for what you want, a useful technique for those who do not have any other form of power.
*Stating - asserting your views or positions, the simplest way of trying to influence someone else.
*Socializing - building rapport and trust through interpersonal interactions, one of the most effective influencing techniques.
*Appealing to relationship - family and close friends are most likely to help when you need immediate assistance.
*Consulting - asking questions which might provoke insight and prompt change.
*Alliance building - providing social proof by demonstrating that others are in favour of a proposition or action.
*Appealing to values - an appeal to the heart rather than the head, inspiring people to action.
*Modelling - acting as a role model or teaching or coaching people, a technique used by people who are skilled at influencing others.
While I found the author's descriptions of the ethical influence techniques and those from the dark side (Avoiding, Manipulating, Intimidation and Threatening) useful, the process of reading the book was not as fluent as I would have liked. Most of the anecdotes which the author used were quite interesting, but some were rather abrupt and less relevant than others. The author indicates that most of his assertions are based on a survey which has been taken by more than 300,000 people from many different countries, but the assertion that "logical persuading" is the most common influence technique in every country in the world other than New Zealand where "socializing" is more important seems peculiar, and the material provided in the book and on the author's website are not sufficient to assess the validity of the results.

Click Here to see more reviews about: Elements of Influence: The Art of Getting Others to Follow Your Lead

About the book: We succeed in business and in life when we influence how others think, feel, and act: getting them to accept our point of view, follow our lead, join our cause, feel our excitement, or buy our products and services. The act of influencing is such a part of our daily lives that we often don't even realize when we (or others) are doing it. But to succeed, we need to know how influence works...and how to use it. Influencing effectively requires adaptability, perceptiveness, and insight into other people and cultures. Based on 20 years of research, "Elements of Influence" shows readers how to: understand why people allow themselves to be influenced and why they resist; choose the right approach for each situation; be influential when they have no formal authority; and, succeed in every kind of organization even in other countries. Filled with exercises and practical applications, this book shows how anyone can increase his or her influence to achieve greater success. About the Author: Terry R. Bacon (Durango, CO) is the founder of Lore International Institute, a widely respected executive development firm recently acquired by Korn/Ferry International.He is now the scholar in residence in that firm and is the author of many books including "Powerful Proposals" (9780814472323), "What People Want", and "The Elements of Power" (9780814415115).

Get 34% OFF

Click here for more information about Elements of Influence: The Art of Getting Others to Follow Your Lead

Read More...

Stats: Data and Models (2nd Edition) Review

Average Reviews:

(More customer reviews)I never thought that I would enjoy a math textbook. But this book is written to be really understandable, interesting and even funny! I am not a math person, but I found myself really enjoying Statistics, in large part because of this book. I definitely recommend it!

Click Here to see more reviews about: Stats: Data and Models (2nd Edition)

Key Message: Stats: Data and Models, Second Edition, carries on a conversation with readers, intriguing and challenging them to read the text and have fun learning statistics. Lauded by students and instructors alike for its readability and ease of comprehension, Stats: Data and Models, Second Edition, focuses on statistical thinking and data analysis, emphasizing how statistics helps us to understand our world. The text incorporates compelling examples derived from the authors' wealth of consulting experience and encourages readers to learn how to reason with data.Key Topics: Exploring and Understanding Data, Exploring Relationships between Variables, Gathering Data, Randomness and Probability, From The Data at Hand to the World at Large, Learning About the World, Modeling the WorldMarket: For all readers interested in statistics.

Click here for more information about Stats: Data and Models (2nd Edition)

Read More...

Contemporary Behavior Therapy Review

Average Reviews:

(More customer reviews)Contemporary Behavior Therapy by Michael D. Spiegler and Dave C. Guevremont is a thorough overview of one of the most effective therapies known to modern psychology. It is a very well written, well organized, and easy to understand book. It breaks down and clearly demarcates all concepts related to the theoretical constructs defining this ever-important behavioral paradigm. This book is also an excellent read for anyone desiring to learn more about the cutting edge concepts operating in modern psychology today. If you are a serious student of psychology, you will not want to sell this one back.

