Statistics for Business and Economics 1st European Edition

Description

Business Statistics: First European Edition provides readers with in-depth information on business, management and economics. It includes robust and algorithmic testbanks, high quality PowerPoint slides and electronic versions of statistical tables. Furthermore, the text features down-to-earth explanations that are thorough, along with examples to which readers can easily relate. Cover......Page 1 Title Page......Page 9 Copyright......Page 10 Brief Contents......Page 11 Contents......Page 13 Changes to the first European Edition......Page 21 Videotape Tutorials by Ken Black......Page 23 Features and Benefits......Page 24 Acknowledgements......Page 28 About the Authors......Page 29 Unit I: Introduction......Page 31 1: Introduction to Statistics......Page 33 Decision Dilemma: Statistics Describe the State of Business in India's Countryside......Page 34 1.1: Statistics in Business......Page 35 1.2: Basic Statistical Concepts......Page 36 1.3: Data Measurement......Page 38 Key Terms......Page 43 Supplementary Problems......Page 44 Analysing the Databases......Page 45 Case: Caffè Nero: The Italian Coffee Co.......Page 47 2: Charts and Graphs......Page 49 Decision Dilemma: Energy Consumption Around the World......Page 50 2.1: Frequency Distributions......Page 51 2.2: Quantitative Data Graphs......Page 54 2.3: Qualitative Data Graphs......Page 60 2.4: Graphical Depiction of Two-Variable Numerical Data: Scatter Plots......Page 66 Key Terms......Page 70 Supplementary Problems......Page 71 Case: Soap Companies Do Battle......Page 75 Using the Computer......Page 76 3: Descriptive Statistics......Page 81 3.1: Measures of Central Tendency: Ungrouped Data......Page 82 3.2: Measures of Variability: Ungrouped Data......Page 90 3.3: Measures of Central Tendency and Variability: Grouped Data......Page 106 3.4: Measures of Shape......Page 113 3.5: Descriptive Statistics on the Computer......Page 118 Summary......Page 120 Key Terms......Page 121 Formulas......Page 122 Supplementary Problems......Page 123 Analysing the Databases......Page 128 Case: Coca-Cola Goes Small in Russia......Page 129 Using the Computer......Page 130 4: Probability......Page 132 Decision Dilemma: Equality of the Sexes in the Workplace......Page 133 4.1: Introduction to Probability......Page 134 4.2: Methods of Assigning Probabilities......Page 135 4.3: Structure of Probability......Page 136 4.4: Marginal, Union, Joint, and Conditional Probabilities......Page 141 4.5: Addition Laws......Page 143 4.6: Multiplication Laws......Page 151 4.7: Conditional Probability......Page 157 4.8: Revision of Probabilities: Bayes' Rule......Page 163 Summary......Page 168 Key Terms......Page 169 Supplementary Problems......Page 170 Analysing the Databases......Page 174 Case: Colgate-Palmolive Makes a 'Total' Effort......Page 175 Unit II: Distributions and Sampling......Page 177 5: Discrete Distributions......Page 179 Decision Dilemma: Life with a Mobile Phone......Page 180 5.1: Discrete versus Continuous Distributions......Page 181 5.2: Describing a Discrete Distribution......Page 182 5.3: Binomial Distribution......Page 186 5.4: Poisson Distribution......Page 198 5.5: Hypergeometric Distribution......Page 208 Summary......Page 213 Formulas......Page 214 Supplementary Problems......Page 215 Analysing the Databases......Page 220 Case: Kodak Transitions Well into the Digital Camera Market but Faces Big Challenges......Page 221 Using the Computer......Page 222 6: Continuous Distributions......Page 224 Decision Dilemma: The Cost of Absenteeism in the Workplace......Page 225 6.1: The Uniform Distribution......Page 226 6.2: Normal Distribution......Page 230 6.3: Using the Normal Curve to Approximate Binomial Distribution Problems......Page 242 6.4: Exponential Distribution......Page 249 Key Terms......Page 255 Supplementary Problems......Page 256 Analysing the Databases......Page 260 Case: Mercedes Goes After Younger Buyers......Page 261 Using the Computer......Page 262 7: Sampling and Sampling Distributions......Page 264 Decision Dilemma: Private Health Insurance in India......Page 265 7.1: Sampling......Page 266 7.2: Sampling Distribution of x–......Page 275 7.3: Sampling Distribution of p^......Page 284 Key Terms......Page 289 Supplementary Problems......Page 290 Analysing the Databases......Page 293 Case: Does Money Make You Happy?......Page 294 Using the Computer......Page 295 Unit III: Making Inferences about Population Parameters......Page 297 8: Statistical Inference: Estimation for Single Populations......Page 301 Decision Dilemma: Compensation for Marketing Professionals......Page 302 8.1: Estimating the Population Mean Using the z Statistic (σ Known)......Page 304 8.2: Estimating the Population Mean Using the t Statistic (σ Unknown)......Page 311 8.3: Estimating the Population Proportion......Page 318 8.4: Estimating the Population Variance......Page 323 8.5: Estimating Sample Size......Page 326 Summary......Page 331 Formulas......Page 332 Supplementary Problems......Page 333 Analysing the Databases......Page 336 Case: Artnet AG......Page 337 Using the Computer......Page 338 9: Statistical Inference: Hypothesis Testing for Single Populations......Page 340 Decision Dilemma: Word-of-Mouth Business: Recommendations and Influentials......Page 341 9.1: Introduction to Hypothesis Testing......Page 343 9.2: Testing Hypotheses About a Population Mean Using the z Statistic (σ Known)......Page 350 9.3: Testing Hypotheses About a Population