Product Description
The Student Solutions Manual contains solutions to selected problems in the book. ... Read more

Product Description
Although this textbook is intended for use in a two-semester sequence of courses introducing the mathematical methods of operations research, Part I can also be used alone for a one-semester course on linear programming. The authors have chosen to provide deep and thorough coverage of the most important methods in operations research, rather than a superficial treatment of a larger number of topics. The level of exposition is appropriate for juniors and seniors who are majoring in engineering, computer science, mathematics, and quantitative methods in management ... Read more

Product Description
The decision technologies, tools and theories of Operations Research and Management Sciences have long been applied to a wide range of issues and problems within health care. To date, however, there has been no single handbook that synthesizes the wide applicability of such techniques. The Handbook of Operations Research and Health Care now makes available to practitioners, students, and researchers a comprehensive handbook volume that will help them improve their ability to apply these decision technologies. In addition, the handbook will present new state-of-the-art techniques, explore new issues and challenges, and examine new avenues for research.This handbook will fill these needs in a three-fold approach: ... Read more

Product Description
This thoroughly revised, updated edition takes into account the more recent participative, strategy-oriented approach to operations management. Throughout, descriptive material and basic concepts are presented in a question-and-answer, solved problems context. ... Read more

Customer Reviews (2)

Have Used Schaum's Since the Early 70s!Love Them!
I believe Schaum's offer the best and most concise topic summaries of any other outline type product I have ever found!I am particularly fond of their math and physics publications.Highly recommended if you learn thru repitition and need to do additional problems and check your answers.

Schaum's Outline of Operations Management
Professor Monks has done an excellent job of summarizing and giving worked out problems for a very useful field of industry that is often neglected in pure and applied mathematics.This neglect, especially at the pre-college level but also at higher levels, makes it harder for management andoperations research college instructors to convey the quantitative methodsto their students.These methods are fascinating and include statisticalforecasting (with time series and exponential smoothing, correlation,regression), statistical quality control, production scheduling and control(linear programming, dynamic programming), manufacturing /service andmaintenance (queuing theory, reliability, simulation, calculus), budgeting,inventory, etc.I recommend this book for everybody in business forthemselves or for others and for students at all levels in order to tie intheir studies more practically with the real economic world.In addition,the more people are familiar with the methods, the less employment mistakeswill be made since so many of the methods interact with hiring, firing,temporary layoffs, etc.With more talent in the field, alternative methodscan be developed and tried (for example, present theory assumes that a lotof things involve independent or non-influencing events, but a lot ofevents are very interdependent and the theory needs far more developmentthere - see my review of Castillo). ... Read more

Product Description
An exceptionally comprehensive treatment of this subjectaimed at students in business, management, science, and engineering.Topics include linear, non-linear, integer, and dynamic programming,network analysis, quadratic and separable programming, inventorycontrol, probabilistic methods, and many other topics.Numerousapplications. ... Read more

Customer Reviews (2)

REA - a solid review and study guide
I've used many of the REA problem solvers over the last several years when I studied math in preparation for an MS degree in Operations Research which I began in May of this year.I've always thought highly of these books and dismiss most of the criticism they sometimes receive in Amazon reviews.

This book is good, but not, in my opinion, as good as the REA books that I used for my math studies.Most of those books had some overview of the topic or technique covered as well as the solved problems themselves whereas this book has very little discussion of the idea behind a technique, focusing only on solving a specific problem.For example, there are 4 methods for detecting if a function is convex, but this book does not mention that and only illustrates two of the methods.It would have been nice to see a little bit of discussion of the convexity concept, a statement of the 4 techniques, and then an example of each.

Likewise, the chapter on Dynamic Programming has no initial discussion of the technique, assuming the reader already understands the underlying principles involved.It would have been nice to have a half of a page to maybe a full page discussing the idea of Dynamic Programming before the actual problem sets; in the math-related books, the overview was quite often a nice summary of the concepts that gave a slightly different perspective than the class textbook and sometimes promoted greater understanding of the material.

But it is still a valuable resource and I intend to use it to review for my final exam in Optimization that is being given a few weeks from now.I am certain that it will help.

