5 comments about Loss Models: From Data to Decisions (Wiley Series in Probability and Statistics).

1. When I took a job to model prediction of loss reserves for workers compensation insurance, I began to realize that the traditional statistical methods that I generally relied n would not help me (without modification). The required modification would be either to transform variables or to model long-tailed probability distributions. This is because in the insurance business you have to reserve for those big catastrophies. The cost data for workers compensation data generally show a high frequency of low to moderate costs (say in the range of $1000 to $50,000). However occasionally there are a few cases of severe injury causing permanent disability which could run over 1 million dollars. Even though the probability of occurrence is small the cost is so high that it cannot be ignored. Such claims will surely be found when large insurance company cover millions of employees over many years.

   The problem occurs when insuring for floods, earthquakes, fires and other disasters. Stuart Klugman and Bob Hogg in 1984 wrote the first introductory text to acquaint statisticians with such probability models that are important in the insurance business. Other books covering the subject were covered in books on risk theory designed for actuaries. This book covers all the topics and assumes mathematical and staistical knowledge at the level of the book by Hogg and Craig (so some calculus is required).




2. Nothing else to say. The best book for actuarial mathematics. Also good for risk managers, in particular for operational risk.



3. Nothing else to say. The best book for actuarial mathematics. Also good for risk managers, in particular for operational risk. It does not introduce many concepts but rather take to advance level. Excellent concepts that can be applicable in any topic or situation. A must buy in you want to have your grips on acturial mathematics and concepts



4. When I took a job to model prediction of loss reserves for workers compensation insurance, I began to realize that the traditional statistical methods that I generally relied n would not help me (without modification). The required modification would be either to transform variables or to model long-tailed probability distributions. This is because in the insurance business you have to reserve for those big catastrophies. The cost data for workers compensation data generally show a high frequency of low to moderate costs... . However occasionally there are a few cases of sever injury causing permanent disability which could run over 1 million dollars. Even though the probability of occurrence is small the cost is so high that it cannot be ignored. Such claims will surely be found when large insurance company cover millions of employees over many years.
   The problem occurs when insuring for floods, earthquakes, fires and other disasters. Stuart Klugman and Bob Hogg in 1984 wrote the first introductory text to acquaint statisticians with such probability models that are important in the insurance business. Other books covering the subject were covered in books on risk theory designed for actuaries. This book covers all the topics and assumes mathematical and staistical knowledge at the level of the book by Hogg and Craig (so some calculus is required).



5. "Loss Models from Data to Decision" is an excellent book that covers many of the areas of mathematics and statistics that property and casualty insurance (aka general insurance) actuaries are required to know. Topics include: frequency and severity models; aggregate loss models; ruin models; Bayesian statistics; credibility and simulation. The theory is well explained; with worked examples throughout and numerous exercises at the end of each section (these questions are based on past SOA and CAS exam questions, so are directly relevant to people studying for either of these exams). Solutions to the exercises are not provided in this book, but a separate solutions manual is available.
   
   I am a lecturer in Actuarial Studies at an Australian university and set this book for one of my (later-year undergraduate) units. In my opinion, this is the best General Insurance text book available and students whom I have spoken to tell me that they like this book very much, too. I highly recommend this text for all student actuaries.

5 comments about Numerical Methods in Finance and Economics: A MATLAB-Based Introduction (Statistics in Practice).

1. It has up to date information about finance and math background needed. I pretty much like it.



2. This is a great book if you want to be a quant or are interested in using mathematical methods for finance purposes. There are not many good books in this field and this one is definitely one of the few good ones out there.
   
   However, this book is not for people with little background in math.



3. This book certainly is one of THE good books in Finance. I liked the way the author has provided the literature in Finance together with the math behind it. I have been reading other books on the same topic, most of which are crammed with equations without enough details and explanations. This book certainly attempts to fill that gap. (Ignore some of the typos though).
   
   My request to the author...Please write another book, and this time, solely on mathematical Finance and please keep the same style (if not better) than you used in this book. The book (and the author) really helps to not only understand but also enjoy this field by reading books written in such styles.



