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Business Statistics : A Decision-Making Approach and Student CD Update Package

ISBN: 9780131545885 | 0131545884
Edition: 7th
Format: Package
Publisher: Prentice Hall
Pub. Date: 1/1/2008

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SummaryTable of Contents
For the 1 or 2 semester course in Business Statistics. This comprehensive, 17 chapter hardcover text builds student confidence by incorporating a step-by-step system for examples, exercises, and special review sections. This step-by-step framework allows students to learn by example, practice with extensive exercises that step-up in level of difficulty, and solidify their understanding of the concepts with special review sections as they prepare for their exams. It presents descriptive and inferential statistics with a rich assortment of business examples and real data with an emphasis on decision-making. There is emphasis on using statistical software as a tool, (featuring Excel and Minitab) with many examples presented in a software environment. A briefer version is also available called A Course in Business Statistics 4e.
Prefacexxi
The Where, Why, and How of Data Collection
1(26)
What Is Business Statistics?
2(5)
... MORE
Descriptive Statistics
2(1)
Charts and Graphs
3(2)
Inferential Tools
5(1)
Estimation
5(1)
Hypothesis Testing
6(1)
Tools for Collecting Data
7(6)
Data Collection Methods
7(1)
Experiments
7(1)
Telephone Surveys
8(1)
Mail Questionnaires and Other Written Surveys
9(1)
Direct Observation and Personal Interviews
10(1)
Other Data Collection Methods
11(1)
Data Collection Issues
11(2)
Populations, Samples, and Sampling Techniques
13(7)
Populations and Samples
13(1)
Parameters and Statistics
14(1)
Sampling Techniques
14(1)
Nonstatistical Sampling
14(1)
Statistical Sampling
15(1)
Simple Random Sampling
15(1)
Stratified Random Sampling
16(1)
Systematic Random Sampling
17(1)
Cluster Sampling
18(2)
Data Types and Data Measurement Levels
20(7)
Quantitative and Qualitative Data
20(1)
Time-Series and Cross-Sectional Data
20(1)
Data Measurement Levels
21(1)
Nominal Data
21(1)
Ordinal Data
21(1)
Interval Data
22(1)
Ratio Data
22(1)
Summary and Conclusions
23(2)
Key Terms
25(1)
Chapter Exercises
25(1)
General References
26(1)
Graphs, Charts, and Tables--Describing Your Data
27(46)
Frequency Distributions and Histograms
28(19)
Frequency Distribution
28(3)
Grouping Data by Classes
31(2)
Steps for Grouping Data into Classes
33(3)
Histograms
36(2)
Issues with Excel
38(2)
Relative Frequency Histograms and Ogives
40(1)
Joint Frequency Distributions
41(6)
Bar Charts, Pie Charts, and Stem and Leaf Diagrams
47(10)
Bar Charts
47(5)
Pie Charts
52(1)
Stem and Leaf Diagrams
53(4)
Line Charts and Scatter Diagrams
57(16)
Line Charts
57(3)
Scatter Diagrams
60(5)
Summary and Conclusions
65(1)
Equations
66(1)
Key Terms
66(1)
Chapter Exercises
66(3)
Case 2-A: AJ's Fitness Center
69(1)
Case 2-B: Westbrook Graphic Arts
70(1)
General References
70(3)
Describing Data Using Numerical Measures
73(54)
Measures of Center and Location
74(20)
Parameters and Statistics
74(1)
Population Mean
74(3)
Sample Mean
77(2)
The Impact of Extreme Values on the Mean
79(1)
Median
79(1)
Skewed and Symmetric Distributions
80(2)
Mode
82(1)
Applying the Measures of Central Tendency
83(1)
Issues with Excel
84(1)
Other Measures of Location
85(1)
Weighted Mean
85(1)
Percentiles
86(2)
Quartiles
88(1)
Issues with Excel
88(1)
Box and Whisker Plots
88(3)
Data Level Issues
91(3)
Measures of Variation
94(10)
Range
95(1)
Interquartile Range
95(2)