Good Book
This book has a lot of solved applications and examples, it is a good source to master operations research. ... Read more

Customer Reviews (2)

good introduction
This is a good introduction to operations research with emphasis on linear programming.It is at about the same level as Hillier and Lieberman but I prefer the book by Hillier and Lieberman for an introductory course at the masters level.

Principles of Operations Research by Wagner
This is a superior volume on the workings of linear programming.
The author provides ample illustrations of how to diagram
a linear programming solution, as well as solutions through the
simplex method. There is an exhaustive set of advanced operations
research methods; namely:
o linear models, algebra and the geometry of these models
o the simplex method, sensitivity training and duality
o network models, network algorithms, dynamic models
o deterministic inventory scheduling
o integer programming, the nonlinear objective function
o advanced nonlinear programming
o probabilistic inventory models
o waiting lines and simulation, computer simulation
o advanced queuing and network algorithms

This text shows how to build and implement an advanced
operations research model. The author emphasizes the design
of models because linear programming software can be used
to solve these problems once structured by the user(s).
This book presumes some knowledge of calculus, linear algebra
and probability/statistical inference. Operations Research
models are useful for many industrial engineering applications. ... Read more

Product Description
The breadth of information about operations research and the overwhelming size of previous sources on the subject make it a difficult topic for non-specialists to grasp. Fortunately, Introduction to the Mathematics of Operations Research with Mathematica®, Second Edition delivers a concise analysis that benefits professionals in operations research and related fields in statistics, management, applied mathematics, and finance.

The second edition retains the character of the earlier version, while incorporating developments in the sphere of operations research, technology, and mathematics pedagogy. Covering the topics crucial to applied mathematics, it examines graph theory, linear programming, stochastic processes, and dynamic programming. This self-contained text includes an accompanying electronic version and a package of useful commands. The electronic version is in the form of Mathematica notebooks, enabling you to devise, edit, and execute/reexecute commands, increasing your level of comprehension and problem-solving.

Mathematica sharpens the impact of this book by allowing you to conveniently carry out graph algorithms, experiment with large powers of adjacency matrices in order to check the path counting theorem and Markov chains, construct feasible regions of linear programming problems, and use the "dictionary" method to solve these problems. You can also create simulators for Markov chains, Poisson processes, and Brownian motions in Mathematica, increasing your understanding of the defining conditions of these processes. Among many other benefits, Mathematica also promotes recursive solutions for problems related to first passage times and absorption probabilities. ... Read more

Product Description
Uniquely blends mathematical theory and algorithm design for understanding and modeling real-world problems

Optimization modeling and algorithms are key components to problem-solving across various fields of research, from operations research and mathematics to computer science and engineering. Addressing the importance of the algorithm design process. Deterministic Operations Research focuses on the design of solution methods for both continuous and discrete linear optimization problems. The result is a clear-cut resource for understanding three cornerstones of deterministic operations research: modeling real-world problems as linear optimization problem; designing the necessary algorithms to solve these problems; and using mathematical theory to justify algorithmic development.

Treating real-world examples as mathematical problems, the author begins with an introduction to operations research and optimization modeling that includes applications form sports scheduling an the airline industry. Subsequent chapters discuss algorithm design for continuous linear optimization problems, covering topics such as convexity. Farkas’ Lemma, and the study of polyhedral before culminating in a discussion of the Simplex Method. The book also addresses linear programming duality theory and its use in algorithm design as well as the Dual Simplex Method. Dantzig-Wolfe decomposition, and a primal-dual interior point algorithm. The final chapters present network optimization and integer programming problems, highlighting various specialized topics including label-correcting algorithms for the shortest path problem, preprocessing and probing in integer programming, lifting of valid inequalities, and branch and cut algorithms.

Concepts and approaches are introduced by outlining examples that demonstrate and motivate theoretical concepts. The accessible presentation of advanced ideas makes core aspects easy to understand and encourages readers to understand how to think about the problem, not just what to think. Relevant historical summaries can be found throughout the book, and each chapter is designed as the continuation of the “story” of how to both model and solve optimization problems by using the specific problems-linear and integer programs-as guides. The book’s various examples are accompanied by the appropriate models and calculations, and a related Web site features these models along with Maple™ and MATLAB® content for the discussed calculations.

