ISBN-10:
032182623X
ISBN-13:
2900321826236
Pub. Date:
01/04/2013
Publisher:
Pearson
Statistics for Business and Economics / Edition 12

Statistics for Business and Economics / Edition 12

by James T. McClave

Hardcover

View All Available Formats & Editions
Current price is , Original price is $254.4. You
Select a Purchase Option (Older Edition)
  • purchase options
    $55.87 $254.40 Save 78% Current price is $55.87, Original price is $254.4. You Save 78.03852201257861%.
    • Free return shipping at the end of the rental period details
    • Textbook Rentals in 3 Easy Steps  details
    icon-error
    Note: Access code and/or supplemental material are not guaranteed to be included with textbook rental or used textbook.
  • purchase options
    $122.41 $254.40 Save 52% Current price is $122.41, Original price is $254.4. You Save 52%.
    icon-error
    Note: Access code and/or supplemental material are not guaranteed to be included with textbook rental or used textbook.

Product Details

ISBN-13: 2900321826236
Publisher: Pearson
Publication date: 01/04/2013
Edition description: Older Edition
Pages: 864
Product dimensions: 8.70(w) x 11.00(h) x 1.40(d)

About the Author

Dr. Jim McClave is currently President and CEO of Info Tech, Inc., a statistical consulting and software development firm with an international clientele. He is an Adjunct Professor of Statistics at the University of Florida, where he was a full-time member of the faculty for 20 years.

P. George Benson is the 21st president of the College of Charleston. Prior to his appointment, he was Dean at the University of Georgia’s C. Herman and Mary Virginia Terry College of Business. His research interests include quality management, strategic management, belief formation, and judgmental forecasting. He consults nationally in the areas of applied statistics, quality management, and employment discrimination.

Terry Sincich obtained his PhD in statistics from the University of Florida in 1980. He is an Associate Professor in the Information Systems & Decision Sciences Department at the University of South Florida in Tampa. Dr. Sincich is responsible for teaching basic statistics to all undergraduates in the College of Business, as well as advanced statistics to all business doctoral candidates. He has published articles in such journals as the Journal of the American Statistical Association, International Journal of Forecasting, Academy of Management Journal, and Auditing: A Journal of Practice & Theory. Dr. Sincich is a co-author of the texts Statistics, A First Course in Statistics, Statistics for Engineering & the Sciences, and A Second Course in Statistics: Regression Analysis.

Read an Excerpt

PREFACE:

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 withStatistical 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 (...

Table of Contents

1. Statistics, Data, and Statistical Thinking.
The Science of Statistics. Types of Statistical Applications in Business. Fundamental Elements of Statistics. Processes (Optional). Types of Data. Statistics in Action 1.1: Quality Improvement: U.S. Firms Respond to the Challenge from Japan. Collecting Data. The Role of Statistics in Managerial Decision-Making. Statistics in Action 1.2: A 20/20 View of Survey Results—Fact or Fiction?

2. Methods for Describing Sets of Data.
Describing Qualitative Data. Statistics in Action 2.1: Pareto Analysis. Graphical Methods for Describing Quantitative Data. Summation Notation. Numerical Measures of Central Tendency. Numerical Measures of Variability. Interpreting the Standard Deviation. Numerical Measures of Relative Standing. Methods for Detecting Outliers (Optional). Graphing Bivariate Relationships. (Optional). The Time Series Plot (Optional). Distorting the Truth with Descriptive Techniques. Statistics in Action 2.2: Car and Driver's “Road Test Digest.” Real World Case: The Kentucky Milk Case, Part I. (A Case Covering Chapters 1 and 2.

3. Probability.
Events, Sample Spaces, and Probability. Statistics in Action 3.1: Game Show Strategy: To Switch or Not to Switch? Unions and Intersections. Complementary Events. The Additive Rule and Mutually Exclusive Events. Conditional Probability. The Multiplicative Rule and Independent Events. Random Sampling. Statistics in Action 3.2: Lottery Buster.

4. Discrete RandomVariables.
Two Types of Random Variables. Probability Distributions for Discrete Random Variables. Expected Values of Discrete Random Variables. Statistics in Action 4.1: Portfolio Selection. The Binomial Random Variable. Statistics in Action 4.2: The Space Shuttle Challenger: Catastrophe in Space. The Poisson Random Variable (Optional).

5. Continuous Random Variables.
Continuous Probability Distributions. The Uniform Distribution (Optional). The Normal Distribution. Statistics in Action 5.1: IQ, Economic Mobility, and the Bell Curve. Descriptive Methods for Assessing Normality. Approximating a Binomial Distribution with a Normal Distribution. The Exponential Distribution (Optional). Statistics in Action 5.2: Queueing Theory.

6. Sampling Distributions.
The Concept of Sampling Distributions. Properties of Sampling Distributions: Unbiasedness and Minimum Variance (Optional). Statistics in Action 6.1: Reducing Investment Risk through Diversification. The Central Limit Theorem. Statistics in Action 6.2: The Insomnia Pill. Real World Case: The Furniture Fire Case (A Case Covering Chapters 3-6).

7. Inferences Based on a Single Sample: Estimation with Confidence Intervals.
Large-Sample Confidence Interval for a Population Mean. Small-Sample Confidence Interval for a Population Mean. Statistics in Action 7.1: Scallops, Sampling, and the Law. Large-Sample Confidence Interval for a Population Proportion. Determining the Sample Size. Finite Population Correction for Simple Random Sampling (Optional). Sample Survey Designs (Optional). Statistics in Action 7.2: Sampling Error Versus Nonsampling Error.

