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Analyzing the Data Applicable to Business
This text is the gold standard for learning how to use Microsoft Excel® in business statistics, helping students gain the understanding they need to be successful in their careers. The authors present statistics in the context of specific business fields; full chapters on business analytics further prepare students for success in their professions. Current data throughout the text lets students practice analyzing the types of data they will see in their professions. The friendly writing style include tips throughout to encourage learning.
The book also integrates PHStat, an add-in that bolsters the statistical functions of Excel.
Also available with MyStatLab™
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He also is the co-author of Even You Can Learn Statistics: A Guide for Everyone Who Has Ever Been Afraid of Statistics, currently in its second edition, Six Sigma for Green Belts and Champions and Design for Six Sigma for Green Belts and Champions, and the author of Statistics for Six Sigma Green Belts, all published by FT Press, a Pearson imprint, and Quality Management, third edition, McGraw-Hill/Irwin. He is also the author of Video Review of Statistics and Video Review of Probability, both published by Video Aided Instruction, and the statistics module of the MBA primer published by Cengage Learning. He has published articles in various journals, including Psychometrika, The American Statistician, Communications in Statistics, Decision Sciences Journal of Innovative Education, Multivariate Behavioral Research, Journal of Systems Management, Quality Progress, and The American Anthropologist, and he has given numerous talks at the Decision Sciences Institute (DSI), American Statistical Association (ASA), and Making Statistics More Effective in Schools and Business (MSMESB) conferences. Levine has also received several awards for outstanding teaching and curriculum development from Baruch College.
David F. Stephan is an independent instructional technologist. He was an Instructor/Lecturer of Computer Information Systems at Baruch College (City University of New York) for over 20 years and also served as an Assistant to the Provost and to the Dean of the School of Business & Public Administration for computing. He pioneered the use of computer classrooms for business teaching, devised interdisciplinary multimedia tools, and created techniques for teaching computer applications in a business context. He also conducted the first large-scale controlled experiment to show the benefit of teaching Microsoft Excel in a business case context to undergraduate students.
An avid developer, he created multimedia courseware while serving as the Assistant Director of a Fund for the Improvement of Postsecondary Education (FIPSE) project at Baruch College. Stephan is also the originator of PHStat, the Pearson Education statistical add-in for Microsoft Excel and a co-author of Even You Can Learn Statistics: A Guide for Everyone Who Has Ever Been Afraid of Statistics and Practical Statistics by Example Using Microsoft Excel and Minitab. He is currently developing ways to extend the instructional materials that he and his co-authors develop to mobile and cloud computing platforms as well as develop social-media facilitated means to support learning in introductory business statistics courses.
Stephan received a B.A. in geology from Franklin and Marshall College and a M.S. in computer methodology from Baruch College (City University of New York).
Kathryn A. Szabat is Associate Professor and Chair of Business Systems and Analytics at LaSalle University. She teaches undergraduate and graduate courses in business statistics and operations management. She also teaches as Visiting Professor at the Ecole Superieure de Commerce et de Management (ESCEM) in France.
Szabat’s research has been published in International Journal of Applied Decision Sciences, Accounting Education, Journal of Applied Business and Economics, Journal of Healthcare Management, and Journal of Management Studies. Scholarly chapters have appeared in Managing Adaptability, Intervention, and People in Enterprise Information Systems; Managing, Trade, Economies and International Business; Encyclopedia of Statistics in Behavioral Science; and Statistical Methods in Longitudinal Research.
Szabat has provided statistical advice to numerous business, non-business, and academic communities. Her more recent involvement has been in the areas of education, medicine, and nonprofit capacity building.
Szabat received a B.S. in mathematics from State University of New York at Albany and M.S. and Ph.D. degrees in statistics, with a cognate in operations research, from the Wharton School of the University of Pennsylvania.
