Description
Were you looking for the book with access to MyStatLab? This product is the book alone, and does NOT come with access to MyStatLab. Buy the book and access card package to save money on this resource.
In Statistics for Business: Decision Making and Analysis, authors Robert Stine and Dean Foster of the University of Pennsylvania’s Wharton School, take a sophisticated approach to teaching statistics in the context of making good business decisions. The authors show students how to recognize and understand each business question, use statistical tools to do the analysis, and how to communicate their results clearly and concisely.
In addition to providing cases and real data to demonstrate real business situations, this text provides resources to support understanding and engagement. A successful problem-solving framework in the 4-M Examples (Motivation, Method, Mechanics, Message) model a clear outline for solving problems, new What Do You Think questions give students an opportunity to stop and check their understanding as they read, and new learning objectives guide students through each chapter and help them to review major goals. Software Hints provide instructions for using the most up-to-date technology packages. The Second Edition also includes expanded coverage and instruction of Excel® 2010 and the XLSTATTM add-in.
The MyStatLabTM course management system includes increased exercise coverage with the Second Edition, along with 100% of the You Do It exercises and a library of 1,000 Conceptual Questions that require students to apply their statistical understanding to conceptual business scenarios. Business Insight Videos show students how statistical methods are used by real businesses, and new StatTalk Videos present statistical concepts through a series of fun, brief, real-world examples. Technology tutorial videos at the exercise level support software use.
Features
Statistics in Practice: Preparing Students for Real Business
- 4-M Examples (Motivation, Method, Mechanics, Message) provide a consistent methodology used for worked-out examples. This approach gives students a consistent structure for solving problems and presenting their findings in the appropriate context.
- Running Business Examples start each chapter by framing a business question to motivate the contents of the chapter. The example is referenced throughout the chapter when new statistical methods are presented.
- Statistics in Action case studies follow each of the four parts of the book. These longer applications expand on the statistical methods presented within the preceding part and use them to delve into substantive aspects of real-world business cases.
- Video resources available in MyStatLab offer students insight into how statistical concepts are applied in the business world and the world around us.
- Business Insight Videos show how statistical methods are used by real businesses.
- NEW! StatTalk Videos present statistical concepts through a series of fun, brief, real-world vignettes.
Practice & Support: Challenging Students to Assess, Analyze and Report
- NEW! More than 150 exercises are new or have been updated to provide readers with the most up-to-date and relevant data available.
- Exercises are divided into five types. Each type focuses on a particular skill to build a deeper understanding of business statistics.
- Mix and Match and True/False problems test whether students recognize symbols and important steps of calculations.
- Think About It questions encourage students to pull together concepts and ideas from the chapter; no technology is required.
- You Do It problems provide practice working through the mechanics of solving a problem (statistical software usage is recommended). These exercises apply the statistical concepts students have learned in the chapter to data related to a business application. Data are available on the included CD-ROM.
- 4-M Questions are richer, more substantive problems that mimic real applications of statistics in business. Data are available on the included CD-ROM.
- Support
- NEW! 30 new What Do You Think? questions check students’ comprehension of the important ideas in the preceding section, ensuring that they understand the concepts before moving on in the chapter.
- Caution icons indicate a concept that can be troublesome and helps students avoid making common mistakes.
- Tip icons highlight important ideas or hints within the exposition so that readers don’t overlook them.
- Best Practices and Pitfalls listed at the end of every chapter offer reminders to help students avoid mistakes such as using the wrong method for a situation, or misinterpreting results.
Technology Integration: Giving Students More Tools for Their Future Careers
- Software Hints at the end of each chapter provide relevant commands for popular statistics packages: Excel®, Minitab®, and JMP®.
- Extensive graphics, including Excel screenshots throughout the chapters and exercise sets, give students the opportunity to get familiar with seeing and interpreting statistical software output.
- Technology Tutorial Videos and Study Cards within MyStatLab provide targeted guidance to using statistical software. (Study Cards are available for bundling.)
