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Practical Management Science (with Student Bind-In Card) ReviewUnlike most textbooks on OR/MS, Winston and Albright's Practical Management Science's has, at least, three clear possible roles -- each performed superbly. 1. As a self-study text for someone learning / relearning management science in a spreadsheet environment. 2. As a management science student's self-help resource to decipher whatever cryptic text happens to have been required for a course. 3. As a conventional textbook to be chosen by an academic for classroom use.
1. As a self-study text for someone learning / relearning management science in a spreadsheet environment, you'll find PMSc written with obvious and utter mastery of the subject matter, that's commendable but hardly unique. What is unique are the clarity of the presentation and the lucidity of the abundant examples running throughout. In addition, there is thoroughness in the treatment which effectively anticipates virtually any and all sources of confusion which a student of any stripe might suffer. It is, in my view, wholly autodidactic. There is a subset of this type of user: the individual with a job-specific task which defies current familiarity / skill-level. No sweat! Use the inside-the-front cover material as a functional area task locator to identify "look-alike" situations and then proceed to master all which is required by back-tracing the example to similar situations encapsulated within the many interspersed problems -- for each of which there is a complete Excel solution format.
2. As a management science student's self-help resource with which to cope and to decipher whatever cryptic text was assigned for the course. If you find yourself in this far too common dilemma, take heart, help is well and truly at hand. Skim the TOC, find the relevant chapter and enjoy basking in your fast-welling, new-found competence. PMSc will provide ample basis for warranting a celebration at the local "pub" -- or whatever passes for same in your locale.
3. "As a conventional textbook to be chosen by an academic for classroom use" was the category into which I "fell." To my dismay, I recently found myself assigned, on extremely short notice, to teach a comprehensive course on MS/OR. I found our standard two-volume text decidedly off-putting and could only conclude that my students would likely as well. As my background includes accounting, finance, and computer systems, I knew that I wanted a spreadsheet-based textbook for the course. As at most schools, MS is under fire for "relevance" and "accessibility," compounded here through the "mix" of students for my various sections: MBA, EMBA, and MS/MOT (latter all engineering degreed).
Suffice it to say that the classes proved complete successes: the students petitioned the Dean to have an advanced management science course added to the curriculum which I'm teaching this (fall '98) semester. In addition to covering the chapters / chapter sections omitted from the "introductory" course, we're using PMSc as the primary text with Bodily, Carraway, et al's excellent QBA case book for facilitating the integration of MS with finance, marketing, operations, and strategy.
As a sidebar: Most of my MBA students were from one of our "dedicated" MBA programs. These manager / students have apparently provided many of their subordinates with copies of PMSc. Their experience had regularly been that they were using on Monday the material I had "taught" them on Saturday.
As if this weren't enough praise, I'm using PMSc as a supplemental text in my finance courses because of its lucid and extensive coverage of @RISK and for the extensive finance material provided. This is proving extremely popular with my students.
As you might infer, I think that PMSc is without peer as the best and most effective text for learning how to actually perform REAL management science without tears or undue ancillary learning. I've yet to have a student who was not wildly enthusiastic about PMSc (that's not hyperbole) -- when's the last time you've had THAT experience?
I'd be happy to hear from anyone buying this text -- I really WANT to hear from anyone buying this text who is less than completely satisfied.
Practical Management Science (with Student Bind-In Card) OverviewEasy to understand and to the point, PRACTICAL MANAGEMENT SCIENCE uses an active-learning approach and realistic problems to help you understand and take advantage of the power of spreadsheet modeling. With real examples and problems drawn from finance, marketing, and operations research, you will easily come to see how management science applies to your chosen profession and how you can use it on the job. The authors emphasize modeling over algebraic formulations and memorization of particular models. The essentials resource website, whose access is available with every new book, includes links to the following add-ins: the Palisade Decision Tools Suite (@RISK, StatTools, PrecisionTree, TopRank, RISKOptimizer, NeuralTools, and Evolver); and SolverTable, which allows you to do sensitivity analysis. All of these add-ins have been revised for Excel 2010.
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