Thoroughly class-tested to ensure a straightforward, hands-on approach, Deterministic Operations Research is an excellent book for operations research of linear optimization courses at the upper-undergraduate and graduate levels. It also serves as an insightful reference for individuals working in the fields of mathematics, engineering, computer science, and operations research who use and design algorithms to solve problem in their everyday work.

Product Description
Profiles in Operations Research: Pioneers and Innovators recounts the development of the field of Operations Research (OR), the science of decision making.The book traces the development of OR from its military origins to a mature discipline that is recognized worldwide for its contributions to managerial planning and complex global operations. Over the past six decades, OR analyses have impacted our daily lives: when making anairline or hotelreservation, waiting in line at a bank, getting the correctly blended fuel at the gas station, and ensuring that the book you are holding arrived at its destination on time.OR originated in the late 1930s when British scientists from various disciplines joined Royal Air Force officers to determine the most effective way to employ new radar technology for intercepting enemy aircraft.During World War II, similar applied research groups were formed to study, test, and evaluate military operations on both sides of the Atlantic.Their work resulted in great improvements—OR helped the Allies win the war. The scientific field that emerged from these studies was called operational research in the U.K. and operations research in the U.S. Today, OR provides a broad and powerful science to aid decision making.Profiles describes the lives and contributions of 43 OR pioneers and innovators and relates how these individuals, with varying backgrounds and diverse interests, were drawn to the nascent field of OR.The profiles also describe how OR techniques and applications expanded considerably beyond the military context to find new domains in business and industry.In addition to their scientific contributions, these profiles capture the life stories of the individuals—interwoven with personal tales, vivid vignettes, family backgrounds, and views of the mission and future of OR.Collectively, the profiles recount the fascinating story of the growth and development of a field enriched by the convergence of different disciplines. ... Read more

Product Description
The chapters of this Handbook volume covers nine main topics that are representative of recent
theoretical and algorithmic developments in the field. In addition to the nine papers that present the state of the art, there is an article on
the early history of the field.

The handbook will be a useful reference to experts in the field as well as students and others who want to learn about discrete optimization.

All of the chapters in this handbook are written by authors who have made significant original contributions to their topics. Herewith a brief introduction to the chapters of the handbook.

"On the history of combinatorial optimization (until 1960)" goes back to work of Monge in the 18th century on the assignment problem and presents six problem areas: assignment, transportation,
maximum flow, shortest tree, shortest path and traveling salesman.

The branch-and-cut algorithm of integer programming is the computational workhorse of discrete optimization. It provides the tools that have been implemented in commercial software such as CPLEX
and Xpress MP that make it possible to solve practical problems in supply chain, manufacturing, telecommunications and many other areas.
"Computational integer programming and cutting planes" presents the key ingredients
of these algorithms.

Although branch-and-cut based on linear programming relaxation is the most widely used integer programming algorithm, other approaches are
needed to solve instances for which branch-and-cut performs poorly and to understand better the structure of integral polyhedra. The next three chapters discuss alternative approaches.

"The structure of group relaxations" studies a family of polyhedra obtained by dropping certain
nonnegativity restrictions on integer programming problems.

Although integer programming is NP-hard in general, it is polynomially solvable in fixed dimension. "Integer programming, lattices, and results in fixed dimension" presents results in this area including algorithms that use reduced bases of integer lattices that are capable of solving certain classes of integer programs that defy solution by branch-and-cut.

Relaxation or dual methods, such as cutting plane algorithms,progressively remove infeasibility while maintaining optimality to the relaxed problem. Such algorithms have the disadvantage of
possibly obtaining feasibility only when the algorithm terminates.Primal methods for integer programs, which move from a feasible solution to a better feasible solution, were studied in the 1960's
but did not appear to be competitive with dual methods. However,recent development in primal methods presented in "Primal integer programming" indicate that this approach is not just interesting theoretically but may have practical implications as well.

The study of matrices that yield integral polyhedra has a long tradition in integer programming.A major breakthrough occurred in the 1990's with the development of polyhedral and structural results
and recognition algorithms for balanced matrices. "Balanced matrices" is a tutorial on the
subject.