New to this Edition
Many features and resources have been updated to better support understanding and engagement, in addition to providing cases and real data to demonstrate real business situations.
- Additional Excel® screenshots throughout the exercise sets offer students practice interpreting statistical software output.
- 30 new What Do You Think? questions check students’ comprehension of the important ideas in the preceding section, ensuring that they understand the concepts before moving on in the chapter.
- Each chapter now includes a list of learning objectives that provide guidance as students explore each chapter and review the major goals of the chapter.
- More than 150 exercises are new or have been updated to provide readers with the most up-to-date and relevant data available.
- This edition expands coverage of chi-squared tests to a full chapter (Chapter 18).
- Online supplementary material includes methods to use when standard procedures fail (Chapter 17 of the previous edition) and further coverage of two-way analysis of variance and the practice of building regression models.
Table of Contents
Preface
Index of Application
PART ONE: VARIATION
1. Introduction
1.1 What Is Statistics?
1.2 Previews
2. Data
2.1 Data Tables
2.2 Categorical and Numerical Data
2.3 Recoding and Aggregation
2.4 Time Series
2.5 Further Attributes of Data
Chapter Summary
3. Describing Categorical Data
3.1 Looking at Data
3.2 Charts of Categorical Data
3.3 The Area Principle
3.4 Mode and Median
Chapter Summary
4. Describing Numerical Data
4.1 Summaries of Numerical Variables
4.2 Histograms
4.3 Boxplot
4.4 Shape of a Distribution
4.5 Epilog
Chapter Summary
5. Association between Categorical Variables
5.1 Contingency Tables
5.2 Lurking Variables and Simpson's Paradox
5.3 Strength of Association
Chapter Summary
6. Association between Quantitative Variables
6.1 Scatterplots
6.2 Association in Scatterplots
6.3 Measuring Association
6.4 Summarizing Association with a Line
6.5 Spurious Correlation
Chapter Summary
Statistics in Action: Financial Time Series
Statistics in Action: Executive Compensation
PART TWO: PROBABILITY
7. Probability
7.1 From Data to Probability
7.2 Rules for Probability
7.3 Independent Events
Chapter Summary
8. Conditional Probability
8.1 From Tables to Probabilities
8.2 Dependent Events
8.3 O rganizing Probabilities
8.4 O rder in Conditional Probabilities
Chapter Summary
9. Random Variables
9.1 Random Variables
9.2 Properties of Random Variables
9.3 Properties of Expected Values
9.4 Comparing Random Variables
Chapter Summary
10. Association between Random Variables
10.1 Portfolios and Random Variables
10.2 Joint Probability Distribution
10.3 Sums of Random Variables
10.4 Dependence between Random Variables
10.5 IID Random Variables
10.6 Weighted Sums
Chapter Summary
11. Probability Models for Counts
11.1 Random Variables for Counts
11.2 Binomial Model
11.3 Properties of Binomial Random Variables
11.4 Poisson Model
Chapter Summary
12. The Normal Probability Model
12.1 Normal Random Variable
12.2 The Normal Model
12.3 Percentiles
12.4 Departures from Normality
Chapter Summary
Statistics in Action: Managing Financial Risk
Statistics in Action: Modeling Sampling Variation
PART THREE: INFERENCE
13. Samples and Surveys
13.1 Two Surprising Properties of Samples
13.2 Variation
13.3 Alternative Sampling Methods
13.4 Questions to Ask
Chapter Summary
14. Sampling Variation and Quality
14.1 Sampling Distribution of the Mean
14.2 Control Limits
14.3 Using a Control Chart
14.4 Control Charts for Variation
Chapter Summary
15. Confidence Intervals
15.1 Ranges for Parameters
15.2 Confidence Interval for the Mean
15.3 Interpreting Confidence Intervals
15.4 Manipulating Confidence Intervals
15.5 Margin of Error
Chapter Summary
16. Statistical Tests
16.1 Concepts of Statistical Tests
16.2 Testing the Proportion
16.3 Testing the Mean
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