Data, Models, and Decisions: A Foundation in Management Science

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Features: This book integrates the contents of two entirely different fields—probability and statistics and management science—into quantitative methods and models for management and business. It emphasizes the fundamental concepts crucial to practical analytical methods for management decision-making, focusing on the following topics: modeling and assessing uncertainty, the dynamic nature of decision-making, how to effectively utilize historical data and limited information, how to simulate complex systems, and optimal allocation of scarce resources, etc. The book provides conceptual discussions along with relevant practical content. Its teaching objective is to perfectly combine concepts, related processes, and readability. Despite its broad coverage, the book remains more concise than other textbooks. The examples in the book are further reinforced through exercises and unit cases.