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Value-Added Decision Making for Managers, by Kenneth Chelst, Yavuz Burak Canbolat
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Developed from the authors’ longstanding course on decision and risk analysis, Value-Added Decision Making for Managers explores the important interaction between decisions and management action and clarifies the barriers to rational decision making. The authors analyze strengths and weaknesses of the best alternatives, enabling decision makers to improve on these alternatives by adding value and reducing risk.
The core of the text addresses decisions that involve selecting the best alternative from diverse choices. The decisions include buying a car, picking a supplier or home contractor, selecting a technology, picking a location for a manufacturing plant or sports stadium, hiring an employee or selecting among job offers, deciding on the size of a sales force, making a late design change, and sourcing to emerging markets. The book also covers more complex decisions arising in negotiations, strategy, and ethics that involve multiple dimensions simultaneously.
Numerous activities interspersed throughout the text highlight real-world situations, helping readers see how the concepts presented can be used in their own work environment or personal life. Each chapter also includes discussion questions and references.
Web Resource
The book’s website at http://ise.wayne.edu/research/decision.php offers tutorials of Logical Decisions software for multi-objective decisions and Precision Tree software for probabilistic decisions. Directions for downloading student versions of the DecisionTools Suite and Logical Decisions software can be found in the appendices. Password-protected PowerPoint presentations for each chapter and solutions to all of the numeric examples are available for instructors.
- Sales Rank: #1591438 in Books
- Published on: 2011-10-05
- Original language: English
- Number of items: 1
- Dimensions: 10.10" h x 1.40" w x 7.20" l, 2.56 pounds
- Binding: Hardcover
- 578 pages
Review
"[The authors] introduce all concepts and methods using realistic decision-making examples to make them relevant to practitioners. This style also makes the description of the processes easy to comprehend and apply. … I was impressed with the presentation and development of the materials. Because it avoids purely technical topics, this book is easy to read and would make an excellent textbook for a practical course on decision making with multiple objectives and under uncertainty."
―Matthias Ehrgott, The University of Auckland, Interfaces, July–August 2013
About the Author
Kenneth Chelst is a professor of operations research and director of engineering management programs in the Department of Industrial and Systems Engineering at Wayne State University. An Edelman Award finalist, he is also co-principal investigator of the NSF-funded Project MINDSET and a senior consultant for the International City and County Management Association. He earned a Ph.D. in operations research from MIT. His research interests include engineering management, emergency service management, global engineering, and the use of operations research to enhance K-12 mathematics education.
Yavuz Burak Canbolat is a senior manager in the Decision Support Group at Abbott Laboratories. He was previously an associate manager in decision analysis for Merck & Co., Inc., and an instructor in the Industrial Engineering Department at Qafqaz University. He earned a Ph.D. in industrial engineering from Wayne State University. His research interests include decision analysis and operations research techniques in R&D portfolio evaluation and management, strategic planning, financial and economic analysis, global operations and logistics, risk analysis, and capacity planning.
Most helpful customer reviews
1 of 1 people found the following review helpful.
Excellent Content but digital version is not worth it.
By Milagros Pinto Nunez
I want to be impartial with this review.
Regarding the content, this book is really helpful to understand the key concepts in decision-making analysis. The examples are basic, simple but reach the point to illustrate scenarios and real situations. It is well-organized, and if you want to learn by yourself, this is an excellent starting point tool.
However, I bought the ebook version because I was moving out and just thinking about how much weight I have to carry and ship with my books, it drives me crazy. So, I decided to buy the digital version. Unfortunately, this version does not include the book's index, and If you are interested in download de decisionTools Suite package explained in Appendix A, you will not be able to download and activate the software, because you need some information located in the BOOK'S INDEX.
I think that this type of "missing" should be included in the specs of the digital version. I am really disappointed and felt deceived.
2 of 2 people found the following review helpful.
Essential Resource for Engineers & Managers
By Shannon D
This is an outstanding book on decision and risk. In today's environment, engineers and managers need to comprehensively understand the impact of their decisions. Today's decisions are far more complex than simply "yes or no". There are multiple considerations attached to any decision and the fact that not all risk is weighted equally is critical, especially in the case of multiple objectives.
The real-life examples included in the text make the concepts easy to understand. The chapter on ethical decisions reminds managers that reputation matters and the common good cannot be overlooked.
The only thing better than this book are Dr. Chelst's classes at Wayne State University. The text reflects his use of humor to illustrate complex topics. In short, this book is an essential resource for all engineers and managers.
2 of 2 people found the following review helpful.
Why are the editing controls so poor.
By Robert J. Lake
I am a decision practioner and it is really rare to get a good concise book on decision theory.
Pros:
The book is well laid out and topics are explained clearly and concisely. Good for both graduate level courses and real life practical implementations.
Cons:
Editing - Editing - Editing... The work examples need to be correct. A book costing $125 should have outstanding editing and quality review processes.
Example: Page 129
Ut(11.1) = (0 - 11.1) / (0 - 12) = 0.075 */ the equation was not derived correctly it should have read
Ut(11.1) = (11.1 - 12) / (0 - 12) = 0.075 */
Overall:
Too many errors in the examples spoil this book....
If you don't take the examples at face value and work through the problems yourself then the book is GREAT..
Not worth the price due to the lack of proof reading.
Upgraded rating: Author reached out to discuss concerns. This is really appreciated.
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