Statistics, Data Analysis and Decision Modeling (3rd Edition)

This book covers basic concepts of business statistics, data analysis, and management science in a spreadsheet environment. Practical applications are emphasized throughout the book for business decision-making; a comprehensive database is developed, with marketing, financial, and production data already formatted on Excel worksheets. This shows how real data is used and decisions are made. Using Excel as the basic software, and including such add-ins as PHStat2, Crystal Ball, and TreePlan, this book covers a wide variety of topics related to business statistics: statistical thinking in business; displaying and summarizing data; random variables; sampling; regression analysis; forecasting; statistical quality control; risk analysis and Monte-Carlo simulation; systems simulation modeling and analysis; selection models and decision analysis; optimization modeling; and solving and analyzing optimization models. For those employed in the fields of quality control, management science, operations management, statistical science, and those who need to interpret data to make informed business decisions.

Unique in approach, this short, basic introduction to business statistics focuses on the practical applications of data analysis to business decision making in an electronic spreadsheet environment. It uses a comprehensive database (in the form of a Microsoft Excel Workbook) for a fictitious company to illustrate techniques and methodology as well as to provide a source of problems and exercises in a unified business context. Other spreadsheet add-ins--PHStat; a student version of Crystal Ball; and Treeplan--are also used for additional analysis capability. An accompanying CD-ROM contains the database, additional files, the student version of Crystal Ball, and Treeplan software and documentation. Data Analysis and Business Decisions. Displaying and Summarizing Data. Random Variables and Probability Distributions. Sampling and Statistical Analysis for Decision Making. Statistical Quality Control. Regression Analysis. Forecasting. Selection Models and Risk Analysis. Optimization. For anyone needing a quick, hands-on, applied introduction to business statistics in the contemporary electronic spreadsheet environment.