Higher Education

Essentials of Statistics for Business and Economics, 7th Edition

  • David R. Anderson University of Cincinnati
  • Dennis J. Sweeney University of Cincinnati
  • Thomas A. Williams Rochester Institute of Technology
  • Jeffrey D. Camm Wake Forest University
  • James J. Cochran University of Alabama
  • ISBN-10: 1133629652  |  ISBN-13: 9781133629658
  • 752 Pages
  • Previous Editions: 2012, 2011, 2009
  • © 2015 | Published
  • College Bookstore Wholesale Price = $235.50

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About

Overview

ESSENTIALS OF STATISTICS FOR BUSINESS AND ECONOMICS, 7th Edition introduces sound statistical methodology to students with real-world examples, proven approaches, and hands-on exercises that build the foundation they need to analyze and solve business problems quantitatively. Complete with the author's signature problem-scenario approach and reader-friendly writing style, ESSENTIALS OF STATISTICS FOR BUSINESS AND ECONOMICS has been streamlined to focus on core topics, and updated with new case problems, applications, and self-test exercises to help student's master key formulas and apply statistical methods to realistic business scenarios. Optional, comprehensive support for the text includes CengageNOW™, the integrated online student learning and course management system that helps students and instructors make the most out of the course. Also available are the optional chapter appendices, which deliver in-depth coverage of a popular statistical software program, and can be integrated with the text. Choose from Excel® 2013, Minitab® 16, and StatTools®.

Features and Benefits

  • Modern, Comprehensive Software Integration: Optional chapter appendices have been updated and expanded to include Excel® 2013, Minitab® 16, and StatTools®.
  • Helpful Appendices: A primer appendix introduces Microsoft® Excel® 2013 and its tools for statistical analysis, and includes the Ribbon, basic workbook operations, and functions for statistical analysis, along with instructions for installing the text's optional Excel® data analysis add-in and optional CengageNOW™ learning tool. Appendix 1 includes steps for downloading StatTools®, an optional, commercial Excel® add-in that students will likely encounter in the workplace. Most chapters also include an appendix outlining statistical procedures using StatTools®.
  • Integration of several important business analytics topics that are not covered by any other single book, including data mining, data visualization, and data dashboards.
  • Step-by-step instructions on how to use various software to perform the analyses discussed in the book-- Excel® 2013, Minitab® 16, and StatTools®.
  • Comprehensive, Modern Coverage: Demonstrating the myriad uses of statistics in business and economics, the text's examples and exercises incorporate the most current data, recent studies, and reliable sources of statistical information available, such as the Wall Street Journal, USA Today, Barron's, and others.
  • Unique Problem-Scenario Approach: Students discuss and develop their understanding of each statistical concept by applying techniques to exercises designed to generate a solution (or recommendation), and illustrate the value of statistics in business decision-making.
  • Real-World Problems and Application: Methods, Application, and Self-Test Exercises allow students to develop analytical skills by using formulas, making computations, applying chapter material to realistic situations, and evaluating their understanding of key concepts against solutions to exercises in a special appendix.
  • Effective Exercises and Examples: Abundant data from world-class sources like the Wall Street Journal, USA Today, and Barron's helps students master statistical methods and apply real data to common business problems, while extensive margin notes and comments highlight key points for simple, efficient review.
  • Useful Cumulative Standard Normal Distribution Table: This key graphic prepares students to use computer software in statistics by introducing normal distribution probabilities, and helping first-time users calculate normal probability and p-values for hypothesis testing.
  • Optional Support Materials: The CengageNOW™ online course management system helps you plan your course, manage and automatically grade assignments, prepare and teach lessons, create tests, and provide personalized study plans for each student. A Solutions Manual written by the text's authors provides step-by-step solutions for exercises, including detailed explanations of the role of cumulative normal distribution and p-values, to help make lecture preparation effortless.

Table of Contents

1. Data and Statistics.
2. Descriptive Statistics: Tabular and Graphical Displays.
3. Descriptive Statistics: Numerical Measures.
4. Introduction to Probability.
5. Discrete Probability Distributions.
6. Continuous Probability Distributions.
7. Sampling and Sampling Distributions.
8. Interval Estimation.
9. Hypothesis Tests.
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.
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 2013 and Tools for Statistical Analysis.
Appendix F. Computing p-Values Using Minitab and Excel.

What's New

  • Chapter appendices have been updated to cover use of Excel 2013.
  • Strong orientation toward visual presentation of data and results.
  • Integration of several important business analytics topics not covered by any other single book, including data mining, data visualization, and data dashboards.
  • Approximately 200 new examples and exercises based on real data and referenced sources have been added to this edition. Using data from world-class sources like the Wall Street Journal, USA Today, and Barron's helps students master statistical methods and apply real data to common business problems, while extensive margin notes and comments highlight key points for simple, efficient review.
  • Seven new case problems have been added to this edition for a total of 25 cases.

