DUBUQUE, Iowa – Loras College Professor of Business Dale Lehman, Ph.D., has published his fourth book, “Practical Spreadsheet Modeling Using @Risk.” He co-authored the work with Huybert Groenendaal, Ph.D., managing director at EpiX Analytics.
“This is a personally satisfying book for me, as it embodies much of my teaching philosophy,” Lehman said. “It uses real data, interesting exercises and examples, eschews unnecessary mathematics while maintaining rigor where necessary, and always emphasizing practical application.”
“Practical Spreadsheet Modeling Using @Risk” provides a guide of how to construct applied decision analysis models in spreadsheets. The focus is on the use of Monte Carlo simulation to give a quantitative assessment of uncertainties and key risk drivers. The book presents numerous examples based on real data and relevant practical decisions in a variety of settings, including health care, transportation, finance, natural resources, technology, manufacturing, retail, and sports and entertainment.
“We wrote this book to improve practical decision making under uncertainty. It shows how spreadsheet models can be adapted to a wide variety of business problems and how quantitative risk analysis can lead to improved decisions. Utilizing the popular @Risk simulation software, we provide numerous examples from a variety of industry contexts, including health, finance, environment, manufacturing, sports, and entertainment,” Lehman explained.
Lehman began teaching at Loras College in 2014. He earned his Ph.D. in Economics from the University of Rochester, taught at a dozen universities and was director of the MBA programs at Alaska Pacific University. He has also held industry positions at Bell Communications Research and SBC.
Lehman’s interests are in applied data analysis, including visualization of patterns in data, analysis that highlights meaningful stories hidden within data, and replication/validation of data analysis. He is particularly interested in applications of data analysis to problems related to health care, natural resources, telecommunications and information, and finance.
“Our hope is to provide both students and industry professionals with practical tools, and the understanding of how to use these, that can be applied to the myriad decisions for which uncertainty is a key element,” Lehman explained. “We are not living in the age of risk, but it is the age of risk analysis, and this book is meant to be a practical guide to incorporating uncertainty into analysis of decision problems.”
Lehman and Groenendaal worked together to write the book in less than a year.
Groenendaal has extensive experience in using risk modeling to support decision making in fields that include business development, financial valuation, and R&D portfolio evaluation within the pharmaceutical and medical device industries, as well as health and epidemiology, energy, manufacturing and private equity. He regularly teaches risk analysis training classes.