Statistics for Business and Economics

ISBN 13:
9780138402327
ISBN 10:
0138402329
Edition: 7th
Format: Hardcover
Copyright: 11/01/1997
Publisher: Prentice Hall
Newer Edition

Note: Not guaranteed to come with supplemental materials (access cards, study guides, lab manuals, CDs, etc.)

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Summary

This best-selling introduction stresses the development of statistical thinking - the assessment of credibility and value of the inferences made from data - by both those who consume and those who produce the information. The authors emphasize inference; data collection and analysis are covered extensively, as needed, to evaluate the reported results of statistical studies and to make good business decisions. Numerous case studies, examples, and exercises draw on real business situations and recent economic events. Assumes a background in basic algebra. &

Preface

CHAPTER 1 Statistics, Data, and Statistical Thinking

(24)

1.1 The Science of Statistics

(1)

1.2 Types of Statistical Applications in Business

(2)

1.3 Fundamental Elements of Statistics

(5)

1.4 Processes (Optional)

(3)

1.5 Types of Data

(3)

STATISTICS IN ACTION 1.1 Quality Improvement: U.S. Firms Respond to the Challenge from Japan

(2)

1.6 Collecting Data

(2)

1.7 The Role of Statistics in Managerial Decision-Making

(8)

STATISTICS IN ACTION 1.2 A 20/20 View of Survey Results: Fact or Fiction?

(3)

Quick Review

(4)

CHAPTER 2 Methods for Describing Sets of Data

(86)

2.1 Describing Qualitative Data

(9)

STATISTICS IN ACTION 2.1 Pareto Analysis

(4)

2.2 Graphical Methods for Describing Quantitative Data

(14)

2.3 The Time Series Plot (Optional)

(3)

2.4 Summation Notation

(1)

2.5 Numerical Measures of Central Tendency

(10)

2.6 Numerical Measures of Variability

(6)

2.7 Interpreting the Standard Deviation

(7)

2.8 Numerical Measures of Relative Standing

(7)

2.9 Quartiles and Box Plots (Optional)

(7)

2.10 Graphing Bivariate Relationship (Optional)

(3)

2.11 Distorting the Truth with Descriptive Techniques

(18)

STATISTICS IN ACTION 2.2 Car & Driver's "Road Test Digest"

(5)

Quick Review

(9)

SHOWCASE The Kentucky Milk Case--Part I

107

(2)

INTERNET LAB Accessing and Summarizing Business and Economic Data Maintained by the U.S. Government

109

(2)

CHAPTER 3 Probability

111

(50)

3.1 Events, Sample Spaces, and Probability

112

(14)

STATISTICS IN ACTION 3.1 Game Show Strategy: To Switch or Not to Switch

122

(4)

3.2 Unions and Intersections

126

(2)

3.3 Complementary Events

128

(1)

3.4 The Additive Rule and Mutually Exclusive Events

129

(6)

3.5 Conditional Probability

135

(3)

3.6 The Multiplicative Rule and Independent Events

138

(10)

3.7 Random Sampling

148

(13)

STATISTICS IN ACTION 3.2 Lottery Buster

151

(2)

Quick Review

153

(8)

CHAPTER 4 Discrete Random Variables

161

(40)

4.1 Two Types of Random Variables

162

(3)

4.2 Probability Distributions for Discrete Random Variables

165

(5)

4.3 Expected Values of Discrete Random Variables

170

(8)

STATISTICS IN ACTION 4.1 Portfolio Selection

174

(13)

STATISTICS IN ACTION 4.2 The Space Shuttle Challenger: Catastrophe in Space

187

4.4 The Binomial Random Variable

178

(12)

4.5 The Poisson Random Variable (Optional)

190

(11)

Quick Review

195

(6)

CHAPTER 5 Continuous Random Variables

201

(38)

5.1 Continuous Probability Distributions

202

(1)

5.2 The Uniform Distribution (Optional)

203

(4)

5.3 The Normal Distribution

207

(14)