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    ISBN-10: 1305081595 | ISBN-13: 9781305081598

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Bundle: Essentials of Statistics for Business and Economics, Loose-leaf Version, 7th + MindTap® Business Statistics, 1 term (6 months) Printed Access Card

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ePack: MindTap® Business Statistics Instant Access for Anderson/Sweeney/Williams/Camm/Cochran’s Essentials of Statistics for Business and Economics + MindTap® Economics Instant Access for Mankiw’s Principles of Microeconomics

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  • MindTap® Business Statistics, 1 term (6 months) Instant Access for Anderson/Sweeney/Williams/Camm/Cochran's Essentials of Statistics for Business and Economics
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Supplements

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Instructor Supplements

Solutions Manual  (ISBN-10: 1285439554 | ISBN-13: 9781285439556)

Prepared by the text's authors, the Solutions Manual includes solutions to all problems in the text, and has been thoroughly updated to correspond with the newly revised 6th edition. For your convenience, this edition shows the exercise solution steps using the cumulative normal distribution, and offers more details about how to compute p-values.

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Aplia™, 1 term Instant Access  (ISBN-10: 1285187326 | ISBN-13: 9781285187327)

Aplia™ is an online, auto-graded homework system that improves learning by increasing student effort and engagement--without requiring more work from the instructor. Aplia saves instructors time by giving students an easy way to stay on top of coursework with regularly scheduled assignments that have been developed and updated especially for ESSENTIALS OF STATISTICS FOR BUSINESS AND ECONOMICS, Revised, 6th Edition. Aplia has been used by more than 1,000,000 students at over 1,300 institutions.

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Aplia significantly improves outcomes and elevates thinking by increasing student effort and engagement. Developed by teachers and used by more than 1,000,000 students Aplia assignments connect concepts to the real world and focus on the unique course challenges facing students.

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MindTap® Business Statistics, 1 term (6 months) Instant Access for Anderson/Sweeney/Williams/Camm/Cochran's Essentials of Statistics for Business and Economics  (ISBN-10: 1285513029 | ISBN-13: 9781285513027)

MindTap™ is a fully online, highly personalized learning experience built upon Cengage Learning content. MindTap combines student-learning tools - readings, multimedia, activities, and assessments - into a singular Learning Path that guides students through their course. Instructors personalize the experience by customizing authoritative Cengage learning content and learning tools, including the ability to add their own content in the Learning Path via apps that integrate into the MindTap framework seamlessly with Learning Management Systems.

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LMS Integrated for MindTap® Business Statistics, 1 term (6 months) Instant Access  (ISBN-10: 128558726X | ISBN-13: 9781285587264)

MindTap is a fully online, highly personalized learning experience built upon Cengage Learning content. MindTap combines student-learning tools - readings, multimedia, activities, and assessments - into a singular Learning Path that guides students through their course. Instructors personalize the experience by customizing authoritative Cengage learning content and learning tools, including the ability to add their own content in the Learning Path via apps that integrate into the MindTap framework seamlessly with Learning Management Systems.

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Student Supplements

CengageNOW™, 2 terms (12 months) Instant Access  (ISBN-10: 130540338X | ISBN-13: 9781305403383)

Have the tools you need to be successful A variety of tools are available in CengageNOW™, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

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LMS Integrated for CengageNOW™, 1 term Instant Access  (ISBN-10: 130525497X | ISBN-13: 9781305254978)

Have the tools you need to be successful A variety of tools are available in CengageNOW™, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00

LMS Integrated for CengageNOW™, 2 terms Instant Access  (ISBN-10: 1305254961 | ISBN-13: 9781305254961)

Have the tools you need to be successful A variety of tools are available in CengageNOW™, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

List Price = $140.00  | College Bookstore Wholesale Price = $140.00

LMS Integrated for MindTap® Business Statistics, 2 terms (12 months) Instant Access  (ISBN-10: 1305254910 | ISBN-13: 9781305254916)

This access code will provide you with seamless access to your MindTap™ Business Statistics resources from within your campus Learning Management System. You will be prompted to enter this access code the first time that you click on a link in your course that includes Cengage content.

List Price = $140.00  | College Bookstore Wholesale Price = $140.00

Aplia™, 1 term Instant Access  (ISBN-10: 1285187326 | ISBN-13: 9781285187327)

Succeed in your course with Aplia's interactive learning system--featuring practice problems and tools developed specifically for ESSENTIALS OF STATISTICS FOR BUSINESS ECONOMICS, Revised, 6th Edition, including interactive tutorials, online experiments, and more. Aplia has been used by more than 1,000,000 students at over 1,300 institutions.

