Dimitris Bertsimas - Data, models, and decisions: the fundamentals of management science

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Page i Data, Models, and Decisions The Fundamentals of Management Science Dimitris Bertsimas Massachusetts Institute of Technology Robert M. Freund Massachusetts Institute of Technology

Page ii Disclaimer: This netLibrary eBook does not include the ancillary media that was packaged with the original printed version of the book. Data, Models, and Decisions: The Fundamentals of Management Science by Dimitris Bertsimis and Robert Freund Acquisitions Editor: Charles McCormick Developmental Editor: Tina Edmondson Marketing Manager: Joseph A. Sabatino Production Editor: Anne Chimenti Manufacturing Coordinator: Sandee Mileweski Internal Design: Liz Harasymczuk Design Cover Design: Liz Harasymczuk Design Cover Image: Craig LaGesse Ramsdell Production House: D&G Limited, LLC Printer: R. R. Donnelley & Sons Company COPYRIGHT 2000 by South-Western College Publishing, a division of Thomson Learning. The Thomson Learning logo is a registered trademark used herein under license. All Rights Reserved. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any meansgraphic, electronic, or mechanical, including photocopying, recording, taping, or information storage and retrieval systemswithout the written permission of the publisher. Printed in the United States of America 1 2 3 4 5 03 02 01 00 For more information contact South-Western College Publishing, 5101 Madison Road, Cincinnati, Ohio, 45227 or find us on the Internet at http://www.swcollege.com For permission to use material from this text or product, contact us by telephone: 1-800-730-2214 fax: 1-800-730-2215 web: http://www.thomsonrights.com Library of Congress Cataloging-in-Publication Data Bertsimas, Dimitris Data, models, and decisions : the fundamentals of management science / by Dimitris Bertsimas and Robert M. Freund. p. cm. Includes bibliographical references and index. ISBN 0-538-85906-7 (hbk.) 1. Management science. 2. Decision making. I. Freund, Robert Michael. II. Title. T56 .B43 2000 658.5dc21 99-049421 This book is printed on acid-free paper.

Page iii Preface Many managerial decisionsregardless of their functional orientationare increasingly being based on analysis using quantitative models from the discipline of management science. Management science tools, techniques, and concepts (decision trees, probability and statistics, simulation, regression, linear optimization, and nonlinear and discrete optimization) have dramatically changed the way business operates in finance, service operations, manufacturing, marketing, and consulting. When used wisely, management science models and tools have enormous power to enhance the competitiveness of almost any company or enterprise. This book is designed to introduce management studentsfrom a wide variety of backgroundsto the fundamental techniques of using data and management science tools and models to think structurally about decision problems, make more informed management decisions, and ultimately enhance decision-making skills. Educational Philosophy We believe that the use of management science tools and models represents the future of best-practices for tomorrow's successful companies. It is therefore imperative that tomorrow's business leaders be well-versed in the underlying concepts and modeling tools of management science, broadly defined. George Dantzig, a founding father of modern management science, wrote, ''The final test of any theory is its capacity to solve the problems which originated it."1 It is our objective in this book to contribute to preparing today's management students to become tomorrow's business leaders, and thereby demonstrate that the tools and models of management science pass Dantzig's test. This book is designed with the following three principles in mind: Rigor. In order to become tomorrow's business leaders, today's managers need to know the fundamental quantitative concepts, tools, and modeling methods. The focus here is on fundamental concepts. While management students should not be expected to remember specific formulas, spreadsheet commands, or technical 1Linear Programming and Extensions by George B. Dantzig, Princeton University Press, Princeton, New Jersey, 1963.

Page iv details after they graduate, it is important for them to retain fundamental concepts necessary for managing in an increasingly technically-oriented business environment. Simply teaching students to plug numbers into black-box models is not relevant to a student's education. This book emphasizes how, what, and why certain tools and models are useful, and what their ramifications would be when used in practice. In recognition of the wide variety of backgrounds of readers of this book, however, we have indicated with a star (*) some sections that contain more advanced material, and their reading can be omitted without loss of continuity. Relevance. All of the material presented in the book is immediately applied to realistic and representative business scenarios. Because students recognize a spreadsheet as a standard business environment, the spreadsheet is the basic template for almost every model that is presented in the book. Furthermore, the book features over thirty business cases that are drawn from our own consulting experience or the experience of our students and cover a wide spectrum of industries, management functions, and modeling tools.

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