4. I own the first edition, which is half the size of this one. I enjoyed that book, but I had always hoped that it a provide a more in depth analysis. Well it appears my wishes have been answered. Paolo Brandimarte has expanded on his original outstanding work producing a rare book that can be used for self-study and which also provides practical exercises. It really is amazing how he has been able to touch on so many topics without sacrificing content in the process. The writing is lucid and the Matlab examples well-conceived. Anyone desiring to obtain a greater knowledge in the field of finance would be well-served in picking up this fine title. Of course, the book loses much of its impact if the reader does not have a copy of Matlab.



5. I am using this as a secondary reference for a half-semester Matlab and Optimization course and it has been invaluable. The writing is crystal clear, the examples and code are pretty close to perfect for every section. The author writes in a very intuitive fashion and of the sections I have covered I don't think I have been lost or confused once, which in this field is uncommon.
   
   This is not really an introductory book for finance and if you read the preface, Brandimarte does explain that the book complements and does not replace more specific texts. I have been seen most of the material in this book covered in at least a cursory fashion in my Financial Engineering program and it makes a difference, so I would recommend that you are familiar with the material covered in Hull's "Options, Futures and Other Derivatives" or Neftci's "Principles of Financial Engineering" and Neftci's "Introduction to the Mathematics of Financial Derivatives" or similar texts.
   
   You also won't be able to get away without having at least some intermediate level linear algebra. You don't have know it well but concept such as conditioning, LU and cholesky factorization should ring a bell. On the other hand some topics such as optimization I feel are covered very solidly. I am using "Optimization Methods in Finance" by Cornuejols and Tutuncu and although it is a great book I have to say that the examples in Brandimarte's book are much better and more intuitively explained, although clearly not in the same detail.
   
   My only gripe with the book is that he tends to use code from the toolboxes, which can be inconvenient if you are student and only have the student version at home. Most of the time he builds the code from scratch but he uses toolbox code enough that it is annoying.

1 comments about Managerial Decision Modeling with Spreadsheets and Student CD Package (2nd Edition).

1. This book was meant for use within a university classroom setting.
   
   Surprisingly, unlike most textbooks, you can actually use this book in the real world. For example, a lot of business plan books and articles casually mention business forecasting. Unfortunately, the large majority of them barely mention any details on how to construct them. Well this book covers it in depth. As for other applications with the use of MS Excel, the book will show you the optimal amount of money you should put down into a select number of investments, how to perform project scheduling (with out MS Project), and the list goes on....
   
   This is a good book.

4 comments about Quantitative Analysis for Management (10th Edition).

1. This book is easy to follow and the included cd makes solving the problems easy. It also has online links for each chapter.



2. I had one of the worst instructors on the planet this semester. I literally had to teach myself this entire course.
   This book made it so much easier. Great diagrams, simple explanations. I ended up with an A.



3. After the first week of our class falling behind, my professor mentioned to our class that this book was the wrong format for undergrads. So this book is only good as the teacher and the students. It's easy to read, but hard to understand. And, the CD-ROM was not user-friendly enough, but had an awesome integration into MS Excel. I aced all of my math classes in college (undergrad), but this class...I'm not gonna to ace. But if you aced all math classes and you're using this book for a grad class, then go for it. Otherwise, find another book.



4. I guess they wanted to fit a lot of material into a small book so they made the font tiny. It looks like an 8pt font to me which makes it hard on the eyes after a long period of time.
   
   The included software is quite helpful and I recommend having the software open as you read. Personally I found it helpful to use the QM software to do the problems in each chapter as I was reading.
   
   None of the math in this book is much beyond algebra but there are a LOT of equations. Heaven help you if you have an instructor that expects you to memorize them all for exams.
   
   Also, on mine, they put the cover on backwards. It isn't really a big deal but considering how much I paid for this book I think they should get the cover on correctly.

5 comments about The Basic Practice of Statistics w/CD-ROM.

1. I notice that most of the reviews for Moore's THE BASIC PRACTICE OF STATISTICS have been written by students. I found these reviews insightful to read. My students (like the ones who composed the reviews) are not math majors and do NOT want to enroll in a statistics course.
   
