Description
Introduction to Business Analytics Using Simulation, Second Edition employs an innovative strategy to teach business analytics. The book uses simulation modeling and analysis as mechanisms to introduce and link predictive and prescriptive modeling. Because managers can't fully assess what will happen in the future, but must still make decisions, the book treats uncertainty as an essential element in decision-making. Its use of simulation gives readers a superior way of analyzing past data, understanding an uncertain future, and optimizing results to select the best decision. With its focus on uncertainty and variability, this book provides a comprehensive foundation for business analytics.
Students will gain a better understanding of fundamental statistical concepts that are essential to marketing research, Six-Sigma, financial analysis, and business analytics.
- Teaches managers how they can use business analytics to formulate and solve business problems to enhance managerial decision-making
- Explains the processes needed to develop, report and analyze business data
- Describes how to use and apply business analytics software
- Offers expanded coverage on the value and application of prescriptive analytics
- Includes a wealth of illustrative exercises that are newly organized by difficulty level
- Winner of the 2017 Textbook and Academic Authors Association's (TAA) Most Promising New Textbook Award in the prior edition
Table of Contents
1. Business Analytics is Making Decisions
2. Decision Trees
3. Decision-Making and Simulation
4. Probability: Measuring Uncertainty
5. Subjective Probability Distributions
6. Empirical Probability Distributions
7. Theoretical Probability Distributions
8. Simulation Accuracy: Central Limit Theorem and Sampling
9. Simulation Fit and Significance: Chi-Square and ANOVA
10. Regression
11. Forecasting
12. Constrained Linear Optimization
