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Business Analytics: Data Analysis & Decision Making,
5th Edition

S. Christian Albright, Wayne L. Winston

ISBN-13: 9781133629603 | ISBN-10: 1133629601

Copyright 2015

| Published 2014

| 1008 pages

List Price USD $324.95

Overview

Become a master of data analysis, modeling, and spreadsheet use with BUSINESS ANALYTICS: DATA ANALYSIS AND DECISION MAKING, 5E! This quantitative methods text provides users with the tools to succeed with a teach-by-example approach, student-friendly writing style, and complete Excel 2013 integration. It is also compatible with Excel 2010 and 2007. Problem sets and cases provide realistic examples to show the relevance of the material. The Companion Website includes: the Palisade DecisionTools Suite (@RISK, StatTools, PrecisionTree, TopRank, RISKOptimizer, NeuralTools, and Evolver); SolverTable, which allows you to do sensitivity analysis; data and solutions files, PowerPoint slides, and tutorial videos.

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Meet the Authors

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S. Christian Albright received both his B.S. degree in mathematics and his Ph.D. in operations research from Stanford. He then taught in the Operations and Decision Technologies Department in the Kelley School of Business at Indiana University until his retirement in 2011. He taught courses in management science, computer simulation and statistics to all levels of business students, including undergraduate, M.B.A. and Ph.D. students. He has published more than 20 articles in leading operations research journals in applied probability. After retiring, he worked for several years for the Palisade software company. Now living in Hilton Head, SC, he continues to revise several successful textbooks, including this edition, PRACTICAL MANAGEMENT SCIENCE and VBA FOR MODELERS.

Wayne L. Winston is Professor Emeritus of Decision Sciences at the Kelley School of Business at Indiana University and is now Professor of Decision and Information Sciences at the Bauer College at the University of Houston. Dr. Winston has received more than 45 teaching awards and is a six-time recipient of the school-wide M.B.A. 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. In addition to publishing more than 20 articles in leading journals, Dr. Winston has written such successful textbooks, including OPERATIONS RESEARCH: APPLICATIONS AND ALGORITHMS; MATHEMATICAL PROGRAMMING: APPLICATIONS AND ALGORITHMS; SIMULATION MODELING WITH @RISK; DATA ANALYSIS FOR MANAGERS; SPREADSHEET MODELING AND APPLICATIONS; MATHLETICS, DATA ANALYSIS AND BUSINESS MODELING WITH EXCEL 2016; MARKETING ANALYTICS; and FINANCIAL MODELS USING SIMULATION AND OPTIMIZATION. Dr. Winston received his B.S. degree in mathematics from MIT and his Ph.D. in operations research from Yale.

