Summary

Unlike most software packages for simulation -- which are generally oriented toward engineering applications, are often intimidating to use, and are not suitable for applications of risk analysis -- this text provides an introduction to the concepts, methodologies, and applications of simulation in business, specifically. Easy-to-use and apply, it uses spreadsheets as the principal means to illustrate simulation models and computational issues -- providing students with a solid foundation for learning to use the more advanced commercially available simulation software. The value of simulation is demonstrated through the use of real applications throughout.*Uses Microsoft Excel throughout - although most models can easily be translated into other spreadsheet formats*Provides cell formulas and detailed explanations for each spreadsheet model*Contains numerous chapter-end Questions and Problems for review of important concepts, practice in working with and extending models, and applying the concepts to new situations