   Being sensitive to that fact, I spent a great deal of time selecting a statistic text. I had several concerns which directed me toward adopting Moore's text:
   
   1. Oftentimes, one can find typos in textbooks. This isn't a major problem, but if there is a typo in a formula, the problems for students are enormous! If the professor is from the math or statistics department, he/she can quickly catch the error and explain it to the students. If the professor is from the social sciences, he/she is less likely to catch the error. I've actually found errors in statistics textbooks. These critical errors usually can be found in books which are written by social scientists (someone like me). Thus, I've concluded that stat books written by statisticians are less apt to have typos than stat books written by social scientists. Moore is a statistician with a considerable reputation.
   
   2. I needed a book with excellent graphic illustrations. A good graphic will help a student understand a complex statistical concept better than the written word. Moore's text is filled with great graphics that explain complex concepts. Page 347 is a great example and has produced an epiphany for several students.
   
   3. I needed an introductory book that included information on control charts. Moore offers this. Frankly, I haven't found another intro stat book that does this.
   
   I've reviewed a large number of statistic textbooks. In my estimation, Moore offers the best book for non math majors.
   
   For more reading about the use of THE BASIC PRACTICE OF STATISTICS, check out volume 27 issues 3-4, 2007, pages 199-213 of THE JOURNAL OF TEACHING IN SOCIAL WORK.



2. Watch Video Here: http://www.amazon.com/review/R3ALP5NZLRYGL3 I am taking the second semester of this class right now.
   I had this book for the first semester. One will
   have to do a lot of reading but the book does a
   good job explaining concepts. The CD that
   comes with the book is awesome for testing
   your knowledge. If I may suggest something that
   has helped my studies greatly, a little book called
   Don't Like to Read, Then Don't, Listen!: How to
   Turn Any Type of Text Into Audio Files That Can
   Be Read to You!. I know that many students out
   there are like me and would rather listen to
   material than have to read it themselves. I use
   programs like the one that is reading this review
   to have my texts read to me. This is a god send
   for me. One can get this title on amazon.



3. I have never taken a Stats course before and I find this book deficient in several areas. First of all, I do not think it gives comprehensive explanation involving many concepts. Secondly, the problems at the end of each chapter incorporate formulas, equations of concepts that haven't been covered previously. Therefore, it's difficult to complete homework without much invesetigation and frustration! Lastly, I do not care for how the book refers back to previous examples on several occcasions. This cause you to have to jump back and forth in the book. Besides that, many of the illustrations have similar titles (e.g. example, figure, exercise..) and can lead to some confusion.



4. This was supposed to be a free shipping 4 to 5 days delivery item.
   However, the online tracking systems shows message that was inconsistent to the actual delivery status.
   Took more than 2 weeks to get the item.



5. It's difficult to write a glowing review for a statistics textbook. Even if it's an excellent book, deserving of five stars, it's treating a subject the study of which, for most people, ranks right up there between watching paint dry and getting warts removed.
   
   I've used several statistics textbooks in teaching, tutoring and studying stats. Some of them had great illustrations, and some had a cool CD in the back. Most had instructions for using a TI calc, Excel or Minitab to solve problems. Some tried to push a sociopolitical agenda through careful selection of examples and problems. But until this book, none of them did a decent job of explaining, in plain language, what all the "things" in statistics really meant.
   
   Finally we have a textbook that explains to the student studying statistics for the first time, what the "standard deviation of the mean" (to choose a random example) really means, and why he/she should care. Other books may try, but their language is still up there in Math Land. This book gets it right.
   
   This book also has the great illustrations, the cool CD in back, the TI/Excel/Minitab instructions. It also has the sociopolitical agenda, as evidenced in the authors' choices for examples and problems. In a clever bit of self-parody, the book warns repeatedly about how easy it is to promote a sociopolitical agenda through the judicious use of statistics.
   
   The authors announce at the beginning of the book that it will not include any "how-to" algorithms or practice for calculating basic statistics by hand, since everyone has access to tools that do the hard work for you. That's a disappointment. Every student of statistics ought to calculate a standard deviation by hand once in their life, just so they know how it's done.

5 comments about Data Analysis and Decision Making with Microsoft Excel 3e Revised, (with CD-ROM and Decision Tools and Statistic Tools Suite).