Click Here to see more reviews about: Contemporary Behavior Therapy

This respected up-to-date survey of contemporary behavior therapy synthesizes the clinical, research, theoretical, and ethical facets of behavior therapy. It is simultaneously an introduction for beginning students and a scholarly review and resource for advanced students. The book is comprehensive, covering all the major behavioral and cognitive therapies. The wealth of case studies illustrate the application of behavior therapy techniques to a wide array of problems and clinical populations. The text's multidisciplinary approach includes applications to diverse fields, including psychology, education, social work, nursing, and rehabilitation.

Get 31% OFF

Click here for more information about Contemporary Behavior Therapy

Read More...

Active Credit Portfolio Management in Practice (Wiley Finance) Review

Average Reviews:

(More customer reviews)Bohn and Stein are two of the great innovators in quantitative credit risk, who translated theory into commercial implementation and introduced many of the measurement and validation methods currently used in practice today. This book draws from the wealth of their experience and knowledge and is a masterful overview of single obligor default probability models (structural, econometric, reduced form), model validation, and portfolio models.
Importantly, Bohn and Stein's book possesses something many simply technical works on quantitative credit modeling lack: a point of view. Throughout the book, the authors offer opinions, insights, critiques, and even humor on credit modeling issues. The authors' frankness about just how much judgment goes into the credit risk modeling process is refreshing. Bohn and Stein also offer advice on issues that are not treated in typical credit risk books, such as how to effectively manage a credit research team and practical risk management in a bank.
For those looking for extensive mathematical treatments/proofs of credit risk models, look elsewhere. This is not to say that the book is light on the mathematical details, however. The book contains only the mathematics necessary (which is not inconsequential) for the technical exposition, no more. The book is very readable, and I view its economy as one of the book's strengths rather than a drawback.
This is a book to which I often refer and I cannot recommend it highly enough. A quant's library is incomplete without it.

Click Here to see more reviews about: Active Credit Portfolio Management in Practice (Wiley Finance)

Get 41% OFF

Click here for more information about Active Credit Portfolio Management in Practice (Wiley Finance)

Read More...

Principles of Finance with Excel: Includes CD Review

Average Reviews:

(More customer reviews)As a university teacher of strategic corporate finance and optimal investment, I have watched the financial industry analytics transcend hand calculation with financial calculators to financial modeling with spreadsheet software. Depending on whether the financial specialty is in corporate or banking/brokerage, the job skills requirement can range from corporate cost control to optimal portfolio design. In watching the analytics development within the financial industry, I have repeatedly witnessed students with financial modeling skills obtain jobs that are typically reserved for specialists holding advanced degrees or having multiple years of experience.
My course design typically takes the form of a strategic analysis class in either corporate financial planning or investment issues. Optimal corporate financing affects optimal investments. Additionally, since my research interests are in international corporate finance, global finance themes surface in most lectures. In corporate finance, raising funds on favorable terms and then allocating those funds efficiently among various projects are decisions made by every company financial officer-in every country; in investment, fund managers face global choices. Thus, business is no longer exclusively domestic ventures. It is because of this that I would like to see a global analysis chapter added in the next revision of both of Dr. Benninga's textbooks. Business, and the financing of business, is global-even at the principles level.
Statement: There is not an employer on the planet who will care that you can solve a time-value-of-money problem using a hand-held calculator. Real world financial applications require spreadsheet analysis.
CORPORATE:
Companies are increasingly requiring sophisticated modeling skills from financial specialists. Logic in today's business environment calls for constant surveillance of possible global funding sources in an optimal growth strategy. There is no better way to do this than through financial modeling using the business spreadsheet standard-Excel.
With the skills developed in studying advanced business analytics in Dr. Benninga's textbooks, a businessperson can develop "what-if" scenarios analyzing the effects to a business in a change in any economic or financial element. The gain from being able to complete a model forecasting company strategy and financials is being able to increase efficiency in business operations. This efficiency comes from being able to analyze the events that affect business, either favorably or unfavorably, and then adjust operations and project financing appropriately. Company growth is directly affected by this ability to adjust operations. Growth at any level requires capital: Either capital in the form of machinery or capital in the form of money in order to purchase machinery. Being able to forecast company strategy and financials allows company flexibility in growth planning and budget. Optimal strategy realizes that the only growth that matters is growth that adds value to the company. It is the ability to strategically design growth that is driving the demand for Excel modeling skills by companies. Begin developing your financial modeling skills by purchasing this book; extend your beginning level skills by studying Dr. Benninga's textbook, Financial Modeling (2e), (see my review). It has advanced financial modeling.
Table of Contents: Principles of Finance with Excel
Chapter 1: Introduction to Finance
Chapter 2: Business Organization and Taxes
Chapter 3: An Accounting Primer
Chapter 4: Cash Management With Excel
Chapter 5: The Time Value of Money
Chapter 6: What Does It Cost? Applications of the Time Value of Money
Chapter 7: Introduction to Capital Budgeting
Chapter 8: Issues in Capital Budgeting
Chapter 9: Choosing a Discount Rate
Chapter 10: Using Financial Planning Models for Valuation
Chapter 11: What Is Risk?
Chapter 12: Statistics for Portfolios
Chapter 13: Portfolio Returns and the Efficient Frontier
Chapter 14: The Capital Asset Pricing Model (CAPM) and the Security Market Line (SML)
Chapter 15: Using the Security Market Line (SML) to Measure Investment Performance
Chapter 16: The Security Market Line (SML) and the Cost of Capital
Chapter 17: Efficient Markets-Some General Principles of Security Valuation
Chapter 18: Bond Valuation
Chapter 19: Valuing Stocks
Chapter 20: Capital Structure and the Value of a Firm
Chapter 21: The Evidence on Capital Structure
Chapter 22: Dividend Policy
Chapter 23: Introduction to Options
Chapter 24: Option Pricing Facts
Chapter 25: Option Pricing-The Black-Scholes Formula
Chapter 26: The Binominal Option Pricing Model
Finally, the last section, Part 7, has eight chapters on Excel features that are especially useful in business applications.


Click Here to see more reviews about: Principles of Finance with Excel: Includes CD

Principles of Finance with Excel is the first textbook that comprehensively integrates Excel into the teaching and practice of finance. This book provides exceptional resources to the instructor and student, combining classroom-tested pedagogy with the full potential of Excel's powerful functions. In today's business world, computation is done almost wholly in Excel. Excel's ability to combine graphics with computation and perform complex sensitivity analysis with ease provides potent insights into financial problems. Despite this, most finance texts rely heavily on hand-held calculators and ignore Excel. As a result, many students find that after they enter the professional environment, they have to relearn both finance and Excel. Principles of Finance with Excel is ideal for undergraduate courses in introductory finance or as a reference for finance professionals. A Free In-Text CD for students contains electronic versions of all spreadsheets in the book. A Companion Website -- http://www.oup.com/us/benninga -- contains lecture notes, PowerPoint Slides, and a Test Bank for instructors.

Get 23% OFF

Click here for more information about Principles of Finance with Excel: Includes CD

Read More...

The New Direct Marketing: How to Implement A Profit-Driven Database Marketing Strategy Review

Average Reviews:

(More customer reviews)This will be my reference book in this subject matter. It covers a lot of detail I'm convinced the authors have been collecting these nuggets since the first day they started working then poured it all out into this book. This is good and bad. It makes for a not-so-easy read. Some chapters almost just ramble this way and that. Wouldn't you rather a book err on too much detail than too little, though? I was very pleased though, that the book has many step-by-step how-tos. For example, what to include in a Functional Requirements doc, what to include in a system implmentation design doc. Fifteen steps of putting a Marketing Contact Program in place. This book is not an easy read. The chapters are written by different authors so you get a variety of styles, depth, rambling-ness. If you ever have the opportunity to hear THE David Shepard speak, don't miss it. I heard him give a 3-hour session at NCDM in Orlando this month. He is funny, engaging, delivers clearly and articulately and I learned a lot!