Population Variance and Standard Deviation
97(2)
Sample Variance and Standard Deviation
99(5)
Using the Mean and the Standard Deviation Together
104(23)
Coefficient of Variation
105(1)
The Empirical Rule
106(2)
Tchebysheff's Theorem
108(1)
Standardized Data Values
108(4)
Summary and Conclusions
112(1)
Equations
113(1)
Key Terms
113(1)
Chapter Exercises
114(3)
Case 3-A: Wilson Corporation
117(1)
Case 3-B: Holcome Financial Planners
118(1)
Case 3-C: AJ's Fitness Center
119(1)
General References
119(2)
Special Review Section
121(1)
Chapters 1--3
121(3)
Exercises
124(2)
Review Case 1: State Department of Insurance
126(1)
Using Probability and Probability Distributions
127(48)
The Basics of Probability
128(11)
Important Probability Terms
128(1)
Events and Sample Space
129(1)
Using Tree Diagrams
130(2)
Mutually Exclusive Events
132(1)
Independent and Dependent Events
133(1)
Methods of Assigning Probability
134(1)
Classical Probability Assessment
134(1)
Relative Frequency of Occurrence
135(2)
Subjective Probability Assessment
137(2)
The Rules of Probability
139(20)
Measuring Probabilities
139(1)
Possible Values and Sum
139(1)
Addition Rule for Elementary Events
140(1)
Complement Rule
141(4)
Addition Rule for Mutually Exclusive Events
145(1)
Conditional Probability
146(2)
Tree Diagrams
148(1)
Conditional Probability for Independent Events
149(1)
Multiplication Rules
150(1)
Multiplication Rule for Two Events
150(1)
Using a Tree Diagram
151(1)
Multiplication Rule for Independent Events
152(1)
Bayes' Theorem
153(1)
Bayes' Theorem Using a Tree Diagram
154(5)
Introduction to Probability Distributions
159(16)
Random Variables
159(1)
Comparing Discrete and Continuous Probability Distributions Graphically
160(2)
Mean and Standard Deviation of Discrete Distributions
162(1)
Calculating the Mean
162(1)
Calculating the Standard Deviation
162(1)
Working with Two Discrete Random Variables
163(1)
Expected Value of the Sum of Two Discrete Random Variables
163(1)
Covariance of Two Discrete Random Variables
164(1)
Correlation Between Two Discrete Random Variables
165(3)
Summary and Conclusions
168(1)
Equations
169(1)
Key Terms
169(1)
Chapter Exercises
170(3)
Case 4-A: Great Air Commuter Services
173(1)
Case 4-B: Let's Make a Deal
173(1)
General References
174(1)
Discrete and Continuous Probability Distributions
175(52)
The Binomial Probability Distribution
176(13)
The Binomial Distribution
176(1)
Characteristics of the Binomial Distribution
177(2)
Combinations
179(1)
Binomial Formula
179(2)
Using the Binomial Distribution Table
181(2)
Mean and Standard Deviation of the Binomial Distribution
183(1)
Mean of a Binomial Distribution
183(2)
Standard Deviation of a Binomial Distribution
185(1)
Additional Information about the Binomial Distribution
186(3)
Other Discrete Probability Distributions
189(10)
The Poisson Distribution
189(1)
Characteristics of the Poisson Distribution
189(1)
Poisson Probability Distribution Table
190(2)
The Mean and Standard Deviation of the Poisson Distribution
192(2)
The Hypergeometric Distribution
194(3)
The Hypergeometric Distribution With More Than Two Possible Outcomes Per Trial
197(2)
The Normal Probability Distribution
199(14)
The Normal Distribution
199(1)
The Standard Normal Distribution
200(2)
Using the Standard Normal Table
202(7)
Approximate Areas under the Normal Curve
209(4)
Other Continuous Probability Distributions
213(14)
Uniform Probability Distribution
213(2)
The Exponential Probability Distribution
215(3)
Summary and Conclusions
218(1)
Equations
219(1)
Key Terms
220(1)
Chapter Exercises