1. The text book is great. I have many of Winston's other books and they are all great. The Palisade stuff works just fine. However, the StatPro Addin that accompanies this text does not work with MS Excel 2000. I contacted the IT guy that the authors directed me to--he was stumped. He just gave up and suggested I return my book for a refund because he could not figure out it out. Again, the book is great but the StatPro Addin sucks!



2. On the positive side, this book has many excellent case studies and examples. It is well written and interesting. However, I was disappointed, as I was expecting use of Excel to rigorously solve decision making and data analysis problems. The focus of the book is mostly traditional statistics solved using a group of commercial add-ins for Excel. If this is what you want, then the book would get five stars. However, for data analysis and decision making, I think a more thorough treatment using Excel without relying so much on the add-ins would have been appropriate.



3. The book is very good with really good explanations and examples on descriptive analysis and inferential analysis.



4. It was the text book the professor wanted me to buy.
   It was good.



5. The textbook was brand new and I saved about $40. I received it on time and the transaction was easy.

5 comments about Six Sigma Statistics with EXCEL and MINITAB.

1. Quickly had a look at this book, to my thinking, it is good for junior level six sigma reader.



2. Excellent book on using Minitab and Excel to assist in Six Sigma analysis with supporting statistical methods



3. As a BB I find this book really useful. Each chapter has a clear structure, that helps the reader to fully understand the topics.
   Lot of examples and exercises make the reader capable to fully understand the theory and to apply it to real problems.
   I suggest all the BBs to have this book.



4. Very good deployment of topics. To expand those topics more in deep (e.g.: Taguchi) could be even better. Excel & Minitab examples very useful but not developed within same Excel (or Minitab) solution spreadsheets.



5. The author successfully achieved his purpose of explaining Six Sigma statistics using Minitab and Excel; however, I found numerous errors in his explanations of statistical methods and in his conclusions in some examples. I noticed 184 major and minor errors in this book, of which simple typo errors counted only 11. Mr. Bass failed to use Minitab's "Design of Experiment" feature in the chapter titled "Design of Experiment" and explained ANOVA instead, which could have been included in the chapter "Analysis of Variance." He also misapplied Taguchi's Loss Function in Chapter 12. Taguchi's Method usually means his Robust Design Method in DOE rather than his Loss Function.
   
   It seems that Mr. Bass does not have formal training in statistics or mathematics. His understanding of factors, levels, and observations in ANOVA is questionable (p.207, p.211, p.218, p.276) and subscripting in his mathematics was a mess (pp.179-181, p.208, p.222, p.223, p.227). The direction of skewness in the normal distribution was wrong. These errors could have been avoided if Mr. Bass had asked his fellow statistician or mathematician to review his draft copy of this book. The responsibility also goes to the editor of McGraw Hill.
   
   In conclusion, please read this book critically and learn how to use Minitab or Excel for Six Sigma analyses, keeping other statistics textbooks at hand.

4 comments about Mathematics of the Securities Industry.

1. I needed help with calculations for passing the Series 7 Stock Broker exam. This book makes it as simple as it gets. The financial math is no longer a daunting challenge. Thanks for writing this book!



2. I'm looking to make a career change -- this quick read got me in the right frame to take the SIA exam that brokers reqquire as part of the interview process



3. This book is great for anyone thinking about entering the securities field, or just interested in taking a more active role in managing his or her own investments. If you've been away from formal math studies for some time, the author's patient step-by-step approach to all calculations is reassuring. He begins with a very helpful section on the proper use of a calculator. (I suspected that there were some neat things it could do that I hadn't explored yet!) An added bonus: the book includes "every calculation needed for the Series 7 test," for those considering a career (or second career) as a General Securities Registered Representative (Stock Broker).



4. I was hoping for something a little easier to go through. I find this is more of a reference text than I was looking for.

5 comments about Statistics for Business and Economics (with CD-ROM).

1. The book arrived in brand new condition. The price paid at the time was lowest on the internet as brand new but still not a great deal. Recommend buying used for cheaper if possible.