Click Here to see more reviews about: The New Direct Marketing: How to Implement A Profit-Driven Database Marketing Strategy

Click here for more information about The New Direct Marketing: How to Implement A Profit-Driven Database Marketing Strategy

Read More...

Data Mining Techniques in CRM: Inside Customer Segmentation Review

Average Reviews:

(More customer reviews)I recently finished reading Data Mining Techniques in CRM: Inside Customer Segmentation. It is a very didactic book written by Tsiptsis and Chorianopoulos. The authors did a very good job in vulgarizing data mining concepts for the reader. That means nearly no formula. But don't misunderstand me, this is not a book only for beginner. Some deep concepts of data mining are presented. The only particularity is that everything is explained with words and pictures. I really appreciated the approach taken by the authors.
The first part of the book explains data mining concepts. Techniques such as clustering, PCA (Principal Component Analysis) and decision trees are introduced. Since clustering is the most used technique in CRM (Customer Relationship Management), it has a particular focus from the authors. Specific topics such as evaluating the clustering results or profiling are discussed. A very interesting chapter is the one showing examples of data marts in CRM applications (retailers, telco and retail banking).
The second part of the book focuses on CRM applications such as segmentation, cross/up-selling, churn, etc. Full chapters are devoted to customer segmentation in banking, retail and telco. These chapters really give detailed information for such projects (data to consider, aggregations, important factors, result interpretation, etc.). It is clear that the authors have a strong experience in CRM.
To conclude, this is an excellent book for any data miner or anybody involved in CRM. The text is clear and pictures are well done (and funny which is rare enough to be mentioned). From basic to advanced topics, the book is a very pleasant journey inside data mining with a clear focus on customer segmentation. Really advised if you're not a fan of formulas.

Click Here to see more reviews about: Data Mining Techniques in CRM: Inside Customer Segmentation

Get 18% OFF

Click here for more information about Data Mining Techniques in CRM: Inside Customer Segmentation

Read More...

Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance) Review

Average Reviews:

(More customer reviews)As a detailed discussion of valuation in the M&A context, this book is a gem. It summarizes the various approaches, and the chapter on the M&A process is correct and adequately detailed. The links to online models were especially helpful, and we are making this book required reading for new analysts at our boutique M&A shop.
For those interested in understanding the theory behind valuation, Aswath Damodaran, "Investment Valuation" still has first place. And for those who need to value non-standard assets (oil & gas, real estate, insurance companies) Jeffrey Hooke, "Security Analysis on Wall Street" remains essential.

Click Here to see more reviews about: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance)

In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one has been able to take the time to properly codify the lifeblood of the corporate financier's work—namely, valuation. Rosenbaum and Pearl have responded to this need by writing the book that they wish had existed when they were trying to break into Wall Street.
Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions is a highly accessible and authoritative book that focuses on the primary valuation methodologies currently used on Wall Street—comparable companies, precedent transactions, DCF, and LBO analysis. These methodologies are used to determine valuation for public and private companies within the context of M&A transactions, LBOs, IPOs, restructurings, and investment decisions. Using a step-by-step how-to approach for each methodology, the authors build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. They also provide a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process.
In the aftermath of the subprime mortgage crisis and ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of value drivers. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is perpetually evolving in accordance with market developments and conditions. In this sense, this book is particularly topical—in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.

Get 50% OFF

Click here for more information about Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance)

Read More...

Quantitative Modeling of Derivative Securities: From Theory To Practice Review

Average Reviews:

(More customer reviews)This is a surprisingly sloppy book written by a known academic in the financial engineering world. That is Marco Avellaneda. At first sight, this book is a good idea. It is suppose to bridge the gap between literature that are too simplified for quants and the high level books that are too mathematically rigorous for pratitioners. However this book is presented in such a sloopy manner that any profit driven company would sack these two authors. There are typo mistakes in almost every page and some fundamental errors. There are numerical examples there are completely wrong. On top of that, who writes a quant book without giving any exercises. The authors should comprehend that mistakes in quantitative books can be very misleading to the reader especially if the reader is trying to learn. If you don't have a Ph.D. in Math, don't read this book. It might do more harm than good.