Mean Using the t Statistic (σ Unknown)......Page 358 9.4: Testing Hypotheses About a Proportion......Page 365 9.5: Testing Hypotheses About a Variance......Page 371 9.6: Solving for Type II Errors......Page 374 Summary......Page 383 Formulas......Page 384 Supplementary Problems......Page 385 Analysing the Databases......Page 388 Case: European Banks Face Increasingly Complex Channel Challenges......Page 389 Using the Computer......Page 391 10: Statistical Inferences About Two Populations......Page 393 Decision Dilemma: Online Shopping......Page 394 10.1: Hypothesis Testing and Confidence Intervals About the Difference in Two Means Using the z Statistic (Population Variances Known)......Page 396 10.2: Hypothesis Testing and Confidence Intervals About the Difference in Two Means: Independent Samples and Population Variances Unknown......Page 405 10.3: Statistical Inferences for Two Related Populations......Page 415 10.4: Statistical Inferences About Two Population Proportions, P1 – P2......Page 424 10.5: Testing Hypotheses About Two Population Variances......Page 431 Formulas......Page 440 Supplementary Problems......Page 441 Case: Manutan International Mail Order European Success......Page 447 Using the Computer......Page 449 11: Analysis of Variance and Design of Experiments......Page 452 Decision Dilemma: Job and Career Satisfaction of Foreign Self-Initiated Expatriates......Page 453 11.1: Introduction to Design of Experiments......Page 454 11.2: The Completely Randomized Design (One-Way ANOVA)......Page 456 11.3: Multiple Comparison Tests......Page 468 11.4: The Randomized Block Design......Page 476 11.5: A Factorial Design (Two-Way ANOVA)......Page 487 Summary......Page 505 Formulas......Page 506 Supplementary Problems......Page 507 Analysing the Databases......Page 511 Case: The TOMOE Valve Company......Page 512 Using the Computer......Page 513 Unit IV: Regression Analysis and Forecasting......Page 515 12: Simple Regression Analysis and Correlation......Page 517 Decision Dilemma: Predicting International Hourly Wages by the Price of a Big Mac......Page 518 12.1: Correlation......Page 519 12.2: Introduction to Simple Regression Analysis......Page 523 12.3: Determining the Equation of the Regression Line......Page 524 12.4: Residual Analysis......Page 531 12.5: Standard Error of the Estimate......Page 538 12.6: Coefficient of Determination......Page 542 12.7: Tests for the Slope of the Regression Model and Testing the Overall Model......Page 545 12.8: Estimation......Page 550 12.9: Using Regression to Develop a Forecasting Trend Line......Page 554 12.10: Interpreting the Output......Page 561 Summary......Page 564 Formulas......Page 565 Supplementary Problems......Page 566 Case: The New Zealand Wine Industry......Page 571 Using the Computer......Page 573 13: Multiple Regression Analysis......Page 575 Decision Dilemma: Are You Going to Hate Your New Job?......Page 576 13.1: The Multiple Regression Model......Page 577 13.2: Significance Tests of the Regression Model and Its Coefficients......Page 584 13.3: Residuals, Standard Error of the Estimate, and R2......Page 589 13.4: Interpreting Multiple Regression Computer Output......Page 595 Summary......Page 600 Supplementary Problems......Page 601 Analysing the Databases......Page 604 Case: Audience Demand for UK Films......Page 605 Using the Computer......Page 606 14: Building Multiple Regression Models......Page 608 Decision Dilemma: Determining Compensation for CEOs......Page 609 14.1: Non-linear Models: Mathematical Transformation......Page 610 14.2: Indicator (Dummy) Variables......Page 623 14.3: Model-Building: Search Procedures......Page 630 14.4: Multicollinearity......Page 640 Summary......Page 645 Key Terms......Page 646 Supplementary Problems......Page 647 Case: Mobile Phone Quality and Price......Page 651 Using the Computer......Page 653 15: Time-Series Forecasting and Index Numbers......Page 655 Decision Dilemma: Forecasting Air Pollution......Page 656 15.1: Introduction to Forecasting......Page 657 15.2: Smoothing Techniques......Page 661 15.3: Trend Analysis......Page 671 15.4: Seasonal Effects......Page 678 15.5: Autocorrelation and Autoregression......Page 684 15.6: Index Numbers......Page 691 Summary......Page 700 Key Terms......Page 701 Supplementary Problems......Page 702 Analysing the Databases......Page 707 Case: Nando's......Page 708 Using the Computer......Page 710 Unit V: Categorical Data and Non-Parametric Statistics......Page 713 16: Analysis of Categorical Data......Page 715 Decision Dilemma: Business Planning in Small Firms......Page 716 16.1: Chi-Square Goodness-of-Fit Test......Page 717 16.2: Contingency Analysis: Chi-Square Test of Independence......Page 727 Key Terms......Page 737 Supplementary Problems......Page 738 Analysing the Databases......Page 740 Case: Sports Advertising and the Olympics......Page 741 Using the Computer......Page 742 17: Non-parametric Statistics......Page 743 Decision Dilemma: How Is the Doughnut Business?......Page 744 17.1: Runs Test......Page 746 17.2: Mann–Whitney U Test......Page 751 17.3: Wilcoxon Matched-Pairs Signed Rank Test......Page 759 17.4: Kruskal–Wallis Test......Page 768 17.5: Friedman Test......Page 773 17.6: Spearman's Rank Correlation......Page 779 Summary......Page 785 Formulas......Page 786 Supplementary Problems......Page 787 Case: Raleigh......Page 792 Using the Computer......Page 794 A: Tables......Page 795 B: Answers to Selected Odd-Numbered Quantitative Problems......Page 837 Glossary......Page 849 Index......Page 859