A classic text for accuracy and statistical precision. Statistics for Business and Economics enables readers to conduct serious analysis of applied problems rather than running simple ‘canned’ applications. This text is also at a mathematically higher level than most business statistics texts and provides readers with the knowledge they need to become stronger analysts for future managerial positions.

This edition has been revised and updated to provide readers with improved problem contexts for learning how statistical methods can improve their analysis and understanding of business and economics.

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Features

Data Sets: A number of large data sets containing automobile fuel consumption, health data, the HEI Cost Data Variable Subset (which Includes the Healthy Eating Index, a measure of diet quality developed by the Economic Research Service and computed for each individual in the survey), New York’s air quality index, and more are described in detail at the end of the chapters where they are used in exercises and case studies.
Applying Concepts: It is important for students to know statistical concepts and apply those to different situations they face everyday or will face as managers of the future. To aid their understanding,
Examples have been added to almost all sections that illustrate the application of the concepts or methods of that section to a real-world context (even though the company or organisation may be hypothetical).
Problems are structured to present the perspective of a decision maker and the analysis provided is to help understand the use of statistics in a practical way.
Case Studies. Several case studies provide students with the opportunity to extend their statistical understanding to the context of research and analysis conducted by professionals.

New to this edition

Addition of large databases developed by global public research agencies, businesses, and databases from the authors’ own works. An extensive number of new end-of-section or end-of-chapter problems. Addition of a number of case studies, with both large and small sample sizes. Students are provided the opportunity to extend their statistical understanding to the context of research and analysis conducted by professionals. These studies include data files obtained from on-going research studies, which reduce for the student, the extensive work load of data collection and refinement, thus providing an emphasis on question formulation, analysis, and reporting of results. Careful revision of text and symbolic language to ensure consistent terms and definitions and to remove errors that accumulated from previous revisions and production problems. Major revision of the discussion of Time Series both in terms of describing historical patterns and in the focus on identifying the underlying structure and introductoryforecasting methods. Integration of the text material, data sets, and exercises into new online applications including MyLab Statistics. Expansion of descriptive statistics to include percentiles, z-scores, and alternative formulae to compute the sample variance and sample standard deviation. Addition of a significant number of new examples based on real world data. Greater emphasis on the assumptions being made when conducting various statistical procedures. More detailed business-oriented examples and exercises incorporated in the analysis of statistics. Improved chapter introductions that include business examples discussed in the chapter. Good range of difficulty in the section ending exercises that permit the professor to tailor the difficulty level to his or her course. Improved suitability for both introductory and advanced statistics courses for undergraduate and graduate students.