Click Here to see more reviews about: Quantitative Modeling of Derivative Securities: From Theory To Practice

Get 14% OFF

Click here for more information about Quantitative Modeling of Derivative Securities: From Theory To Practice

Read More...

Introduction to Management Science: A Modeling and Case Studies Approach with Spreadsheets Review

Average Reviews:

(More customer reviews)Factors that contributed to a low rating for this book include, a lack of user-friendliness and lengthy case studies. The blue colored wordings (black would be better) can be quite glaring under the lights making it not smoothing to the eyes.
Furthermore, it uses long case studies which could have been shortened by cutting down on the introductions to the companies it made reference to. More focus should be given to concepts at the earlier stage of every section, instead of making the reader running through a lengthy introduction before focusing on the concepts.
Important concepts could also have been left out. One example would be the omission of 'Reduced Cost' under the chapters of Linear Programming and Integer Programming.
However, this book is certainly catered to users of MS Excel. It has in-depth discussions of Excel in areas of Management Science

Click Here to see more reviews about: Introduction to Management Science: A Modeling and Case Studies Approach with Spreadsheets

These authors are well known for their best selling text, Introduction to Operations Research.This new text is also headed for great success, as it offers a unique case-study approach, and it integrates the use of Excel.Each chapter includes a case study which is meant to show the students a real and interesting application of the topics addressed in that chapter...--This text refers to an out of print or unavailable edition of this title.

Click here for more information about Introduction to Management Science: A Modeling and Case Studies Approach with Spreadsheets

Read More...

Introduction to Engineering: Modeling and Problem Solving Review

Average Reviews:

(More customer reviews)It was in great condition and I am satisfied with my purchase. Only problem was that it took a long time for the package to arrive.

Click Here to see more reviews about: Introduction to Engineering: Modeling and Problem Solving

In this groundbreaking new text, Jay Brockman helps students acquire the engineering mindset, providing them with the core knowledge and skills all engineers need to succeed. Through clear explanations and real-world examples—like how to provide water for rural communities in developing nations—Introduction to Engineering teaches students to see the world through the eyes of an engineer, looking at how engineers apply science and technology to solve problems facing society today.

Click here for more information about Introduction to Engineering: Modeling and Problem Solving

Read More...

Financial Modeling - 2nd Edition: Includes CD Review

Average Reviews:

(More customer reviews)I have used Simon Benninga's "Financial Modeling with Excel" for five years to teach undergraduate computational finance [...]. My thinking remains that my students have been well served by this textbook.
The inadequacies that limit my assessment to four stars and need to be addressed in the third edition are: 1) frustrating errors in the text and models, for which the errata sheet and corrected models (available at: [...] only improve, but do not heal. My students find new, undocumented, errors each semester. 2) the data sets and examples are getting, frankly, a little old. It is the year 2005 as I write this, but the data sets and examples end in 1999, a year in which my current students were in high school. 3) the models, while excellent as introductions to the field, are now at the point of being fundamental, rather than exemplary. This is not Prof. Benninga's fault, but as the other reviews from professionals here attest, Excel modeling has advanced in all fields (option pricing, financial statements, portfolio optimization, bond metrics, etc). When this volume was introduced, it was adequate for helping MBA and Master of Science in Finance students build essential modeling skills. Sadly, it now is only appropriate for raw beginners or undergraduates. A new text with a larger scope that addresses advances in the fields is called for. 4) While it is a subject in itself, the book is seriously hindered by not introducing basic Monte Carlo simulation in Excel. 5) No information on downloading data from BLOOMBERG, REUTERS, and other historical and market data providers. It would add to the scope of the text, but 6) fitting DCF models to yield curves also would be welcome.
Even with these criticisms, Benninga's Financial Modeling remains the best book in the field for what it seeks to accomplish. It covers the major topics of finance that are appropriately addressed with models: financial statement, firm valuation and credit metrics, portfolio construction, fixed income metrics, option pricing, etc. Benninga's FM also compares favorably with his two nearest competitors.
Powel and Baker's "The Art of Spreadsheet Modeling" is a two pronged monster: it seeks to be a meta-level theoretical work on spreadsheet modeling, and then introduces modeling Monte Carlo simulation as a fundamental component of Excel (a student edition of CrystalBall is included in the text, and is the only reason to buy this book). The gap between the two is a Grand Canyon's worth of knowledge space that this text does not fill in and nearly ignores. The student who uses only Powel and Baker is ill served; whereas if he uses Benninga, he knows how, why, when and what to model. Consider Powel & Baker as sketches of a concept car with simulated wind tunnel runs, whereas Benninga shows how to build your own kit car and drive it around. Powel and Baker's concept car is beautiful, advanced, gracious, but doesn't exist and doesn't run; Benninga's kit car is like a Lotus Super Seven: simple, runs, is a blast to drive, but is dangerous in heavy traffic and you would not want to go on a 1,000 mile journey with it (i.e. or build a DCF model for the Goldman Sachs LBO team with only Benninga).
Chandan Sengupta's "Financial Modeling Using Excel and VBA" is the only book that comes close to Benninga, and I recommend it as another perspective for my students who want to continue with financial modeling. However, Sengupta's work is flawed on two counts: 1) it is clear throughout that he had read Benninga, and 2) he dropped much of Benninga's content in favor of adding wordy explanatory paragraphs to soften the blow of the fact that modeling is mathematically and technically both boring and intense work. With those criticisms in mind, his work still has neater, leaner, more compressed models with updated contemporary detail.
There are three other books, Scott Proctor's "Building Financial Models with Microsoft Excel: A Guide for Business Professionals," which focuses on building vanilla financial statements, as does John Tjia "Building Financial Models." Mary Jackson & Mike Staunton's "Advanced Modeling in Finance using Excel and VBA" is also now dated and seriously flawed and limited in scope), however it is the next step following Benninga.
For those working in top-tier banks, the internal training and modeling documents, and examples built by colleagues, will likely surpass by light years what is offered in these books. And so for beginners, Benninga remains the the best choice and first step, until something better comes along, or Benninga himself produces a new edition.

Click Here to see more reviews about: Financial Modeling - 2nd Edition: Includes CD

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®. In this sense, this is a finance "cookbook," providing recipes with lists of ingredients and instructions.Areas covered include computation of corporate finance problems, standard portfolio problems, option pricing and applications, and duration and immunization. The second edition contains six new chapters covering financial calculations, cost of capital, value at risk (VaR), real options, early exercise boundaries, and term structure modeling. A new technical chapter contains a potpourri of tips for using Excel®.Although the reader should know enough about Excel™ to set up a simple spreadsheet, the author explains advanced Excel® techniques used in the book. The book includes chapters dealing with random number generation, data tables, matrix manipulation, and VBA programming. It also comes with a CD-ROM containing Excel® worksheets and solutions to end-of-chapter exercises.

Click here for more information about Financial Modeling - 2nd Edition: Includes CD

Read More...

Management Science: The Art of Modeling with Spreadsheets Review

Average Reviews:

(More customer reviews)This book takes time to adjust to the crowded typesetting first. Then it gets more interesting as you read more of it. The authors know the subject in depth as well as breath. One problem I have with my students is that many of them do not have the quantitative background required of the book, but the level of the book is what we should aim for in the future. We have to raise the level of our education. The book is well written except for some expected typos for a new edition.

Click Here to see more reviews about: Management Science: The Art of Modeling with Spreadsheets

Now in its third edition, Management Science helps business professionals gain the essential skills needed to develop real expertise in business modeling. The biggest change in the text is the conversion of software from Crystal Ball to Risk Solver to reflect changes in the field. More coverage of management science topics has been added. Broader coverage of Excel demonstrates how to create models. Additional open-ended case studies that are less structured have also been included along with new exercises. These changes will help business professionals learn how to apply the information in the field.

Click here for more information about Management Science: The Art of Modeling with Spreadsheets

Read More...