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Textbook
Excel Models for Business and Operations Management, 2nd EditionJune 2005, ©2005
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This text adopts an active learning approach with the emphasis being placed on the utilization of software tools to help build models. The book’s primary approach is to help the reader put theory into practice. The ‘learn by example’ approach used throughout the book guides the user through the complexities of model building. Every day examples from business and operations management form the basis of the book’s ‘hands on’ development models that help the reader to appreciate Excel’s power and flexibility.
1. A systems view of business.
Overview.
A systems view of business operations.
A manufacturing business model.
Finance and cost accounting.
The marketing function.
The production function.
Management decision-making.
References and further reading.
2. Model-building tools.
Overview.
Modelling characteristics.
Risk and uncertainty in decision-making.
Linear programming (LP).
Using Excel’s ‘Analysis ToolPak’.
Statistical methods.
Decision analysis.
Simulation.
Excel functions used in model-building.
Exercises.
References and further reading.
PART 1: BUSINESS MODELS.
3. Financial models.
Overview.
Financial statements.
Ratio analysis.
Net present value (NPV).
Investment appraisal.
Portfolio management.
Capital budgeting using decision trees.
Cash flow analysis.
Investment financing: a simulation model.
Financial planning.
Excel add-ins: small business financial manager.
Excel functions used in model-building.
Exercises.
References and further reading.
4. Investment Analysis Models.
Overview.
Risk Preference Attitudes.
Utility Theory.
Portfolio theory – the Markowitz model.
Portfolio analysis – the efficient frontier.
Single index model (SIM).
Using SIM to derive the covariance matrix.
Capital asset pricing model (CAPM).
Bond valuation.
Duration and bond volatility.
Black–Scholes option pricing model.
Excel functions used in model-building.
Exercises.
References and further reading.
5. Worksheet applications in cost accounting.
Overview.
Cost-volume-profit analysis.
Depreciation.
Equipment replacement.
Statistical replacement analysis.
Simulation model for replacement/repairs.
Comparison between simulation and statistical results.
Budgeting.
Job costing.
The learning curve.
Checking the accuracy of learning curves.
Excel functions used in model-building.
Exercises.
References and further reading.
6. Marketing models.
Overview.
Organising and presenting data.
Correlation analysis and linear regression.
Forecasting – time series and exponential smoothing.
Forecasting – exponential smoothing.
Salesforce models.
Goal programming.
Excel functions used in model-building.
Exercises.
References and further reading.
7. Purchase order processing.
Overview.
Creating a simple macro.
Purchase order processing.
Creating the title screen.
Products and suppliers worksheets.
Creating the purchase order form.
Creating the database and its associated macros.
Macros for transferring data into the database.
Adding macros to buttons.
Amending purchase orders.
Printing purchase orders.
Protecting the POP database application.
Excel functions used in model-building.
Exercises.
References and further reading.
PART 2: MODELS FOR OPERATIONS MANAGEMENT.
8. Statistical applications in quality control.
Overview.
Probability distributions.
Acceptance sampling.
Estimation – drawing conclusions from samples.
Hypothesis testing – checking out a claim!
Analysis of variance (ANOVA).
Statistical process control.
Excel functions used in model-building.
Exercises.
References and further reading.
9. Inventory control models.
Overview.
Glossary of inventory terms.
Characteristics of inventory models.
Deterministic models.
Production order quantity model.
Inventory models with constraints.
Probabilistic models.
Inventory controls: a simulation approach.
Material requirements planning (MRP).
Lot-sizing methods.
Just-in-time (JIT) approach to inventory management.
Excel functions used in model-building.
Exercises.
References and further reading.
10. Models for production operations.
Overview.
Logistics models.
Other network flow applications.
Production planning and scheduling.
Queuing models.
Excel functions used in model-building.
Exercises.
References and further reading.
11. Project management.
Overview.
Project management techniques.
The project network.
Critical path method (CPM).
Simulation model for project management.
Exercises.
References and further reading.
Appendix: Excel refresher notes.
Basic Excel commands.
Drawing graphs with ChartWizard.
Object linking and embedding (OLE).
- This new edition will follow the ‘active learning’ approach which focuses on the practical aspect of how to build computer models while summarizing the mathematical logic as to why the model is so constructed.
- A website will accompany the text, containing hands on development models to enable the reader to put theory into practice.
- A new chapter entitled ‘Investment Analysis Models’ will be added to widen the appeal to students in finance and accounting.
- All references to Excel (including the Excel refresher notes in the appendix) have been upgraded to reflect the latest version of Microsoft Office (e. g. Excel 2003 and Windows XP)
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Job sequencing including a VBA routine for Johnson’s Rule
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Multiplicative Holt-Winter’s model
- Summary of mathematical concepts and Excel tools at end of each chapter.
- Develops an internal database application using Microsoft's Visual Basic for Applications (VBA) language.
- Contains over seventy models covering financial and cost accounting, marketing and forecasting, statistical quality control, logistics and distribution, scheduling, inventory control, material requirements planning and project management.
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