  • Advanced Statistical Coverage: There are three online chapters available: Chapter 18 (Importing Data into Excel), Chapter 19 (Analysis of Variance and Experimental Design), and Chapter 20 (Statistical Process Control).
  • Content Reductions: Based on user surveys, we deleted portions of various chapters, particularly Chapter 4 (Probability and Probability Distributions), that were used least often.
  • Data Mining Coverage: Chapter 17 on data mining is completely new. The topic itself is huge, with many books of various mathematical levels devoted entirely to it, and it is impossible to cover it adequately in a single chapter. However, we believe this new chapter provides an exciting, hands-on introduction to data mining.
  • Business Analytics Focus: The term business analytics is now in the title of the book. This term is now ubiquitous in our area, being extremely popular with both academics and businesspeople, and we are pleased that our methods are now so highly regarded.
  • Updated to Office 2013: As we were creating this edition of the book, Microsoft released Office 2013. Therefore, all of the screenshots in the book are from this newer version. However, the changes from 2010 to 2013, or even from 2007 to 2013, are not that extensive, at least for our purposes. Therefore, if you are still using Office 2007 or 2010, this book should work fine for you.
  • Easy-to-Follow Step-by-Step Examples. This edition includes over 130 interesting examples that draw from real business situations or events. The solution to each example is worked out in a clear, step-by-step method that uses screenshots to make it easy for students to understand and replicate.
  • Engaging Opening Vignettes. Each chapter opens with a vignette that sets the stage for the chapter content by focusing on why the chapter's concepts are important in a business context.
  • Highlighting Key Concepts. Critical concepts and equations are set off in boxes to make future reference easier, and margin notes and "Fundamental Insight" features emphasize the most relevant, practical information from each chapter.
  • Practical Technical Tips. Integrated throughout the chapters, these tips range from general technical tips to application-specific tips regarding Excel®, pivot tables, StatTools, Solver, and @RISK.
  • Access to SolverTable: SolverTable, a supplement to Excel's built-in Solver for optimization, is available for instructors and students on the textbook website.
  • Access to the Academic Version of the DecisionTools® Suite by Palisade Corporation: This suite includes six separate add-ins: @RISK, an add-in for simulation; StatTools, an add-in for statistical data analysis; PrecisionTree, a graphical-based add-in for creating and analyzing decision trees; TopRank, an add-in for performing what-if analyses; NeuralTools®, an add-in for estimating complex, nonlinear relationships; and EvolverTM, an add-in for performing optimization (an alternative to Excel's Solver). The DecisionTools Suite is available for instructors and students on the textbook website.
  • Changes in Excel®. To allow for compatibility with different versions of Excel®, "Changes in Excel" boxes highlight changes in Excel® made in version 2010 or 2013.
  • Plenty of Problems and Cases. This edition includes approximately 1,000 problems, plus about 40 cases, for testing students' mastery of the material. Complete Excel®-based solutions to all of these exercises and cases are available.

Table of Contents

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1. Introduction to Data Analysis and Decision Making.
Part 1: EXPLORING DATA.
2. Describing the Distribution of a Single Variable.
3. Finding Relationships among Variables.
Part 2: PROBABILITY AND DECISION MAKING UNDER UNCERTAINTY.
4. Probability and Probability Distributions.
5. Normal, Binomial, Poisson, and Exponential Distributions.
6. Decision Making under Uncertainty.
Part 3: STATISTICAL INFERENCE.
7. Sampling and Sampling Distributions.
8. Confidence Interval Estimation.
9. Hypothesis Testing.
Part 4: REGRESSION ANALYSIS AND TIME SERIES FORECASTING.
10. Regression Analysis: Estimating Relationships.
11. Regression Analysis: Statistical Inference.
12. Time Series Analysis and Forecasting.
Part 5: OPTIMIZATION AND SIMULATION MODELING.
13. Introduction to Optimization Modeling.
14. Optimization Models.
15. Introduction to Simulation Modeling.
16. Simulation Models.
Part 6: ADVANCED DATA ANALYSIS.
17. Data Mining.
Part 7: BONUS ONLINE MATERIAL.
18. Importing Data into Excel.
19. Analysis of Variance and Experimental Design.
20. Statistical Process Control.
Appendix A. Statistical Reporting.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

Website for Albright/Winston's Business Analytics: Data Analysis and Decision Making

ISBN13:9781133588115
ISBN10:1133588115
Every new student edition of this book comes with access to the BUSINESS ANALYTICS: DATA ANALYSIS & DECISION MAKING, Fifth Edition, textbook website that links to the following files and tools: DecisionTools® Suite software by Palisade Corporation, Excel® files for the examples in the chapters (usually two versions of each--a template, or data-only version, and a finished version), data files required for the Problems and Cases, excel_tutorial.xlsm (which contains a useful tutorial for getting up to speed in Excel), and Chapters 18-20 and Appendix A. Also, new for this edition, the website features more than 50 videos that explain concepts and work through examples.

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The Student Solutions Manual contains the worked solutions to most of the odd-numbered problems found in the text. Problems indicated by a blue box in the textbook have a corresponding answer in the Student Solutions Manual. The Student Solutions Manual is available for purchase on CengageBrain.com.

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Business Analytics

  • ISBN-10: 1133629601
  • ISBN-13: 9781133629603

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