2. The material was straightforward and easy to understand, although it may have helped that our school requires us to take calculus first. I found the examples helpful...however it was brought to my attention that our faculty likes some of their "own" formulas better than the shall we say long, drawn-out tedious formulas of the book. Same answers, just different ways of getting them. Anyhow, excited to buy and resell this book through Amazon! Even more excited to be through with that class! :D



3. Watch Video Here: http://www.amazon.com/review/R1HTD6NMK6E1E2 This is one of the better textbooks I have
   on the subject. One will have to put the
   time in but the book does a
   good job explaining concepts.
   If I may suggest something that
   has helped my studies greatly, a little book called
   Don't Like to Read, Then Don't, Listen!: How to
   Turn Any Type of Text Into Audio Files That Can
   Be Read to You!. I know that many students out
   there are like me and would rather listen to
   material than have to read it themselves. I use
   programs like the one that is reading this review
   to have my texts read to me. This is a god send
   for me. One can get this title on amazon.



4. Said that CD was in the book, Statistics for Business & Eco, it was not. Would not return my calls and would not give me a refund. I needed the CD for the class that is why I chose to buy from him.



5. This was a horrible service if you pay for an item and never receive it.
   
   I had to buy a second copy from my University book store and I will never buy another book from Amazon ever again. I'll either get my books from the book store or people. This was horrible.
   
   Amazon: I hate you.

5 comments about The Executive Guide to Call Center Metrics.

1. From the introduction this book explains how metrics must be more than just numbers or report cards. They are proactive tools to get much more out of your call center. The book then sets out ways to create powerful metrics that lead to winning decisions for your center.
   Chapter One: Having It All
   The first chapter looks at why modern metrics are required in centers with numerous monitors. Old ways of thinking will not do. Everyday, real world examples are given to highlight critical metric sources. These are a must in balacing wait time, cost and performance.
   Chapter Two: Call Center Metrics
   This chapter begins with Abbott's signature approach to decision making and and the discussion of mstrics that compliment this approach. He introduces the unique Dependency Diagram and metric blueprint. On page 38 he lists six key proactive metrics.
   Chapter Three: Monitoring Metrics
   Chapter three makes cetain you are uaing clear thinking when monitoring your meticws. Again, real world examples and critical statistics are used to help you have a clear look at your center.
   Chapter Four: Metric Dashboard
   Using building blocks already mentioned this chapter begins putting together a call center dashboard. Who does what? How do we set it up? What is my part?
   Chapter Five and Six: Tactical Decisions and Metrics
   How do we know when real change has happened? What are the "alarms" to look for when monitoring the call center. We see how to read and use tactical metrics to avoid problems and run effective centers.
   Chapters Seven, Eight, Nine, Ten: Strategic Decisions & Metrics
   These chapters explain the strategic aspects of running your call center. They help you develop the strategic eye needed to bring your call center into the 21st century.
   
   The book ends with a review of benefits that come from the effective use of metrics and how that is achieved. If you have the difficult responaibility of runing a call center, you need this book.



2. James Abbott has produced a handbook that is required reading for all Call Center Managers. It provides a step-by-step method for metrics creation and why improvement is not possible unless you can measure Call Center activity.
   
   This book must be on every employees desk in the Call Center and the Metrics should be based on this book. The books 11 chapters are easy to read and understand. James clearly outlines the reasons why metrics must be real time and the benefit in performance associated with this method.
   
   You should read this book, as I did, just to understand how implementation of this methodology will cut costs and improve customer satisfaction.
   
   John Washburn
   Colorado



3. This is a fantastic resource for anyone trying to figure out how to measure their Call Center performance. Because Call Center services and types vary so greatly, using the wrong metrics can send executives in the wrong direction and greatly impact the staff and performance of the Call Center. This book is a phenomenal resource in determining what Call Center Metrics are and what they are not.



4. This book was really helpful to organize and explain metrics. The explanation of strategic and tactical views of the metrics was what I really needed. What was neat was how it explained the metrics with very practical examples that everyone can explain. One example of this is the use of a grocery store checkout to explain which metrics to use. Great book and great value.



5. This book missed the mark in so many ways that I am baffled by earlier positive reviews. It is poorly written, ineptly edited, repetitive and confusing. Perhaps most importantly, it offers little real substance regarding how to use the most important call center metrics to manage a call center. More a primer on statistical process control, this book is certainly not geared for most call center executives.