USING STATISTICS: “The Price of Admission”
FTF.1 Think Differently About Statistics
FTF.2 Business Analytics: The Changing Face of Statistics
FTF.3 Getting Started Learning Statistics
FTF.4 Preparing to Use Microsoft Excel for Statistics
REFERENCES
KEY TERMS
EXCEL GUIDE
1. Defining and Collecting Data
USING STATISTICS: Defining Moments
1.1 Defining Variables
1.2 Collecting Data
1.3 Types of Sampling Methods
1.4 Data Preparation
1.5 Types of Survey Errors
CONSIDER THIS: New Media Surveys/Old Sampling Problems
SUMMARY
REFERENCES
KEY TERMS
USING STATISTICS: Defining Moments, Revisited
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
CardioGood Fitness
Clear Mountain State Student Survey
Learning with the Digital Cases
CHAPTER 1 EXCEL GUIDE
2. Organizing and Visualizing Variables
USING STATISTICS: “The Choice is Yours”
2.1 Organizing Categorical Variables
2.2 Organizing Numerical Variables
2.3 Visualizing Categorical Variables
2.4 Visualizing Numerical Variables
2.5 Visualizing Two Numerical Variables
2.6 Organizing and Visualizing a Mix of Variables
2.7 The Challenge in Organizing and Visualizing Variables
USING STATISTICS: The Choice is Yours, Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
CardioGood Fitness
The Choice is Yours Follow-Up
Clear Mountain State Student Survey
CHAPTER 2 EXCEL GUIDE
3. Numerical Descriptive Measures
USING STATISTICS: More Descriptive Choices
3.1 Central Tendency
3.2 Variation and Shape
3.3 Exploring Numerical Data
3.4 Numerical Descriptive Measures for a Population
3.5 The Covariance and the Coefficient of Correlation
3.6 Statistics: Pitfalls and Ethical Issues
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
CardioGood Fitness
More Descriptive Choices Follow-up
Clear Mountain State Student Survey
CHAPTER 3 EXCEL GUIDE
4. Basic Probability
USING STATISTICS: Possibilities at M&R Electronics World
4.1 Basic Probability Concepts
4.2 Conditional Probability
4.3 Ethical Issues and Probability
4.4 Bayes’ Theorem
CONSIDER THIS: Divine Providence and Spam
4.5 Counting Rules
USING STATISTICS: Possibilities at M&R Electronics World, Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES DIGITAL CASE
CardioGood Fitness
The Choice is Yours Follow-Up
Clear Mountain State Student Survey
CHAPTER 4 EXCEL GUIDE
5. Discrete Probability Distributions
USING STATISTICS: Events of Interest at Ricknel Home Centers
5.1 The Probability Distribution for a Discrete Variable
5.2 Binomial Distribution
5.3 Poisson Distribution
5.4 Covariance of a Probability Distribution and its Application in Finance
5.5 Hypergeometric Distribution
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
CHAPTER 5 EXCEL GUIDE
6. The Normal Distribution and Other Continuous Distributions
USING STATISTICS: Normal Load Times at MyTVLab
6.1 Continuous Probability Distributions
6.2 The Normal Distribution
6.3 Evaluating Normality
6.4 The Uniform Distribution
6.5 The Exponential Distribution
6.6 The Normal Approximation to the Binomial Distribution
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
CardioGood Fitness
More Descriptive Choices Follow-up
Clear Mountain State Student Survey
Digital Case
CHAPTER 6 EXCEL GUIDE
7. Sampling Distributions
USING STATISTICS: Sampling Oxford Cereals
7.1 Sampling Distributions
7.2 Sampling Distribution of the Mean
7.3 Sampling Distribution of the Proportion
SUMMARY
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland Multicomm Services
Digital Case
CHAPTER 7 EXCEL GUIDE
8. Confidence Interval Estimation
USING STATISTICS: Getting Estimates at Ricknel Home Centers
8.1 Confidence Interval Estimate for the Mean (Known)
8.2 Confidence Interval Estimate for the Mean (Unknown)
8.3 Confidence Interval Estimate for the Proportion
8.4 Determining Sample Size
8.5 Confidence Interval Estimation and Ethical Issues
8.6 Application of Confidence Interval Estimation in Auditing
8.7 Estimation and Sample Size Estimation for Finite Populations
8.8 Bootstrapping
USING STATISTICS: Getting Estimates . . . , Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
Sure Value Convenience Stores
CardioGood Fitness
More Descriptive Choices Follow-Up
Clear Mountain State Student Survey
CHAPTER 8 EXCEL GUIDE
9. Fundamentals of Hypothesis Testing: One-Sample Tests
USING STATISTICS: Significant Testing at Oxford Cereals
9.1 Fundamentals of Hypothesis-Testing Methodology
9.2 t Test of Hypothesis for the Mean (Unknown)
9.3 One-Tail Tests
9.4 Z Test of Hypothesis for the Proportion
9.5 Potential Hypothesis-Testing Pitfalls and Ethical Issues
9.6 Power of the Test
USING STATISTICS: Significant Testing . . ., Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
Sure Value Convenience Stores
CHAPTER 9 EXCEL GUIDE
10. Two-Sample Tests
USING STATISTICS: Differing Means for Selling Streaming Media Players at Arlingtons?
