Statistics for Business and Economics

For a one- or two-term course in business statistics. 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. The text incorporates the following American Statistical Association (ASA) guidelines developed from both the Making Statistics More Effective in Schools of Business (MSMESB) conferences and Guidelines for Assessment and Instruction in Statistics Education (GAISE) Project:Students are most effectively motivated by seeing statistics at work in real applications, problems, cases, and projects. Students should be provided with the opportunity to work with real data and make use of technology for statistical computations. Formal training in probability needs to be downplayed in favor of intuitive concepts of probability. We need to reduce our emphasis on formal theory of statistics and increase emphasis on applications. * Over 1000 interesting and diverse applications:- Represents a wide and diverse array of relevant business and decision making applications.- Features unique and sourced data that illustrates the role that business statistics play in decision making.- Uses real world data to emphasize that statistics is important to understanding the world around us.- Emphasizes the interpretation of real problems and adapts them to standard methods of analysis. * Over 1400 exercises: - Starts with easier, more skill and drill oriented exercises, and progresses to more difficult exercises, requiring critical thinking skills. - In addition to "Learning the Mechanics" exercises, "Applied Exercises" are categorized into "Basic", "Intermediate", and "Advanced" at the end of each section. This categorization assists Instructors when making homework assignments. * Over 150 Examples:- All examples consist of a three step format to provide students with a consistent structure by which to approach problems: (1) Problem; (2) Solution; (3) Look Back. - The "Look Back" feature fosters students' critical thinking skills as they are asked to interpret the solution and/ or reflect upon the situation. - Now Work - Each Example, where appropriate, concludes with a "Now Work Exercise XX" reference that directs the student to an end of section exercise that illustrates and reinforces the concept or technique presented in that example. * Activities within each chapter (Optional):--used to illustrate concepts to students in a "hands on" environment. These activities can be done in class, or outside of class. * Applets to illustrate statistical concepts:--Applets are on the textbook CD and illustrate concepts visually, facilitating student understanding. These applets are also integrated into chapter exercises to reinforce concepts. * Statistics in Action Cases:- Each chapter begins with a description of an actual, engaging, business case ("Statistics in Action") and the accompanying data. - The case is revisited throughout the chapter to demonstrate how to analyze the data and interpret the results ("Statistics in Action Revisited"). - Integration of abundant real-world data makes these studies relevant to our lives and to society. * Real World Cases:- Six Business Case Studies use real data to put students in the position of decision maker or consultant. These follow every 2-3 chapters. - Students must use the information learned in previous chapters to reach a decision and support their arguments about the questions asked. * Chapter Openers that provide valuable roadmaps: - "Where We've Been" quickly reviews how information learned previously applies to the chapter at hand. - "Where We're Going" highlights how the chapter topics fit into students' growing understanding of statistics. * End-of-Chapter ReviewConcludes each chapter with information and many exercises (e.g., flow charts, decision trees, bullet lists) designed to help students check their understanding of the material and study for tests. * Extensive coverage of regression analysis (chapters 10-11). * Flexible Coverage of Probability (chapters 3-4)Offers a choice in level of coverage; places counting rules in a separate and optional section at the end of the probability chapter. * Statistical Software Tutorials:- Appear at the end of each chapter and consist of technology tutorials with point-and-click instructions, including screen shots) for EXCEL, MINITAB and SPSS. - These tutorials provide students with useful information on how best to use and maximize their statistical software. * Statistical Software Printouts: - These appear at appropriate moments within the chapters, and consist of MINITAB, SPSS and EXCEL (with the PHStat add-ins) output. - Students are exposed to the computer output they will encounter in the high-tech business world. * Profiles of Statisticians in History:-Boxes (with photo) of a famous statistician and brief description of his/her contributions to the field of statistics. - These profiles are "optional" but they will help students develop an appreciation of the statistician's efforts and the discipline of statistics as a whole.