The update to the second edition of Management Science: The Art of Modeling with Spreadsheets by Steve Powell and Ken Baker is revised to be compatible with Microsoft Excel 2007. Like the original second edition, the text expands upon the essential skills needed to develop real expertise in business modeling.  In principle, two students could work side by side in a course, one using the Second Edition and relying on Excel 2003, the other using the Update Edition and relying on Excel 2007. They will be able to learn the same skills, as both versions of the book are self-contained.