10.1 Comparing the Means of Two Independent Populations
10.2 Comparing the Means of Two Related Populations
10.3 Comparing the Proportions of Two Independent Populations
10.4 F Test for the Ratio of Two Variances
10.5 Effect Size
USING STATISTICS: Differing Means for Selling...Revisited
SUMMARY
REFERENCES
KEY TERMS
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
Sure Value Convenience Stores
CardioGood Fitness
More Descriptive Choices Follow-Up
Clear Mountain State Student Survey
CHAPTER 10 EXCEL GUIDE
11. Analysis of Variance
USING STATISTICS: The Means to Find Differences at Arlingtons
11.1 The Completely Randomized Design: One-Way ANOVA
11.2 The Factorial Design: Two-Way ANOVA
11.3 The Randomized Block Design
11.4 Fixed Effects, Random Effects, and Mixed Effects Models
USING STATISTICS: The Means to Find Differences at Arlingtons Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services Phase
Phase
Digital Case
Sure Value Convenience Stores
CardioGood Fitness
More Descriptive Choices Follow-Up
Clear Mountain State Student Survey
CHAPTER 11 EXCEL GUIDE
12. Chi-Square and Nonparametric Tests
USING STATISTICS: Avoiding Guesswork about Resort Guests
12.1 Chi-Square Test for the Difference Between Two Proportions
12.2 Chi-Square Test for Differences Among More Than Two Proportions
12.3 Chi-Square Test of Independence
12.4 Wilcoxon Rank Sum Test: A Nonparametric Method for Two Independent Populations
12.5 Kruskal-Wallis Rank Test: A Nonparametric Method for the One-Way ANOVA
12.6 McNemar Test for the Difference Between Two Proportions (Related Samples)
12.7 Chi-Square Test for the Variance or Standard Deviation
USING STATISTICS: Avoiding Guesswork..., Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
Sure Value Convenience Stores
CardioGood Fitness
More Descriptive Choices Follow-Up
Clear Mountain State Student Survey
CHAPTER 12 EXCEL GUIDE
13. Simple Linear Regression
USING STATISTICS: Knowing Customers at Sunflowers Apparel
13.1 Types of Regression Models
13.2 Determining the Simple Linear Regression Equation
13.3 Measures of Variation
13.4 Assumptions of Regression
13.5 Residual Analysis
13.6 Measuring Autocorrelation: The Durbin-Watson Statistic
13.7 Inferences About the Slopeand Correlation Coefficient
13.8 Estimation of Mean Values and Prediction of Individual Values
13.9 Potential Pitfalls in Regression
USING STATISTICS: Knowing Customers...,Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
Brynne Packaging
CHAPTER 13 EXCEL GUIDE
14. Introduction to Multiple Regression
USING STATISTICS: The Multiple Effects of OmniPower Bars
14.1 Developing a Multiple Regression Model
14.2 r2, Adjusted r2, and the Overall F Test
14.3 Residual Analysis for the Multiple Regression Model
14.4 Inferences Concerning the Population Regression Coefficients
14.5 Testing Portions of the Multiple Regression Model
14.6 Using Dummy Variables and Interaction Terms in Regression Models
14.7 Logistic Regression
USING STATISTICS: The Multiple Effects . . ., Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
CHAPTER 14 EXCEL GUIDE
15. Multiple Regression Model Building
USING STATISTICS: Valuing Parsimony at WSTA-TV
15.1 Quadratic Regression Model
15.2 Using Transformations in Regression Models
15.3 Collinearity
15.4 Model Building
15.5 Pitfalls in Multiple Regression and Ethical Issues
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
The Mountain States Potato Company
Sure Value Convenience Stores
Digital Case
The Craybill Instrumentation Company Case
More Descriptive Choices Follow-Up
CHAPTER 15 EXCEL GUIDE
16. Time-Series Forecasting
USING STATISTICS: Principled Forecasting
16.1 The Importance of Business Forecasting
16.2 Component Factors of Time-Series Models