8. Inferences Based on a Single Sample: Tests of Hypothesis.
The Elements of a Test of Hypothesis. Large-Sample Test of Hypothesis about a Population Mean. Statistics in Action 8.1: Statistical Quality Control. Observed Significance Levels: p-Values. Small-Sample Test of Hypothesis about a Population Mean. Large-Sample Test of Hypothesis about a Population Proportion. Calculation Type II Error Probabilities: More about …b (Optional). Test of Hypothesis about a Population Variance (Optional). Statistics in Action 8.2: March Madness—Handicapping the NCAA Basketball Tourney.

9. Inferences Based on Two Samples: Confidence Intervals and Tests of Hypotheses.
Comparing Two Population Means: Independents Sampling. Statistics in Action 9.1: The Effect of Self-Managed Work Teams on Family Life. Comparing Two Population Means: Paired Difference Experiments. Comparing Two Population Proportions: Independent Sampling. Determining the Sample Size. Statistics in Action 9.2: Unpaid Overtime and the Fair Labor Standards Act. Comparing Two Population Variances: Independent Sampling (Optional). Real World Case: The Kentucky Milk Case, Part II (A Case Covering Chapters 7-9).

10. Simple Linear Regression.
Probabilistic Models. Fitting the Model: The Least Squares Approach. Model Assumptions. An Estimator of …s2. Assessing the Utility of the Model: Making Inferences about the Slope …b1. The Coefficient of Correlation. The Coefficient of Determination. Using the Model for Estimation and Prediction. Statistics in Action 10.1: Statistical Assessment of Damage to Bronx Bricks. Simple Linear Regression: A Complete Example. Statistics in Acton 10.2: Can “Dowsers” Really Detect Water?

11. Multiple Regression and Model Building.
Multiple Regression Models. The First-Order Model: Estimation and Interpreting the …b-Parameters. Model Assumptions. Inferences about the …b Parameters. Checking the Overall Utility of a Model. Statistics in Action 11.1: Prediction the Price of Vintage Red Bordeaux Wine. Using the Model for Estimation and Prediction. Using the Model for Estimation and Prediction. Model Building: Interaction Models. Model Building: Quadratic and Other Higher-Order Models. Model Building: Qualitative (Dummy) Variable Models. Model Building: Models with Both Quantitative and Qualitative Variables (Optional). Model Building: Comparing Nested Models (Optional). Model Building: Stepwise Regression (Optional). Residual Analysis: Checking the Regression Assumptions. Some Pitfalls: Estimability, Multicollinearity, and Extrapolation. Statistics in Action 11.2: “Wringing” The Bell Curve.

12. Methods for Quality Improvement.
Quality, Processes, and Systems. Statistics in Action 12. 1: Deming's 14 Points. Statistical Control. The Logic of Control Charts. A Control Chart for Monitoring the Mean of a Process: The x-Chart. A Control Chart for Monitoring the Variation of a Process: The R-Chart. A Control Chart for Monitoring the Proportion of Defectives Generated by a Process: The p-Chart. Diagnosing the Causes of Variation (Optional). Statistics in Action 12.2: Quality Control in a Service Operation. Capability Analysis (Optional).

13. Time Series: Descriptive Analyses, Models, and Forecasting.
Descriptive Analysis: Index Numbers. Statistics in Action 13.1: The Consumer Price Index: CPI-U and CPI-W. Descriptive Analysis: Exponential Smoothing. Time Series Components. Forecasting: Exponential Smoothing. Forecasting Trends: The Holt-Winters Forecasting Model (Optional). Measuring Forecast Accuracy: MAD and RMSE. Forecasting Trends: Simple Linear Regression. Seasonal Regression Models. Statistics in Action 13.2: Forecasting the Demand for Emergency Room Services. Autocorrelation and the Durbin-Watson Test. Real World Case: The Gasket Manufacturing Case (A Case Covering Chapters 12 and 13).

14. Design of Experiments and Analysis of Variance.
Elements of a Designed Experiment. The Completely Randomized Design: Single Factor. Multiple Comparisons of Means. Statistics in Action 14.1: Is Therapy the New Diet Pill for Binge Eaters? Factorial Experiments. Statistics in Action 14.2: On the Trail of the Cockroach. Using Regression Analysis for ANOVA (Optional).

15. Nonparametric Statistics.
Introduction: Distribution-Free Tests. Single Population Inferences: The Sign Test. Comparing Two Populations: The Wilcoxon Rank Sum Test for Independent Samples. Comparing Two Populations: The Wilcoxon Signed Rank Test for the Paired Difference Experiment. Statistics in Action 15.1: Reanalyzing the Scallop Weight Data. The Kruskal-Wallis H-Test for a Completely Randomized Design. Statistics in Action 15.2: Taxpayers Versus the IRS: Selecting the Trial Court. Spearman's Rank Correlation Coefficient.

16. Categorical Data Analysis.
Categorical Data and the Multinomial Experiment. Testing Category Probabilities: One-Way Table. Testing Category Probabilities: Two-Way (Contingency) Table. Statistics in Action 16.1: Ethics in Computer Technology and Use. A Word of Caution about Chi-Square Tests. Real World Case: Discrimination in the Workplace (A Case Covering Chapters 14-16).

Appendices.
Basic Counting Rules. Tables. Calculation Formulas for Analysis of Variance.

Preface

PREFACE:

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 DatawithStatistical 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 (...

Customer Reviews

Most Helpful Customer Reviews

See All Customer Reviews