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ESSENTIALS OF MODERN BUSINESS STATISTICS, 5TH EDITION provides an introduction to business statistics that blends a conceptual understanding of statistics with the real-world application of statistical methodology. Microsoft Excel® 2010 is integrated throughout the text, showing step-by-step instructions and screen captures to enhance student learning. The fifth edition contains the same student learning features that have made ASW products best-sellers for years, including the problem-scenario approach and real-world examples that introduce statistical techniques. A student companion site comes includes: Case Files, Example Files, Problem Files, Tutorials, Solvertable, Palisade DecisionTools (StatTools), Excel Tutorial.
- NEW! Integration of Microsoft Excel® 2010. Step-by-step instructions and screen captures show how to use Excel 2010 to implement statistical procedures.
- NEW! Revised Chapter 2. Excel coverage has been condensed by moving the discussion of how to use Excel's Pivot Chart Report to chapter appendixes. Appendix 2.1 shows how to use Excel's Pivot Chart Report to summarize categorical data and Appendix 2.2 shows how to use Excel's Pivot Chart report to summarize quantitative data.
- NEW! Revised Sampling Material. The Chapter 7 introduction has been revised and now includes the concept of a sampled population and a frame. The distinction between sampling from a finite population and an infinite population has been clarified, with sampling from an ongoing process used to illustrate the selection of a random sample from an infinite population. A practical advice section stresses the importance of obtaining close correspondence between the sampled population and the target population.
- NEW! Revised Introduction to Hypothesis Testing. Section 9.1, Developing Null and Alternative Hypotheses, has been revised. A better set of guidelines has been developed for identifying the null and alternative hypotheses. The context of the situation and the purpose for taking the sample are key. In situations in which the focus is on finding evidence to support a research finding, the research hypothesis is the alternative hypothesis. In situations where the focus is on challenging an assumption, the assumption is the null hypothesis.
- NEW! Section 13.8 – Modeling Curvilinear Relationships. This new section shows how curvilinear relationships can be handled easily using a multiple regression model. We illustrate the use of both Excel's Chart tools and Excel's Regression tool to fit a quadratic model.
- NEW! Chapter 14 – Time Series Analysis and Forecasting. Section 14.1 discusses time series patterns and Section 14.2 introduces methods for measuring forecasting accuracy. Section 14.3 discusses moving averages and exponential smoothing. Section 14.4 introduces methods appropriate for a time series that exhibits a trend. Here we illustrate how regression analysis can be used for trend projection to model nonlinear relationships involving a quadratic trend. Section 14.5 then shows how dummy variables can be used to model seasonality in a forecasting equation. Section 14.6 discusses classical time series decomposition including the concept of deseasonalizing a time series.
- INTEGRATION OF EXCEL. Immediately following every statistical procedure is a sub-section that discusses how to use Excel to perform that procedure. This style enables the use of Excel to be integrated throughout the text, but still keeps the primary emphasis on the statistical methodology being discussed. Each sub-section uses a consistent framework for applying Excel to help users focus on the statistical methodology without getting bogged down in the details of using Excel.
- OUTSTANDING EXERCISES. The end-of-section exercises are split into two parts: Methods and Applications. The Methods exercises require students to use formulas and make appropriate computations. The Applications exercises require students to use the chapter material in real-world situations. Many of the Applications exercises are based on recent data obtained from referenced sources. Combining these two methods enables students to focus on the computational "nuts and bolts" and then move on to the subtleties of statistical application and interpretation. Certain exercises are identified as self-test exercises and have completely worked-out-solutions provided in Appendix D.
- MARGIN ANNOTATIONS AND NOTES AND COMMENTS. Margin annotations that highlight key points and provide additional insights for the students are a key feature of this text. These annotations are designed to provide emphasis and enhance understanding of the terms and concepts being presented. At the end of many sections, we provide Notes and Comments designed to give the student additional insights about the statistical methodology and its application. Notes and Comments include warnings about or limitations of the methodology, recommendations for application, brief descriptions of additional technical considerations, and other matters.
- Included with the purchase of the new book is the Student Complimentary Site that gives access to WEBfiles and Palisade Decision Tools (Stat Tools).
- PROBLEM-SCENARIO APPROACH. Using this approach, the discussion and development of each technique is presented in an applications setting, with the statistical results providing insights to decisions and solutions to problems. The problem scenarios enable students to see how statistics can be applied in business and economics and increase student interest and motivation for learning statistics.
- STUDENT READABILITY. For more than 30 years, student surveys and instructor feedback have shown that readability is a hallmark of ASW textbooks.
2. Descriptive Statistics: Tabular and Graphical Presentations.
3. Descriptive Statistics: Numerical Measures.
4. Introduction to Probability.
5. Discrete Probability Distribution.
6. Continuous Probability Distributions.
7. Sampling and Sampling Distributions.
8. Interval Estimation.
9. Hypothesis Testing.
10. Comparisons Involving Means, Experimental Design, and Analysis of Variance.
11. Comparisons Involving Proportions and a Test of Independence.
12. Simple Linear Regression.
13. Multiple Regression.
14. Time Series Analysis and Forecasting.
15. Statistical Methods for Quality Control.
Appendix A: References and Bibliography.
Appendix B: Tables.
Appendix C: Summation Notation.
Appendix D: Self-Test Solutions and Answers to Even-Numbered Exercises.
Appendix E: Microsoft Excel 2010 and Tools for Statistical Analysis.