220(4)
Case 5-A: East Mercy Medical Center
224(1)
Case 5-B: Rutledge Collections
225(1)
Case 5-C: American Oil Company
225(1)
Case 5-D: Boise Cascade Corporation
226(1)
General References
226(1)
Introduction to Sampling Distributions
227(38)
Sampling Error: What It Is and Why It Happens
228(7)
Calculating Sampling Error
228(3)
The Role of Sample Size in Sampling Error
231(4)
Sampling Distribution of the Mean
235(15)
Simulating the Sampling Distribution for x
235(3)
Sampling from Normal Populations
238(4)
The Central Limit Theorem
242(8)
Sampling Distribution of a Proportion
250(15)
Working with Proportions
250(2)
Sampling Distribution of p
252(5)
Summary and Conclusions
257(1)
Equations
257(1)
Key Terms
258(1)
Chapter Exercises
258(4)
Case 6-A: Carpita Bottling Company
262(1)
Case 6-B: Truck Safety Inspection
262(1)
Case 6-C: Houston Nut and Candy Company
263(1)
General References
263(2)
Estimating Population Values
265(38)
Point and Confidence Interval Estimates for a Population Mean
266(19)
Point Estimates and Confidence Intervals
266(2)
Confidence Interval Estimate for the Population Mean, σ Known
268(1)
Confidence Interval Calculation
269(3)
Impact of the Confidence Level on the Interval Estimate
272(3)
Impact of the Sample Size on the Interval Estimate
275(1)
Confidence Interval Estimate for the Population Mean, σ Unknown
275(1)
Student's t-Distribution
275(5)
Estimation with Larger Sample Sizes
280(5)
Determining the Required Sample Size for Estimating the Population Mean
285(5)
Determining the Required Sample Size for Estimating μ, σ Known
285(2)
Determining the Required Sample Size for Estimating μ, σ Unknown
287(3)
Estimating a Population Proportion
290(13)
Confidence Interval Estimate for a Population Proportion
291(1)
Determining the Required Sample Size for Estimating a Population Proportion
292(4)
Summary and Conclusions
296(1)
Equations
296(1)
Key Terms
297(1)
Chapter Exercises
297(3)
Case 7-A: Duro Industries, Inc.
300(1)
Case 7-B: Management Solutions, Inc.
300(1)
General References
301(2)
Introduction to Hypothesis Testing
303(42)
Hypothesis Tests for Means
304(23)
Formulating the Hypothesis
304(1)
Null and Alternative Hypotheses
304(2)
The Research Hypotheses
306(1)
Types of Statistical Errors
307(1)
Significance Level and Critical Value
308(1)
Hypothesis Test for μ, σ Known, Large Sample
309(1)
Calculating Critical Values Test
309(1)
Decision Rules and Statistics
310(3)
p-Values
313(1)
Types of Hypothesis Tests
314(2)
p-Value for Two-Tailed Tests
316(2)
Hypothesis Test for μ with σ Unknown, Large Sample
318(1)
Hypothesis Test for μ, σ Unknown, Small Sample
319(3)
Using the t-Distribution with Large Sample Sizes
322(5)
Hypothesis Tests for Proportions
327(5)
Testing a Hypothesis about a Single Population Proportion
327(5)
Type II Errors
332(13)
Calculating Beta
332(2)
Controlling Alpha and Beta
334(1)
Power of the Test
335(2)
Summary and Conclusions
337(1)
Equations
337(2)
Key Terms
339(1)
Chapter Exercises
339(4)
Case 8-A: Campbell Brewery, Inc., Part I
343(1)
General References
344(1)
Estimation and Hypothesis Testing for Two Population Parameters
345(42)
Estimation for Two Population Means
346(12)
Estimating the Difference Between Two Population Means When σ1 and σ2 Are Known, Large Independent Samples
346(2)
Estimating the Difference Between Two Population Means When σ1 and σ2 Are Unknown, Large Independent Samples
348(1)
Estimating the Difference Between Two Population Means When σ1 and σ2 Are Unknown, Small Independent Samples
349(3)
What If the Population Variances Are Not Equal?
