Statistics for Business and Economics

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9780138402327: Statistics for Business and Economics
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A comprehensive introduction to Business Statistics for students with a background in high school algebra. Extensively revised, the Seventh edition better prepares today's business students to think critically about reported data and to use appropriate statistical methods to make good decisions. Greater emphasis has been given to interpretation of computer output (Excel, Minitab, SPSS, SAS) over manual calculation. Six new, real cases make use of extensive data sets that are packaged with the book and a new Internet Lab feature connects students to the future. The supplements package has been extensively revised to include an Annotated Instructor's Manual, a PowerPoint Lecture tool, and a free Excel supplement for those seeking step-by-step instruction.

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From the Inside Flap:

Preface

This eighth edition of Statistics for Business and Economics is an introductory business text emphasizing inference, with extensive coverage of data collection and analysis as needed to evaluate the reported results of statistical studies and to make good decisions. As in earlier editions, the text stresses the development of statistical thinking, the assessment of credibility and value of the inferences made from data, both by those who consume and those who produce them. It assumes a mathematical background of basic algebra.

A briefer version of the book, A First Course in Business Statistics, is available for single semester courses that include minimal coverage of regression analysis, analysis of variance, and categorical data analysis. NEW IN THE EIGHTH EDITION Major Content Changes

Chapter 2 includes two new optional sections: methods for detecting outliers (Section 2.8) and graphing bivariate relationships (Section 2.9).

Chapter 5 now covers descriptive methods for assessing whether a data set is approximately normally distributed.

Chapter 11 is a new multiple regression chapter. The material on multiple regression models and model building (Chapters 11 and 12 in previous editions) is reorganized into a single, streamlined chapter, with initial emphasis on the first-order model. More complex models (e.g., interaction, quadratic, and dummy variable models) are presented in increasing order of difficulty. Coverage of residual analysis (Section 11.13) is expanded to include treatment of heteroscedastic errors.

Exploring Data with Statistical Computer Software and the Graphing Calculator—Throughout the text, computer printouts from four popular Windows-based statistical software packages (SAS, SPSS, MINITAB, STATISTIX) are displayed and used to make decisions about the data. New to this edition, we have included instruction boxes and output for the TI-83 graphing calculator.

Statistics in Action—One or two features per chapter examine current real-life, high-profile issues. Data from the study is presented for analysis. Questions prompt the students to form their own conclusions and to think through the statistical issues involved.

Real-World Business Cases—Six extensive business problem-solving cases, with real data and assignments. Each case serves as a good capstone and review of the material that has preceded it.

Real-Data Exercises—Almost all the exercises in the text employ the use of current real data taken from a wide variety of publications (e.g., newspapers, magazines, and journals).

Quick Review—Each chapter ends with a list of key terms and formulas, with reference to the page number where they first appear.

Language Lab—Following the Quick Review is a pronunciation guide for Greek letters and other special terms. Usage notes are also provided. TRADITIONAL STRENGTHS

We have maintained the features of Statistics for Business and Economics that we believe make it unique among business statistics texts. These features, which assist the student in achieving an overview of statistics and an understanding of its relevance in the business world and in everyday life, are as follows: The Use of Examples as a Teaching Device

Almost all new ideas are introduced and illustrated by real data-based applications and examples. We believe that students better understand definitions, generalizations, and abstractions after seeing an application. Many Exercises—Labeled by Type

The text includes more than 1,400 exercises illustrated by applications in almost all areas of research. Because many students have trouble learning the mechanics of statistical techniques when problems are couched in terms of realistic applications, all exercise sections are divided into two parts:

Learning the Mechanics. Designed as straightforward applications of new concepts, these exercises allow students to test their ability to comprehend a concept or a definition.

Applying the Concepts. Based on applications taken from a wide variety of journals, newspapers, and other sources, these exercises develop the student's skills to comprehend real-world problems and describe situations to which the techniques may be applied. A Choice in Level of Coverage of Probability (Chapter 3)

One of the most troublesome aspects of an introductory statistics course is the study of probability. Probability poses a challenge for instructors because they must decide on the level of presentation, and students find it a difficult subject to comprehend. We believe that one cause for these problems is the mixture of probability and counting rules that occurs in most introductory texts. We have included the counting rules in a separate and optional section at the end of the chapter on probability. In addition, all exercises that require the use of counting rules are marked with an asterisk (*). Thus, the instructor can control the level of coverage of probability.

Extensive Coverage of Multiple Regression Analysis
and Model Building (Chapter 11)

This topic represents one of the most useful statistical tools for the solution of applied problems. Although an entire text could be devoted to regression modeling, we believe we have presented coverage that is understandable, usable, and much more comprehensive than the presentations in other introductory statistics texts.