STATISTICS IN ACTION 5.1 IQ, Economic Mobility, and the Bell Curve

216

(5)

5.4 Approximating a Binomial Distribution with a Normal Distribution

221

(6)

5.5 The Exponential Distribution (Optional)

227

(12)

STATISTICS IN ACTION 5.2 Queueing Theory

230

(3)

Quick Review

233

(6)

CHAPTER 6 Sampling Distributions

239

(30)

6.1 The Concept of Sampling Distributions

240

(7)

6.2 Properties of Sampling Distributions: Unbiasedness and Minimum Variance

247

(5)

STATISTICS IN ACTION 6.1 Reducing Investment Risk Through Diversification

250

(2)

6.3 The Sampling Distribution of the Sample Mean

252

(17)

STATISTICS IN ACTION 6.2 The Insomnia Pill

258

(3)

Quick Review

261

(6)

SHOWCASE The Furniture Fire Case

267

(1)

INTERNET LAB Analyzing Monthly Business Start-ups

268

(1)

CHAPTER 7 Inferences Based on a Single Sample: Estimation with Confidence Intervals

269

(48)

7.1 Large-Sample Confidence Interval for a Population Mean

270

(8)

7.2 Small-Sample Confidence Interval for a Population Mean

278

(10)

STATISTICS IN ACTIONS 7.1 Scallops, Sampling, and the Law

284

(4)

7.3 Large-Sample Confidence Interval for a Population Proportion

288

(5)

7.4 Determining the Sample Size

293

(8)

STATISTICS IN ACTION 7.2 Is Caffeine Addictive?

299

(2)

7.5 Finite Population Correction for Simple Random Sampling (Optional)

301

(3)

7.6 Sample Survey Designs (Optional)

304

(13)

STATISTICS IN ACTION 7.3 Sampling Error Versus Nonsampling Error

307

(2)

Quick Review

309

(8)

CHAPTER 8 Inferences Based on a Single Sample: Tests of Hypothesis

317

(50)

8.1 The Elements of a Test of Hypothesis

318

(6)

STATISTICS IN ACTION 8.1 Statistics Is Murder!

322

(2)

8.2 Large-Sample Test of Hypothesis About a Population Mean

324

(8)

STATISTICS IN ACTION 8.2 Statistical Quality Control, Part I

328

(4)

8.3 Observed Significance Levels: p-Values

332

(6)

8.4 Small-Sample Test of Hypothesis About a Population Mean

338

(7)

8.5 Large-Sample Test of Hypothesis About a Population Proportion

345

(7)

STATISTICS IN ACTION 8.3 Statistical Quality Control, Part II

349

(3)

8.6 Calculating Type II Error Probabilities: More About XXX (Optional)

352

(15)

Quick Review

361

(6)

CHAPTER 9 Inferences Based on Two Samples: Confidence Intervals and Tests of Hypotheses

367

(62)

9.1 Comparing Two Population Means: Independent Sampling

368

(19)

STATISTICS IN ACTION 9.1 The Effect of Self-Managed Work Teams on Family Life

378

(9)

9.2 Comparing Two Population Means: Paired Difference Experiments

387

(10)

9.3 Comparing Two Population Proportions: Independent Sampling

397

(7)

9.4 Determining the Sample Size for Comparing Means or Proportions

404

(4)

STATISTICS IN ACTION 9.2 Unpaid Overtime and the Fair Labor Standards Act

406

(2)

9.5 Comparing Two Population Variances: Independent Sampling

408

(21)

Quick Review

418

(9)

SHOWCASE The Kentucky Milk Case--Part II

427

(1)

INTERNET LAB Choosing Between Economic Indicators

428

(1)

CHAPTER 10 Simple Linear Regression

429

(70)

10.1 Probabilistic Models

430

(3)

10.2 Fitting the Model: The Least Squares Approach

433

(11)

10.3 Model Assumptions

444

(1)

10.4 An Estimator of XXX(2)

445

(6)

10.5 Assessing the Utility of the Model: Making Inferences About the Slope XXX(1)

451

(10)

STATISTICS IN ACTION 10.1 New Jersey Banks--Serving Minorities?

