This text combines the studies of probability and statistics with management science to explore quantitative methods and models for management and business. Bertsimas and Freund (management science and operations research, MIT) focus on modeling, understanding the dynamic nature of decision making, using data and limited information effectively, and allocating scare resources. Case examples and spreadsheets throughout the text provide models for working through the problems presented. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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The book combines topics from two traditionally distinct quantitative subjects: probability/statistics and optimization models, into one unified treatment of quantitative methods and models for management and business. The book stresses those fundamental concepts that are most important for the practical analysis of management decisions: modeling and evaluating uncertainty explicitly, understanding the dynamic nature of decision-making, using historical data and limited information effectively, simulating complex systems, and allocating scarce resources optimally.

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