Submodular function minimization generalizes some linear combinatorial optimization problems such as minimum cut and is one of the fundamental problems of the field that is solvable in polynomial
time. "Submodular function minimization" presents the theory and algorithms of this subject.

In the search for tighter relaxations of combinatorial optimization problems, semidefinite programming provides a generalization of
linear programming that can give better approximations and is still polynomially solvable. This subject is discussed in "Semidefinite programming and integer programming".

Many real world problems have uncertain data that is known only probabilistically. Stochastic programming treats this topic, but until recently it was limited, for computational reasons, to
stochastic linear programs. Stochastic integer programming is now a high profile research area and recent developments are presented in
"Algorithms for stochastic mixed-integer programming
models".

Resource constrained scheduling is an example of a class of combinatorial optimization problems that is not naturally formulated with linear constraints so that linear programming based methods do
not work well. "Constraint programming" presents an alternative enumerative approach that is complementary to branch-and-cut. Constraint programming,primarily designed for feasibility problems, does not use a relaxation to obtain bounds.Instead nodes of the search tree are
pruned by constraint propagation, which tightens bounds on variables until their values are fixed or their domains are shown to be empty. ... Read more

Product Description
Students with diverse backgrounds will face a multitude of decisions in a variety of engineering, scientific, industrial, and financial settings. They will need to know how to identify problems that the methods of operations research (OR) can solve, how to structure the problems into standard mathematical models, and finally how to apply or develop computational tools to solve the problems.Perfect for any one-semester course in OR, Operations Research: A Practical Introduction answers all of these needs. In addition to providing a practical introduction and guide to using OR techniques, it includes a timely examination of innovative methods and practical issues related to the development and use of computer implementations. It provides a sound introduction to the mathematical models relevant to OR and illustrates the effective use of OR techniques with examples drawn from industrial, computing, engineering, and business applicationsMany students will take only one course in the techniques of Operations Research. Operations Research: A Practical Introduction offers them the greatest benefit from that course through a broad survey of the techniques and tools available for quantitative decision making. It will also encourage other students to pursue more advanced studies and provides you a concise, well-structured, vehicle for delivering the best possible overview of the discipline. ... Read more

Product Description
METHODS OF OPERATIONS RESEARCH by PHILIP M. MORSE. PREFACE IN A SENSE, this book should have no authors names or else several pages of names Parts of the book were written by various persons during and at the end of World War II. What the undersigned have done is to collect the material, rewrite some in the light of later kno ledge, expand some to make it more generally intelligible, add chapters on organization and general procedures, and cement the mosaic into hat is hoped to be a fairly logical structure Since the undersigned were members of the Operations Research Gtuup, U. S, Navy, it is perhaps not surprising that the examples given are draun chiefly from the work of this group, though an effort has been made to include examples from the work of other groups Many persons have helped by discussions and editorial criticism, including members of other operations jf ear I roujis in this country and in Kngland To mention a few ould slight many others, so none l l c named. During the war the scope, methods, and triumphs of operations research ere not appreciated by most scientists or by most military men because no information was freely available If e are not to lose this valuable experience and background, some of it must be made available to the scientists and engineer as well ax to the artried services This is particularly important if the methods of operations research have important peacetime applications as it is believed they do. The first publication of this woik as in classified form, just after World War II. To further the purposes mentioned in the preceding paragraph, hem ever, the 1 volume has now been declassified, after suitable modification of a feu examples. The first and last chapters have been entirely rewritten, to bring the discussion up to date, in particular with respect to nonmihtury applications There has been growing interest in the application of the techniques of operations research in industry and other nonmihtary operations. This is evidenced by the formation of a committee on operations research of the U. S. National Research Council and of an Operations Research dub in London, and by the institution of classes in operations research in several American Universities. It is hoped that the present, unclassified edition of the book vill be equally of interest and of use to industrial, merchandising, and nonmihtary govern mental executives as the earlier, classified edition seems to have been in military circles. PHILIP M. MORSE. Contents include: 1 Introduction . .... 1 2 Probability . . . . . . . .... 11 3 The Use of Measures of Effectiveness . . 38 4 Strategical Kinematics . . . . ... .61 5 Tactical Analysis . . . . 81 6 Gunnery and Bombardment Problems . . . 110 7 Operational Experiments Auth Equipment and Tactics . . . 129 8 Organizational and Procedural Problems . . 137 Tables . . . .146 Bibliography . . . 154 Index . . . . ... ... Read more