We devote three chapters to discussing the major types of inferences that can be derived from a regression analysis, showing how these results appear in computer printouts and, most important, selecting multiple regression models to be used in an analysis. Thus, the instructor has the choice of a one-chapter coverage of simple regression, a two-chapter treatment of simple and multiple regression, or a complete three-chapter coverage of simple regression, multiple regression, and model building. This extensive coverage of such useful statistical tools will provide added evidence to the student of the relevance of statistics to the solution of applied problems. Footnotes

Although the text is designed for students with a non-calculus background, footnotes explain the role of calculus in various derivations. Footnotes are also used to inform the student about some of the theory underlying certain results. The footnotes allow additional flexibility in the mathematical and theoretical level at which the material is presented. SUPPLEMENTS FOR THE INSTRUCTOR

The supplements for the eighth edition have been completely revised to reflect the revisions of the text. To ensure adherence to the approaches presented in the main text, each element in the package has been accuracy checked for clarity, and freedom from computational, typographical, and statistical errors. Annotated Instructor's Edition (AIE) (ISBN 0-13-027985-4)

Marginal notes placed next to discussions of essential teaching concepts include:

Teaching Tips—suggest alternative presentations or point out common student errors Exercises—reference specific section and chapter exercises that reinforce the concept A disk icon identifies data sets and file names of material found on the data disks Short Answers—section and chapter exercise answers are provided next to the selected exercises Instructor's Notes by Mark Dummeldinger (ISBN 0-13-027410-0)

This printed resource contains suggestions for using the questions at the end of the Statistics in Action boxes as the basis for class discussion on statistical ethics and other current issues, solutions to the Real-World Cases, a complete short answer book with letter of permission to duplicate for student use, and many of the exercises and solutions that were removed from previous editions of this text.

Instructor's Solutions Manual by Nancy S. Boudreau
(ISBN 0-13-027421-6)

Solutions to all of the even-numbered exercises are given in this manual. Careful attention has been paid to ensure that all methods of solution and notation are consistent with those used in the core text. Solutions to the odd-numbered exercises are found in the Student's Solutions Manual. Test Bank by Mark Dummeldinger (ISBN 0-13-027419-4)

Entirely rewritten, the Test Bank now includes more than 1,000 problems that correlate to problems presented in the text. Test Gen EQ Menu-driven random test system Networkable for administering tests and capturing grades online Edit and add your own questions—or use the new "Function Plotter" to create a nearly unlimited number of tests and drill worksheets

PowerPoint Presentation Disk by Mark Dummeldinger
(ISBN 0-13027365-1)

This versatile Windows-based tool may be used by professors in a number of different ways:

Slide show in an electronic classroom Printed and used as transparency masters Printed copies may be distributed to students as a convenient note-taking device

Included on the software disk are learning objectives, thinking challenges, concept presentation slides, and examples with worked-out solutions. The PowerPoint Presentation Disk may be downloaded from the FTP site found at the McClave Web site. Data Disk—available free with every text purchased from Prentice Hall

The data sets for all exercises and cases are available on a 3 1/2" diskette in ASCII format in the back of the book. When a given data set is referenced, a disk symbol and the file name will appear in the text near the exercise.

McClave Internet Site (prenhall/mcclave)

This site will be updated throughout the year as new information, tools, and applications become available. The site contains information about the book and its supplements as well as FTP sites for downloading the PowerPoint Presentation Disk and the Data Files. Teaching tips and student help are provided as well as links to useful sources of data and information such as the Chance Database, the STEPS project (interactive tutorials developed by the University of Glasgow), and a site designed to help faculty establish and manage course home pages. SUPPLEMENTS AVAILABLE FOR STUDENTS Student's Solutions Manual by Nancy S. Boudreau
(ISBN 013-027422-4)

Fully worked-out solutions to all of the odd numbered exercises are provided in this manual. Careful attention has been paid to ensure that all methods of solution and notation are consistent with those used in the core text.

Companion Microsoft Excel Manual by Mark Dummeldinger
(ISBN 013-029347-4)

Each companion manual works hand-in-glove with the text. Step-by-step keystroke level instructions, with screen captures, provide detailed help for using the technology to work pertinent examples and all of the technology projects in the text. A cross-reference chart indicates which text examples are included and the exact page reference in both the text and technology manual. Output with brief instruction is provided for selected odd-numbered exercises to reinforce the examples. A Student Lab section is included at the end of each chapter.

The Excel Manual includes PHstat, a statistics add-in for Microsoft Excel (CD-ROM) featuring a custom menu of choices that lead to dialog boxes to help perform statistical analyses more quickly and easily than off-the-shelf Excel permits. Student Versions of SPSS and SYSTAT

Student versions of SPSS, the award-winning and market-leading commercial data analysis package, MINITAB, and SYSTAT are available for student purchase. Details on all current products are available from Prentice Hall or via the SPSS website at spss.

Learning Business Statistics with Microsoft® Excel
by John L. Neufeld (ISBN 0-13-234097-6)

The use of Excel as a data analysis and computational package for statistics is explained in clear, easy-to-follow steps in this self-contained paperback text.

A MINITAB Guide to Statistics by Ruth Meyer and David Krueger
(ISBN 0-13-784232-5)

This manual assumes no prior knowledge of MINITAB. Organized to correspond to the table of contents of most statistics texts, this manual provides step-by-step instruction to using MINITAB for statistical analysis. ConStatS by Tufts University (ISBN 0-13-502600-8)

ConStatS is a set of Microsoft Windows-based programs designed to help college students understand concepts taught in a first-semester course on probability and statistics. ConStatS helps improve students' conceptual understanding of statistics by engaging them in an active, experimental style of learning. A companion ConStatS workbook (ISBN 0-13-522848-4) that guides students through the labs and ensures they gain the maximum benefit is also available.

From the Back Cover:

Key Benefit: This introduction to statistics for business and economics emphasizes inference — with extensive coverage of data collection and analysis as needed to evaluate the reported results of statistical studies and make good business decisions. Key Topics: Features extensive coverage of regression analysis; includes both graphical and numerical methods for summarizing qualitative data; expands coverage of descriptive analytical tools.

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