454

(7)

10.6 The Coefficient of Correlation

461

(3)

10.7 The Coefficient of Determination

464

(8)

10.8 Using the Model for Estimation and Prediction

472

(12)

STATISTICS IN ACTION 10.2 Statistical Assessment of Damage to Bronx Bricks

478

(6)

10.9 Simple Linear Regression: An Example

484

(15)

Quick Review

487

(12)

CHAPTER 11 Multiple Regression

499

(78)

11.1 Multiple Regression: The Model and the Procedure

500

(1)

11.2 Fitting the Model: The Least Squares Approach

501

(3)

11.3 Model Assumptions

504

(2)

11.4 Inferences About the XXX Parameters

506

(11)

11.5 Checking the Usefulness of a Model: R(2) and the Analysis of Variance F-Test

517

(15)

11.6 Using the Model for Estimation and Prediction

532

(2)

11.7 Multiple Regression: An Example

534

(3)

11.8 Residual Analysis: Checking the Regression Assumptions

537

(13)

STATISTICS IN ACTION 11.1 Predicting the Price of Vintage Red Bordeaux Wine

538

(12)

11.9 Some Pitfalls: Estimability, Multicollinearity, and Extrapolation

550

(27)

STATISTICS IN ACTION 11.2 "Wringing" The Bell Curve

553

(9)

Quick Review

562

(15)

CHAPTER 12 Model Building

577

(84)

12.1 Introduction

578

(1)

12.2 The Two Types of Independent Variables: Quantitative and Qualitative

579

(2)

12.3 Models with a Single Quantitative Independent Variable

581

(9)

12.4 Models with Two or More Quantitative Independent Variables

590

(8)

12.5 Testing Portions of a Model

598

(12)

12.6 Models with One Qualitative Independent Variable

610

(9)

12.7 Comparing the Slopes of Two or More Lines

619

(12)

12.8 Comparing Two or More Response Curves

631

(12)

STATISTICS IN ACTION 12.1 Forecasting Peak-Hour Traffic Volume

633

(10)

12.9 Stepwise Regression

643

(18)

Quick Review

651

(7)

SHOWCASE The Condo Sales Case

658

(2)

INTERNET LAB Using the Consumer Price Index in Business Forecasts of Labor, Wages, and Compensation

660

(1)

CHAPTER 13 Methods for Quality Improvement

661

(72)

13.1 Quality, Processes, and Systems

662

(6)

STATISTICS IN ACTION 13.1 Deming's 14 Points

666

(2)

13.2 Statistical Control

668

(8)

13.3 The Logic of Control Charts

676

(4)

13.4 A Control Chart for Monitoring the Mean of a Process: The x-Chart

680

(17)

13.5 A Control Chart for Monitoring the Variation of a Process: The R-Chart

697

(9)

13.6 A Control Chart for Monitoring the Proportion of Defectives Generated by a Process: The p-Chart

706

(9)

13.7 Diagnosing the Causes of Variation (Optional)

715

(5)

STATISTICS IN ACTION 13.2 Quality Control in a Service Operation

719

(1)

13.8 Capability Analysis (Optional)

720

(13)

Quick Review

727

(6)

CHAPTER 14 Time Series: Descriptive Analyses, Models, and Forecasting

733

(66)

14.1 Descriptive Analysis: Index Numbers

734

(14)

STATISTICS IN ACTION 14.1 The Consumer Price Index: CPI-U and CPI-W

743

(5)

14.2 Descriptive Analysis: Exponential Smoothing

748

(5)

14.3 Time Series Components

753

(1)

14.4 Forecasting: Exponential Smoothing

754

(3)

14.5 Forecasting Trends: The Holt-Winters Forecasting Model (Optional)

757

(6)

14.6 Measuring Forecast Accuracy: MAD and RMSE

763

(3)

14.7 Forecasting Trends: Simple Linear Regression

766

(4)

STATISTICS IN ACTION 14.2 Forecasting the Demand for Emergency Room Services

770

(1)