Product Description

The global economy is witnessing previously unseen levels of competitiveness, forcing business leaders to contend with unprecedented challenges. No longer can companies seize and hold a customer base by operating adequately. In order to enjoy a competitive advantage, an organization must operate at exemplary levels of performance in every facet of business and maintain that degree of excellence indefinitely. This is achieved through careful alignment of operational systems and the use of innovative process management initiatives. “Unless an organization is uniquely qualified to deal with its customers by understanding its own strengths and weakness,” writes internationally renowned operational management expert Christopher K. Ahoy, “it will be unable to understand what is required to move from the current paradigm of doing business.”

In Customer-Driven Operations Management, Ahoy distills the most current business theories and practices that will help you weed out and eliminate operational inefficiencies and put in place the necessary metrics for providing products and services better, cheaper, and faster than ever. Ahoy walks you through the steps of creating a world-class organization, which include

• Mapping your company's processes to target weak points
• Realigning management systems from functional to process-focused
• Setting benchmarks throughout the process to help quantify levels of success
• Establish a system of knowledge management for the seamless alignment of teams and departments
• Improving process management using Lean, Six Sigma, and other methodologies
• Create a sound strategic planning initiative to eliminate future surprises

With diagrams and figures to highlight salient points, Customer-Driven Operations Management clarifies and simplifies the otherwise daunting task of enacting major changes in your company's operations systems.

Customer Reviews (11)

University Text
The Oregon Institute of Technology has selected this book as a text for an advanced Operations Management course.This course was just completed for the 2010 Spring term.

We have found the text to be one of the best available for this series.The students were very impressed with the content and readability.The figures and charts, while complex, were very understandable.

Recommend other colleges and universities consider this book as a text for their Operations Management courses.

Required Reading
I, like several of the other reviewers, have known and admired Chris Ahoy's intelligence, knowledge, and mentoring skills that have never waned over the decades of his professional life. As with all things that Chris has ever decided to pursue, he is driven to excellence and that is what he has achieved in writing "Customer-Driven Operations Management". Does it read as a novel?No!It needs to be read as a Graduate -level text that offers a road map to excellence in this arena for those willing to invest the time and effort for achieving it, as has Chris Ahoy at Iowa State University. This book is also well supplemented with outstanding references and enlightening examples to assure that the lessons are well learned. Every Operations Management staffer should consider this book as required reading, and no professional seeking to catapult their company into a world-class operation should consider moving forward without first devouring this learning experience.

BUY THIS BOOK
In Customer-Driven Operations Management, Christopher Ahoy, makes the point that the internal resources of the firm have to be given continuous review to align goals to actions, and also that they must be managed carefully for the firm's continued competitive advantage in the modernfast-paced, global economy.He alludes to the VRIO framework of analysis--those Valuable, Rare, Inimitable, and Organizationally-embedded aspects of the firm, that are critical factors to be scrutinized and tweaked to achieve optimum outcomes.These internal resources are the basis of differentiation of the company from its competitors.In this book Christopher Ahoy draws from his vast experience in strategic and operations management, to develop models of analysis that a firm can use to continuously improve itself via growth of the VRIO factors,and thereby meet and exceed its corporate vision.This is a valuable book for both practitioner and scholarly communities.
BREENA E. COATES, Ph.D.
Chairman, Department of Management
College of Business & Public Administration
California State University, San Bernardino

Tom Walther
"Customer-Driven Operations Management" gives an overview of the multitude of factors to be considered and embraced by any manager interested in moving her organization toward the aspiration of being "world class".This book outlines the parameters of the game and discusses personal qualities, process concepts and off-the-shelf tools available for designing and monitoring the process of advancing an organization to shine in the world.It presents things you can do and tools to support your organization to rise above the competition and provide outstanding results even in challenging times.It is a must for service organization leaders and a valuable tool to stimulate the thinking of any manager.
I am looking forward to a narrative version of the story of Ahoy's journey to excellence. Hope he finds the time to write it.

