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Quantitative techniques
Book Reviews
Much of the book explores the claim that the main potential advantages of computer models over mental models lie in their rigor, comprehensiveness, logic, accessibility and testability. They found that ‘computer models do tend to be more rigorous . . . than mental models, and this rigor is useful, especially for the modellers.’ ‘And nearly always the drive for . . . precision leads to misallocation of modelling effort and omission of some important aspects of real social systems’; This is typical of their general findings. They conclude ‘Each of the modelling efforts has contributed something to understanding such messes. But the rigor, competence etc. with which these things might have been accomplished has fallen short of the potential . . . the main problems come from the way human beings, embedded in social structures, are using the tools.’ Donella Meadows and Jenny Robinson have written a book of technical excellence, that is both wise and passionate. It is a ‘must’ for anyone interested in modelling for problems of national and social policy. There is a strong case for making the last few chapters-together with Donella Meadow’s recent paper in EJOR [l]-compulsory reading for all masters students in OR. Rolfe TOMLINSON University of Warwick Coventry, United Kingdom Reference [l] Meadows, D.M., “System analysis and the world food system”, European Journal of Operational Research 20 (2) (1985) 158-167.
D.J. HALLETT
and T. LUCEY
Quantitative Techniques
D.P. Publications, Eastleigh, 1983, v + 508 pages, E4.95 This book is primarily aimed at students preparing for professional accounting examinations such as those of the Institute of Chartered Accountants and the Association of Certified Accountants. The main part of the book consists
129
of detailed answers to examination questions taken from papers set by the professional accounting associations. The topics covered, in order, are, probability and decisions, decision tree analysis, sampling and hypothesis testing, regression and correlation, business mathematics, stock control, queuing, linear programming, transportation, critical path, investment appraisal and replacement. The final part of the book is a revision guide which gives a summary of essential formulae and two complete examination papers for the reader to practise on. Although mainly aimed at accounting students the book is also very suitable for courses in business, or for first courses in industrial engineering and operational research. The questions are, in the main, straightforward, requiring the routine application of a technique or formula, rather than development from first principles. The questions also vary in the length of answer required and some, in particular, are tedious and demand excessive amounts of computation. The reader unfamilar with these particular examinations, as the reviewer was, will have to search hard in the book to find how much time is allowed for each question: an important point when assessing the quality of answers. The answer to this question may be found with difficulty in the final part of the book, the review section. Here it may be discovered that five questions should be answered ,in three hours! The answers given are very full and easy to understand. Attempting to give ‘perfect’ answers to examination questions is a dangerous process as every reader is likely to have his own opinion. Making allowances for this reviewer’s own preferences and for some ambiguity in the questions, the standard of answer given is very high. A total of sixty questions are fully worked and a student would be well prepared for his examinations if he had studied all of these. The presentation is very suitable for students working on their own. The price of the book is low and I would expect that many students will be prepared to buy it and will benefit from working through it. Teachers will also find it to be a useful source of worked examples. E. RITCHIE University of Lancaster Lancaster, United Kingdom
Much of the book explores the claim that the main potential advantages of computer models over mental models lie in their rigor, comprehensiveness, logic, accessibility and testability. They found that ‘computer models do tend to be more rigorous . . . than mental models, and this rigor is useful, especially for the modellers.’ ‘And nearly always the drive for . . . precision leads to misallocation of modelling effort and omission of some important aspects of real social systems’; This is typical of their general findings. They conclude ‘Each of the modelling efforts has contributed something to understanding such messes. But the rigor, competence etc. with which these things might have been accomplished has fallen short of the potential . . . the main problems come from the way human beings, embedded in social structures, are using the tools.’ Donella Meadows and Jenny Robinson have written a book of technical excellence, that is both wise and passionate. It is a ‘must’ for anyone interested in modelling for problems of national and social policy. There is a strong case for making the last few chapters-together with Donella Meadow’s recent paper in EJOR [l]-compulsory reading for all masters students in OR. Rolfe TOMLINSON University of Warwick Coventry, United Kingdom Reference [l] Meadows, D.M., “System analysis and the world food system”, European Journal of Operational Research 20 (2) (1985) 158-167.
D.J. HALLETT
and T. LUCEY
Quantitative Techniques
D.P. Publications, Eastleigh, 1983, v + 508 pages, E4.95 This book is primarily aimed at students preparing for professional accounting examinations such as those of the Institute of Chartered Accountants and the Association of Certified Accountants. The main part of the book consists
129
of detailed answers to examination questions taken from papers set by the professional accounting associations. The topics covered, in order, are, probability and decisions, decision tree analysis, sampling and hypothesis testing, regression and correlation, business mathematics, stock control, queuing, linear programming, transportation, critical path, investment appraisal and replacement. The final part of the book is a revision guide which gives a summary of essential formulae and two complete examination papers for the reader to practise on. Although mainly aimed at accounting students the book is also very suitable for courses in business, or for first courses in industrial engineering and operational research. The questions are, in the main, straightforward, requiring the routine application of a technique or formula, rather than development from first principles. The questions also vary in the length of answer required and some, in particular, are tedious and demand excessive amounts of computation. The reader unfamilar with these particular examinations, as the reviewer was, will have to search hard in the book to find how much time is allowed for each question: an important point when assessing the quality of answers. The answer to this question may be found with difficulty in the final part of the book, the review section. Here it may be discovered that five questions should be answered ,in three hours! The answers given are very full and easy to understand. Attempting to give ‘perfect’ answers to examination questions is a dangerous process as every reader is likely to have his own opinion. Making allowances for this reviewer’s own preferences and for some ambiguity in the questions, the standard of answer given is very high. A total of sixty questions are fully worked and a student would be well prepared for his examinations if he had studied all of these. The presentation is very suitable for students working on their own. The price of the book is low and I would expect that many students will be prepared to buy it and will benefit from working through it. Teachers will also find it to be a useful source of worked examples. E. RITCHIE University of Lancaster Lancaster, United Kingdom