14.8 Seasonal Regression Models

770

(8)

14.9 Autocorrelation and the Durbin-Watson Test

778

(21)

Quick Review

786

(7)

SHOWCASE The Gasket Manufacturing Case

793

(4)

INTERNET LAB Quality Management Outside of Manufacturing Operation

797

(2)

CHAPTER 15 Design of Experiments and Analysis of Variance

799

(68)

15.1 Elements of a Designed Experiment

800

(5)

15.2 The Completely Randomized Design: Single Factor

805

(16)

15.3 Multiple Comparisons of Means

821

(8)

STATISTICS IN ACTION 15.1 Is Therapy the New "Diet Pill" for Binge Eaters?

825

(4)

15.4 Factorial Experiments

829

(17)

STATISTICS IN ACTION 15.2 Improving a Ground Meat Canning Process Through Experimental Design

840

(6)

15.5 Using Regression Analysis for ANOVA (Optional)

846

(11)

Quick Review

857

(10)

CHAPTER 16 Nonparametric Statistics

867

(46)

16.1 Introduction

868

(1)

16.2 Single Population Inferences: The Sign Test

869

(5)

16.3 Comparing Two Populations: The Wilcoxon Rank Sum Test for Independent Samples

874

(7)

16.4 Comparing Two Populations: The Wilcoxon Signed Rank Test for the Paired Difference Experiment

881

(8)

STATISTICS IN ACTION 16.1 Reanalyzing the Scallop Weight Data

886

(3)

16.5 The Kruskal-Wallis H-Test for a Completely Randomized Design

889

(8)

STATISTICS IN ACTION 16.2 Taxpayers Versus the IRS: Selecting the Trial Court

893

(4)

16.6 Spearman's Rank Correlation Coefficient

897

(16)

Quick Review

906

(7)

CHAPTER 17 The Chi-Square Test and the Analysis of Contingency Tables

913

(34)

17.1 One-Dimensional Count Data: The Multinomial Distribution

914

(7)

17.2 Contingency Tables

921

(14)

STATISTICS IN ACTION 17.1 Ethics in Computer Technology and Use

928

(7)

17.3 A Word of Caution About Chi-Square Tests

935

(12)

Quick Review

935

(9)

SHOWCASE Discrimination in the Workplace

944

(2)

INTERNET LAB Sampling and Analyzing NYSE Stock Quotes

946

(1)

CHAPTER 18 Decision Analysis

947

(52)

18.1 Introduction

948

(1)

18.2 Three Types of Decision Problems

949

(2)

18.3 Decision-Making Under Uncertainty: Basic Concepts

951

(4)

18.4 Two Ways of Expressing Outcomes: Payoffs and Opportunity Losses

955

(4)

18.5 Characterizing the Uncertainty in Decision Problems

959

(1)

18.6 Solving the Decision Problem Using the Expected Payoff Criterion

960

(5)

STATISTICS IN ACTION 18.1 Evaluating Uncertainty in Research and Development

961

(4)

18.7 The Expected Utility Criterion

965

(4)

18.8 Classifying Decision-Makers by Their Utility Functions

969

(5)

18.9 Revising State of Nature Probabilities: Bayes' Rule

974

(5)

18.10 Solving Decision Problems Using Posterior Probabilities

979

(4)

18.11 The Expected Value of Sample Information: Preposterior Analysis (Optional)

983

(16)

STATISTICS IN ACTION 18.2 Hurricanes: To Seed or Not to Seed?

989

(4)

Quick Review

993

(6)

APPENDIX A Basic Counting Rules

999

(4)

APPENDIX B Tables

1003

(33)

APPENDIX C Calculation Formulas for Analysis of Variance

1036

(2)

Answers to Selected Exercises

1038

(13)

References

1051

(6)

Index

1057

Statistics for Business and Economics

9780138402327

0138402329

Summary

Table of Contents

Write a Review

Statistics for Business and Economics

9780138402327

0138402329

Summary

Table of Contents

Write a Review

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