Impressive book!
Customer-Driven Operations Management is an exceptional book. In researching this material, you'll find that Chris Ahoy has led the Iowa State Facilities Planning and Management group to a high level of excellence. They were just awarded the Iowa Recognition for Performance Excellence 2009 Gold Level Award. This award has only been given out 3 times in 10 years. Very impressive.
In my mind, there's nothing better to read than a SUCCESSFUL system's story. I think this is a great framework for any Service-oriented facility, and I look forward to upcoming material.

I would definitely recommend this book.
... Read more

Product Description
In its Anniversary 10th Edition, authors Cooper and Schindler continue to provide the most timely, richest, and most comprehensive coverage of the research experience in Business Research Methods. Students and instructors will find thorough coverage of business research topics – including the best coverage of questionnaire design – backed by solid theory. The authors are successful marketing research consultants; their expertise is evident in the realistic Snapshots, Close-Ups, PicProfiles, and case studies found in the text. Managerial decision making is the underlying theme, and topics and applications are presented and organized in a manner that allows students to thoroughly understand business research topics and functions. Consequently, the structure of the text encourages and supports completion of an in-depth business research project during the semester. ... Read more

Customer Reviews (2)

Business Research Methods
Excellent quality that was better than described. The book was shipped quickly and prompt information from the seller was provided to keep me abreast of the shipping and delivery.

BUSINESS RESEARCH METHODS
For anyone taking BUS6610 at Troy, this book, the International version, is exactly the same as other versions.I was able to complete the course the same as folks who bought the more expensive U.S. version.Hope this helps. ... Read more

Product Description

Focuses on theoretical results along with applications

All the main topics covering the heart of the subject are introduced to the reader in a systematic fashion

Concentration is on the probabilistic and statistical aspects of extreme values

Excellent introduction to extreme value theory at the graduate level, requiring only some mathematical maturity

Customer Reviews (2)

introductory but thorough graduate text on extremes
In 1978 I got my PhD in statistics and did my dissertation on extreme value limit theorems for observations coming from stationary stochastic processes.At that time there were just two books that dealt with the theory and applications and the emphasis was on theory.Those were Gumbel's book published in 1960 and Galambos' that came out in 1978 just as I was finishing up my work.I was interested in both the theory and the applications.The Stanford University Statistics Department was funded to study the statistical analysis of air pollution data.

The data had both serial and spatial correlation structures.The issue was whether or not it was likely that levels of particular pollutants pollutants would soon or ever exceed the EPA emission limits.To answer the question correctly one needs to estimate or predict the maximum of a sequence of measurements and determine when it will cross a given level.The classical theory from Gumbel, Fisher and Tippets and Gnedenko dealt with independent observations.In the early 1970s Leadbetter, Loynes and others were extending the theory to stationary processes.It was clear that the solution to our problem required probability theory that was only starting to develop.In 1983 Leadbetter, Lindgren and Rootzen produced the first book to cover the theory and some applications for stationary processes and sequences.

The theory continued to develop over the nest 3 decades (I did not stay heavily involved in it) and in recent years with encouragement from a conference sponsored by the National Institute of Science and Technology the development of applications has grown. The last 5 years has seen a wealth of good books both applied and theoretical.The book by Stuart Coles is one of the easiest to read that emphasizes applications.

de Haan has been one of the major contributors to the theory.In this book he provides a thorough, clear and rigorous treatment of most of the issues covered by the theory of extremes.This book is an excellent text designed for a first graduate course on the topic for student with a high level of mathematical sophistication.

for very speculative applications
Initially, the problem seems intractable. How to understand a probability distribution with a long tail of possible values? Where this is little or no observed data at these large values. This probably stymied any serious research into this field until recent decades. The book discusses what can be deduced about such distributions, based on known observations at small values.

It is an advanced statistical monograph. Perhaps best suited for at least the graduate level. It differs qualitatively from most texts, but uses standard ideas like the maximum likelihood estimation, and moment estimators.