352(1)
Interval Estimation for Paired Samples
352(6)
Hypothesis Tests for the Difference Between Two Population Means
358(15)
Testing for μ1 -- μ2 When σ1 and σ2 Are Known, Large Independent Samples
359(1)
Using p-Values
360(1)
Testing μ1 -- μ2 When σ1 and σ2 Are Unknown, Large Independent Samples
360(2)
Testing μ1 -- μ2 When σ1 and σ2 Are Unknown, Small Independent Samples
362(6)
What If the Population Variances Are Not Equal?
368(1)
Hypothesis Testing for Paired Samples
368(5)
Estimation and Hypothesis Tests for Two Population Proportions
373(14)
Estimating the Difference Between Two Population Proportions
374(1)
Hypothesis Tests for the Difference Between Two Population Proportions
375(5)
Summary and Conclusions
380(1)
Equations
380(2)
Key Terms
382(1)
Chapter Exercises
382(3)
Case 9-A: Green Valley Assembly Company
385(1)
Case 9-B: U-Need-It Rental Agency
385(1)
General References
386(1)
Hypothesis Tests for One and Two Population Variances
387(20)
Hypothesis Tests for a Single Population Variance
388(5)
Chi-Square Test for a Single Population Variance
388(5)
Hypothesis Tests for Two Population Variances
393(14)
F-test for Two Population Variances
393(8)
Additional F-Test Considerations
401(2)
Summary and Conclusions
403(1)
Equations
403(1)
Key Terms
403(1)
Chapter Exercises
404(2)
General References
406(1)
Analysis of Variance
407(68)
One-Way Analysis of Variance
408(21)
The Logic Behind One-Way ANOVA
408(3)
Partitioning the Sum of Squares
411(1)
The ANOVA Assumptions
412(3)
Applying One-Way ANOVA
415(7)
The Tukey-Kramer Procedure for Multiple Comparisons
422(4)
Fixed Effects Versus Random Effects in Analysis of Variance
426(3)
Randomized Complete Block Analysis of Variance
429(10)
Randomized Complete Block ANOVA
429(4)
Was Blocking Necessary?
433(3)
Fisher's Least Significant Difference Test
436(3)
Two-Factor Analysis of Variance with Replication
439(36)
Two-Factor ANOVA with Replications
439(2)
Interaction Explained
441(4)
A Caution about Interaction
445(3)
Summary and Conclusions
448(1)
Equations
448(1)
Key Terms
449(1)
Chapter Exercises
449(3)
Case 11-A: Consumer Information Association
452(1)
Case 11-B: West Coast Bell System
452(1)
General References
453(2)
Special Review Section
455(1)
Chapters 7 to 11
455(15)
Using the Flow Diagrams
470(1)
Exercises
471(4)
Goodness-Of-Fit Tests and Contingency Analysis
475(26)
Introduction to Goodness-of-Fit Tests
476(10)
Chi-Square Goodness-of-Fit Test
476(10)
Introduction to Contingency Analysis
486(15)
2 x 2 Contingency Tables
486(4)
r x c Contingency Tables
490(1)
Chi-Square Test Limitations
491(4)
Summary and Conclusions
495(1)
Key Terms
495(1)
Chapter Exercises
495(3)
Case 12-A: American Oil Company
498(1)
Case 12-B: Bentford Electronics, Part 1
498(1)
General References
499(2)
Introduction to Linear Regression and Correlation Analysis
501(50)
Scatter Plots and Correlation
502(10)
Correlation Versus Regression
503(1)
The Correlation Coefficient
503(2)
Significance Test for the Correlation
505(4)
Cause-and-Effect Interpretations
509(3)
Simple Linear Regression Analysis
512(20)
The Regression Model and Assumptions
512(1)
Meaning of the Regression Coefficients
513(6)
Least Squares Regression Properties
519(2)
Significance Tests in Regression Analysis
521(3)
Significance of the Slope Coefficient
524(8)
Uses for Regression Analysis
532(19)
Regression Analysis for Description
532(3)
Regression Analysis for Prediction
535(1)
Confidence Interval for the Average y, Given x
536(1)
Prediction Interval for a Particular y, Given x
537(1)
Residual Analysis
538(1)
Common Problems Using Regression Analysis
539(4)
Summary and Conclusions
543(1)
Equations
543(1)
Key Terms
544(1)
Chapter Exercises
544(4)
Case 13-A: Alamar Industries
548(1)
Case 13-B: Continental Trucking
548(1)
General References
549(2)
Multiple Regression Analysis and Model Building
551(62)
Introduction to Multiple Regression Analysis
552(20)
Basic Model Building Concepts
555(1)
Model Specification
555(1)
Model Building
556(1)
Model Diagnosis
556(3)
Computing the Regression Equation
559(2)
The Coefficient of Determination
561(1)
Is the Model Significant?
