Название: Management Science using Excel: Harnessing Excel's advanced features for business optimization
Автор: Isaac Gottlieb
Издательство: BPB Publications
Год: 2024
Страниц: 606
Язык: английский
Формат: pdf, epub
Размер: 23.9 MB

A practical guide to using Excel for decision making, forecasting, optimization, and more.

Key Features:
- Solve a wide range of decision-making problems in operations, finance, and statistics.
- Build and use Excel models to analyze data and make informed decisions.
- Use the Excel Solve function to find the optimal solution to a problem.

Description:
With this book, you will acquire a strong understanding of Management Science in the decision-making field while mastering the solutions with Microsoft Excel. This book alleviates complicated mathematical models with easy Microsoft Excel tools.

Management science is a practice of problem-solving and decision-making in organizations, business, and other fields. It uses various analytical methods, including mathematical modeling and statistics, to improve the ability of better decision’s making. The techniques in this book range from maximization of profit, performance, and Return on Investment (ROI) to minimization (cost, time, risk) through Monte Carlos simulations, sensitivity analysis, and other tools.

The readers will find countless real-life examples and case studies from banking, finance, transportation, manufacturing, manpower assignment, scheduling, and inventory management through food and product mix. This book's linear and nonlinear techniques utilize the Excel Solver for the solutions. Once you get the hang of using the Solver – you can apply the tools learned to solve problems of your background, experience, and choice.

This book takes a hands-on approach using Excel to solve these problems. Instead of using complex mathematical formulations and algorithms – you will learn to set up and solve these problems in an easy-to-follow manner in Excel.

The book has practice problems and solutions at the end of every chapter for the readers to practice independently. These examples will help you learn how to apply these techniques on their day-to-day needs.

The Chapter 1 reviews the techniques of Management Science and the array of possible applications. It explains how Management Science uses mathematics and statistics along with Excel’s power to solve potential problems and make better, intelligent decisions. The decision maker converts the problem into a mathematical model and solves it using the Solver or other Excel tools demonstrated in this book. Using Excel simplifies both; demonstrating and solving the problem – so that anybody familiar with Excel can unravel complicated problems which would have been difficult to solve otherwise.

The chapter reviews techniques such as maximization (profit, performance, ROI, nutritional value), minimization (cost, time, risk), simulations, and other Excel Management Science tools, enabling an easy approach to the solutions. The chapter will also review the type of enterprises that utilize these techniques, for instance, airlines, shipping companies, manufacturers, military, government, banking, and others.