As to the applications of this book, that is also speculative. It is hoped that in fields like finance, the ideas can be used to posit more realistic models of rare but potentially catatrophic events. ... Read more

Product Description
Hardbound. Supply Chain Management (SCM) has been a very visible and influential research topic in the field of operations research (OR) over the course of the last decade of the 20th century. The problems and experiences that emerged from business practices have stimulated many researchers to contribute to a deeper understanding about underlying phenomena and causal relationships. SCM has also served as an important application area for OR methods and techniques.

This handbook contains chapters covering a broad range of SCM issues written by leading experts in the field. The work is intended for researchers, students, engineers, economists and managers involved in SCM.

After the Introduction to SCM in Chapter 1 the Volume is divided into 3 parts.

Part I deals with Supply Chain Design. In Chapter 2, the optimal location of warehouses and factories is discussed as well as some tactical problems related to pricing and integrated production, inve ... Read more

Product Description

A number of methodologies have been employed to provide decision making solutions globalized markets. Hidden Markov Models in Finance offers the first systematic application of these methods to specialized financial problems: option pricing, credit risk modeling, volatility estimation and more. The book provides tools for sorting through turbulence, volatility, emotion, chaotic events – the random "noise" of financial markets – to analyze core components.

Customer Reviews (1)

fruitful field for HMM applications
Hidden Markov Models have come into vogue in recent years in various fields. Notably automatic speech recognition. An HMM is useful in a Bayesian context, where you have to work back from some observations to discern an underlying probability model that is supposedly generating those observations. Often in the presence of noise. Well, it turns out that this general description can also be applied to financial models, which is the book's subject.

Various specific models are tackled. Including the seminal Black-Scholes, where the security market is modelled as a Markov modulated Brownian. Typically, the maths in the book uses sophisticated probabilistic analysis and often assuming Markov processes. As an aside, if your field is electrical engineering or information theory, where you might have used Markov processes, then your background should suffice if you want to migrate to finance. It's not that different, at a certain conceptual level.

The book could be improved by the addition of an index. ... Read more

Product Description

This book examines concepts and tools for selecting and modifying a combination of technologies that will be either developed by a technology supply organization, such as a national laboratory or a corporate research center, or adopted by a technology application organization, such as a government administrative office or a corporation management department, to either advance public goals or enhance corporate strategies.

Product Description
This new text is intended for courses in operations management and management science, with business statistics as a prerequisite. The authors offer practical approaches to managerial decision-making using spreadsheets and step-by-step instructions to present realistic operations management problems that reflect overall organizational issues and integrate other functional areas such as marketing and finance.Perfect as a supplement to any operations management or management science text, students need only posses a familiarity with Microsoft Excel in order to learn both basic and advanced techniques. ... Read more

Customer Reviews (2)

Excellent book!
Very useful for business managers. The steps could be confusing at first for non-quants. But the datasets from www.duxbury.com makes following a breeze! I would recommend this book to all those interested in making better judgement using excel tools.

okay
This book is a little difficult to follow.The editoral review said that you only need some familiarity with excel but I found this to not be the case.You will need to be at least at the intermediate level with excel to follow some of the examples and many of the problems in the book.Some examples are unclear and no answers are given to the questions.However if you are able to follow the book, the practical applications will be benefical to managers.- Even though there are better applications than excel that managers can use. ... Read more

Product Description
Basic text on deterministic optimization methods. Techniques of modeling real world decision making problems, modeling examples that illustrate the use of modeling techniques, and a variety of problem classes are presented. Various types of algorithms with explanations of how each algorithm works and what conclusion can be drawn from its output, and a review of Matrix Algebra and Geometry and a chapter on Heuristic Methods. ... Read more

Customer Reviews (1)

The choice of the thirsty for application.
This exercise-filled deterministic optimization course book was my introduction to linear, integer and non-linear programming, and also taught me a lot of what I know about general linear algebra. It (the book) can bevery hard to read for the novice, and should be considered a source of rawpractice problems and examples. In lack of substance this is often a resortto some authors, but Murty has done it well. The examples are widely usefuland interesting and should be considered a goldmine for any professorteaching optimization or trying to compile an exam for graduate students.To digest it's bulk text one should be familiar whith the language ofmathematics in order not having to stop to breathe or having to go for awalk every once in a while. ... Read more