562(1)
Are the Individual Variables Significant?
563(1)
Is the Standard Deviation of the Regression Model Too Large?
564(2)
Is Multicollinearity a Problem?
566(2)
Confidence Interval Estimation for Regression Coefficients
568(4)
Using Qualitative Independent Variables
572(6)
Working with Nonlinear Relationships
578(12)
Analyzing Interaction Effects
584(6)
Stepwise Regression
590(7)
Forward Selection
590(4)
Standard Stepwise Regression
594(1)
Best Subsets Regression
595(2)
Determining the Aptness of the Model
597(16)
Analysis of Residuals
597(1)
Checking for Linearity
597(1)
Do the Residuals Have a Constant Variance?
598(2)
Are the Residuals Independent?
600(1)
Checking for Normally Distributed Error Terms
601(3)
Corrective Actions
604(2)
Summary and Conclusions
606(1)
Equations
607(1)
Key Terms
607(1)
Chapter Exercises
608(3)
Case 14-A: Dynamic Scales, Inc.
611(1)
General References
612(1)
Analyzing and Forecasting Time-Series Data
613(56)
Introduction to Forecasting, Time-Series Data, and Index Numbers
614(14)
General Forecasting Issues
614(1)
Components of a Time Series
615(2)
Trend Component
617(1)
Seasonal Component
618(1)
Cyclical Component
619(1)
Random Component
619(1)
Introduction to Index Numbers
620(1)
Aggregate Price Indexes
621(1)
Weighted Aggregate Price Indexes
622(1)
The Paasche Index
622(2)
The Laspeyres Index
624(1)
Commonly Used Index Numbers
625(1)
Consumer Price Index
625(1)
Producer Price Index
625(1)
Stock Market Indexes
626(1)
Using Index Numbers to Deflate a Time Series
626(2)
Trend-Based Forecasting Techniques
628(24)
Developing a Trend-Based Forecasting Model
628(3)
Comparing the Forecast Values to the Actual Data
631(1)
Autocorrelation
632(5)
True Forecasts
637(1)
Nonlinear Trend Forecasting
638(4)
Some Words of Caution
642(1)
Adjusting for Seasonality
642(1)
Computing Seasonal Indexes
643(3)
The Need to Normalize the Indexes
646(1)
Deseasonalizing
646(6)
Forecasting Using Smoothing Methods
652(17)
Exponential Smoothing
652(1)
Single Exponential Smoothing
653(4)
Double Exponential Smoothing
657(5)
Summary and Conclusions
662(1)
Equations
662(1)
Key Terms
663(1)
Chapter Exercises
663(3)
Case 15-A: Park Falls Chamber of Commerce
666(1)
Case 15-B: The St. Louis Companies
666(1)
Case 15-C: Wagner Machine Works
667(1)
General References
667(2)
Introduction to Nonparametric Statistics
669(30)
The Wilcoxon Signed Rank Test for One Population Center
670(5)
The Wilcoxon Signed Rank Test---Single Population
670(5)
Nonparametric Tests for Two Population Centers
675(12)
The Mann-Whitney U Test
675(3)
Mann-Whitney U Test---Large Samples
678(2)
The Wilcoxon Matched-Pairs Signed Rank Test
680(2)
Ties in the Data
682(1)
Large-Sample Wilcoxon Test
682(5)
Kruskal-Wallis One-Way Analysis of Variance
687(12)
Limitations and Other Considerations
690(3)
Summary and Conclusions
693(1)
Equations
694(1)
Chapter Exercises
694(3)
Case 16-A: Bentford Electronics, Part 2
