The book "Introduction to Business Analytics Using Simulation, Second Edition" uses simulation modeling and analysis to teach business analytics, treating uncertainty as an essential element in decision-making. It provides a comprehensive foundation for business analytics, helping students gain a better understanding of fundamental statistical concepts.

Format: Paperback / softback
Length: 512 pages
Publication date: 01 March 2022
Publisher: Elsevier Science & Technology

Introduction to Business Analytics Using Simulation,Second Edition

The second edition of Introduction to Business Analytics Using Simulation employs an innovative approach to teaching business analytics. The book utilizes simulation modeling and analysis as mechanisms to introduce and connect predictive and prescriptive modeling. Given that managers cannot fully predict the future but must still make decisions, the book treats uncertainty as a crucial element in decision-making. By employing simulation, the book offers readers a superior way to analyze past data, understand an uncertain future, and optimize 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 deeper understanding of fundamental statistical concepts that are essential to marketing research, Six-Sigma, financial analysis, and business analytics.

The book begins by introducing the concept of simulation modeling, which involves creating a virtual representation of a real-world system. It then explains how simulation can be used to analyze and predict the behavior of the system, as well as to test different decision-making scenarios. The next chapter discusses the importance of uncertainty in decision-making and introduces the concept of probability analysis. It explains how probability analysis can be used to quantify the likelihood of different outcomes and to make informed decisions based on risk.

The book then moves on to discuss the use of simulation modeling in business analytics. It explains how simulation can be used to model complex business processes, such as supply chain management, marketing, and finance. It also discusses how simulation can be used to analyze the performance of existing systems and to identify areas for improvement.

The book also includes several case studies that demonstrate the practical application of simulation modeling in business analytics. These case studies cover a range of industries, including manufacturing, healthcare, and finance, and show how simulation can be used to solve real-world problems and improve business performance.

In conclusion, Introduction to Business Analytics Using Simulation, Second Edition is an excellent resource for anyone interested in learning business analytics. The book's innovative approach to teaching business analytics, combined with its focus on uncertainty and variability, provides a comprehensive foundation for anyone looking to advance their career in this field. Whether you are a business student, professional, or manager, this book will help you gain a better understanding of fundamental statistical concepts and how to apply them in real-world business situations.

Weight: 1040g
Dimension: 235 x 191 (mm)
ISBN-13: 9780323917179
Edition number: 2 ed