16.3 Smoothing an Annual Time Series
16.4 Least-Squares Trend Fitting and Forecasting
16.5 Autoregressive Modeling for Trend Fitting and Forecasting
16.6 Choosing an Appropriate Forecasting Model
16.7 Time-Series Forecasting of Seasonal Data
16.8 Index Numbers
Consider This
USING STATISTICS: Principled Forecasting, Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHECKING YOUR UNDERSTANDING
CHAPTER REVIEW PROBLEMS
CASES FOR CHAPTER
Managing Ashland MultiComm Services
Digital Case
CHAPTER 16 EXCEL GUIDE
17. Getting Ready to Analyze Data in the Future
USING STATISTICS: Mounting Future Analyses
17.1 Analyzing Numerical Variables
17.2 Analyzing Categorical Variables
17.3 Introduction to Business Analytics
USING STATISTICS: Back to Arlingtons for the Future
17.4 Descriptive Analytics
17.5 Predictive Analytics
USING STATISTICS: The Future to be Visited
REFERENCES
CHAPTER REVIEW PROBLEMS
CHAPTER 17 EXCEL GUIDE
18. Statistical Applications in Quality Management (online)
USING STATISTICS: Finding Quality at the Beachcomber
18.1 The Theory of Control Charts
18.2 Control Chart for the Proportion: The p Chart
18.3 The Red Bead Experiment: Understanding Process Variability
18.4 Control Chart for an Area of Opportunity: The c Chart
18.5 Control Charts for the Range and the Mean
18.6 Process Capability
18.7 Total Quality Managementice
18.8 Six Sigma
USING STATISTICS: Finding Quality at the Beachcomber, Revisited
SUMMARY
REFERENCES
KEY EQUATIONS
KEY TERMS
CHAPTER REVIEW PROBLEMS
THE HARNSWELL SEWING MACHINE COMPANY CASE
MANAGING ASHLAND MULTICOMM SERVICES
CHAPTER 18 EXCEL GUIDE
19. Decision Making (online)
USING STATISTICS: Reliable Decision Making
19.1 Payoff Tables and Decision Trees
19.2 Criteria for Decision Making
19.3 Decision Making with Sample Information
19.4 Utility
CONSIDER THIS: Risky Business
USING STATISTICS: Reliable Decision-Making, Revisited
SUMMARY 19.23
REFERENCES 19.23
KEY EQUATIONS 19.23
KEY TERMS 19.23
CHAPTER 19 EXCEL GUIDE 19.27
Appendices
A. Basic Math Concepts and Symbols
A.1 Rules for Arithmetic Operations
A.2 Rules for Algebra: Exponents and Square Roots
A.3 Rules for Logarithms
A.4 Summation Notation
A.5 Statistical Symbols
A.6 Greek Alphabet
B. Important Excel and Minitab Skills and Concepts
B.1 Which Excel Do You Use?
B.2 Basic Operations
B.2 Formulas and Cell References
B.4 Entering a Formula
B.5 Formatting Cell Contents
B.6 Formatting Charts
B.7 Selecting Cell Ranges for Charts
B.8 Deleting the “Extra” Histogram Bar
B.9 Creating Histograms for Discrete Probability Distributions
C. Online Resources
C.1 About the Online Resources for This Book
C.2 Accessing the Online Resources
C.3 Details Online Resources
C.4 PHStat
D. Configuring Microsoft Excel
D.1 Getting Microsoft Excel Ready for Use
D.2 Checking for the Presence of the Analysis ToolPak or Solver Add-Ins
D.3 Configuring Microsoft Windows Excel Security Settings
D.4 Opening Pearson-Supplied Add-Ins
E. Tables
E.1 Table of Random Numbers
E.2 The Cumulative Standardized Normal Distribution
E.3 Critical Values of t
E.4 Critical Values of
E.5 Critical Values of F
E.6 Lower and Upper Critical Values, T1, of the Wilcoxon Rank Sum Test
E.7 Critical Values of the Studentized Range, Q
E.8 Critical Values, dI and dU, of the Durbin–Watson Statistic, D (Critical Values Are One-Sided)
E.9 Control Chart Factors
E.10 The Standardized Normal Distribution online
F. Useful Excel Knowledge
F.1 Useful Keyboard Shortcuts
F.2 Verifying Formulas and Worksheets
F.3 New Function Names
F.4 Understanding the Nonstatistical Functions
G. Software FAQs
G.1 PHStat FAQs
G.2 Microsoft Excel FAQs
Self-Test Solutions and Answers to Selected Even-Numbered Problems
Index
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