697(1)
General References
697(2)
Introduction to Quality and Statistical Process Control
699(30)
Quality Management and Tools for Process Improvement
700(3)
The Tools of Quality for Process Improvement
701(1)
Process Flowcharts
702(1)
Brainstorming
702(1)
Fishbone Diagram
702(1)
Histograms
702(1)
Trend Charts
702(1)
Scatter Plots
703(1)
Statistical Process Control Charts
703(1)
Introduction to Statistical Process Control Charts
703(26)
The Existence of Variation
704(1)
Sources of Variation
704(1)
Types of Variation
705(1)
The Predictability of Variation: Understanding the Normal Distribution
705(1)
The Concept of Stability
705(1)
Introducing Statistical Process Control Charts
706(1)
x-Chart and R-Chart
706(6)
Using the Control Charts
712(3)
p-Charts
715(2)
Using the p-Chart
717(1)
c-Charts
718(3)
Other Control Charts
721(3)
Summary and Conclusions
724(1)
Equations
724(1)
Key Terms
725(1)
Chapter Exercises
725(1)
Case 17-A: Izbar Precision Casters, Inc.
726(1)
General References
727(2)
Introduction to Decision Analysis
Decision-Making Environments and Decision Criteria
Certainty
Uncertainty
Decision Criteria
Nonprobalistic Decision Criteria
Probabilistic Decision Criteria
Cost of Uncertainity
Decision-Tree Analysis
Harris Publishing Company
Step 1: Growing the Tree
Step 2: Assigning the Probabilities
Step 3: Assigning the Cash Flow
Step 4: Folding Back the Tree
Sensitivity Analysis
Key Terms
Chapter Exercises
Case 18-A: Rockstone International
Case 18-B: Hadden Materials and Supplies, Inc.
General References
Answers to Selected Odd-Numbered Problems
OPTIONAL CD-ROM TOPICS
Experimental Design and Tukey's Method of Multiple Comparison
Backward Elimination Regression
Regression-Based Forecasting Models
Spearman Rank Correlation
u-Charts
APPENDIXES
729(38)
Appendix A Random Numbers Table
730(1)
Appendix B Binomial Distribution Table
731(7)
Appendix C Poisson Probability Distribution Table
738(5)
Appendix D Standard Normal Distribution Table
743(1)
Appendix E Exponential Distribution Table
744(1)
Appendix F Values of t for Selected Probabilities
745(1)
Appendix G Values of Χ2 for Selected Probabilities
746(1)
Appendix H F-Distribution Table
747(6)
Appendix I Critical Values of Hartley's Fmax Test
753(1)
Appendix J Distribution of the Studentized Range (q-values)
754(2)
Appendix K Critical Values of r in the Runs Test
756(1)
Appendix L Mann-Whitney U Test Probabilities (n < 9)
757(2)
Appendix M Mann-Whitney U Test Critical Values (9 ≤ n ≤ 20)
759(2)
Appendix N Critical Values of T in the Wilcoxon Matched-Pairs Signed Ranks Test, (n ≤ 25)
761(1)
Appendix O Critical Values dL and du of the Durbin-Watson Statistic D
762(2)
Appendix P Lower and Upper Critical Values of Wilcoxon Signed-Ranks Test
764(1)
Appendix Q Control Chart Factors
765(2)
Answers to Selected Odd-Numbered Problems767(32)
Glossary799(6)
Index805

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