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Aplia™, 2 terms Instant Access  (ISBN-10: 1285187318 | ISBN-13: 9781285187310)

One million+ students, one billion answers In just 10 years, more than one billion answers have been submitted through Aplia, the premier online assignment solution. Millions of students use Aplia to better prepare for class and for their exams. Join them today! Know what’s important Aplia assignments mean “no surprises”—with an at-a-glance view of current assignments organized by due date, you always know what’s due, and when. Discover real-world relevance Aplia ties your lessons into real-world applications so you get a bigger, better picture of how you’ll use your education in your future workplace. Master the content Automatic grading and immediate step-by-step feedback helps you master content the right way the first time. Student Testimonial: “I was very engaged; the content in Aplia is useful. The study tools and materials in Aplia most definitely help me feel more prepared. I understood more than I would have otherwise.” - Tia Student, Glendale Community College CTA: Ask your instructor about Aplia for this course. www.cengage.com/aplia

List Price = $140.00  | CengageBrain Price = $140.00  | College Bookstore Wholesale Price = $140.00

MindTap® Business Statistics, 1 term (6 months) Instant Access for Anderson/Sweeney/Williams/Camm/Cochran's Essentials of Statistics for Business and Economics  (ISBN-10: 1285513029 | ISBN-13: 9781285513027)

MindTap™ Business Statistics for Anderson/Sweeney/Williams/Camm/Cochran's Essentials of Statistics for Business and Economics, 7th Edition provides you with the tools you need to better manage your limited time -- you can complete assignments whenever and wherever you are ready to learn with course material specially customized for you by your instructor and streamlined in one proven, easy-to-use interface. With an array of tools and apps -- from note taking to flashcards -- you'll get a true understanding of course concepts, helping you to achieve better grades and setting the groundwork for your future courses. MindTap Business Statistics helps you learn to make informed, data-driven decisions. It lays out assets in a learning path that addresses each point in the learning process -- engaging you in course concepts with relevant videos, providing animated examples and practice opportunities, and teaching you to interpret data to make informed business decisions with decision simulations. MindTap ultimately gives you a roadmap to successfully master decision making in business statistics. Access to this product is valid for 6 months of usage.

List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00

CengageNOW™, 1 term (6 months) Instant Access  (ISBN-10: 1285433254 | ISBN-13: 9781285433257)

CengageNOW™ is an easy-to-use online resource that helps you study in less time to get the grade you want--NOW.

List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00

LMS Integrated for Aplia™, 1 term Instant Access  (ISBN-10: 1305119401 | ISBN-13: 9781305119406)

One million+ students, one billion answers In just 10 years, more than one billion answers have been submitted through Aplia, the premier online assignment solution. Millions of students use Aplia to better prepare for class and for their exams. Join them today! Know what’s important Aplia assignments mean “no surprises”—with an at-a-glance view of current assignments organized by due date, you always know what’s due, and when. Discover real-world relevance Aplia ties your lessons into real-world applications so you get a bigger, better picture of how you’ll use your education in your future workplace. Master the content Automatic grading and immediate step-by-step feedback helps you master content the right way the first time. Student Testimonial: “I was very engaged; the content in Aplia is useful. The study tools and materials in Aplia most definitely help me feel more prepared. I understood more than I would have otherwise.” - Tia Student, Glendale Community College CTA: Ask your instructor about Aplia for this course. www.cengage.com/aplia

List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00

LMS Integrated for MindTap® Business Statistics, 1 term (6 months) Instant Access  (ISBN-10: 128558726X | ISBN-13: 9781285587264)

This access code will provide you with seamless access to your MindTap™ Business Statistics resources from within your campus Learning Management System. You will be prompted to enter this access code the first time that you click on a link in your course that includes Cengage content.

List Price = $130.00  | CengageBrain Price = $130.00  | College Bookstore Wholesale Price = $130.00

Meet the Author

Author Bio

David R. Anderson

Dr. David R. Anderson is a textbook author and Professor Emeritus of Quantitative Analysis in the College of Business Administration at the University of Cincinnati. He has served as head of the Department of Quantitative Analysis and Operations Management and as Associate Dean of the College of Business Administration. He was also coordinator of the College’s first Executive Program. In addition to introductory statistics for business students, Dr. Anderson has taught graduate-level courses in regression analysis, multivariate analysis, and management science. He also has taught statistical courses at the Department of Labor in Washington, D.C. Professor Anderson has received numerous honors for excellence in teaching and service to student organizations. He is the coauthor of ten textbooks related to decision sciences and actively consults with businesses in the areas of sampling and statistical methods. Born in Grand Forks, North Dakota, he earned his BS, MS, and PhD degrees from Purdue University.

Dennis J. Sweeney

Dr. Dennis J. Sweeney is a textbook author, Professor Emeritus of Quantitative Analysis and founder of the Center for Productivity Improvement at the University of Cincinnati. He also served five years as head of the Department of Quantitative Analysis and four years as Associate Dean of the College of Business Administration. In addition, he has worked in the management science group at Procter & Gamble and has been a visiting professor at Duke University. Professor Sweeney has published more than 30 articles in the area of management science and statistics. The National Science Foundation, IBM, Procter & Gamble, Federated Department Stores, Kroger, and Cincinnati Gas & Electric have funded his research, which has been published in MANAGEMENT SCIENCE, OPERATIONS RESEARCH, MATHEMATICAL PROGRAMMING, DECISION SCIENCES, and other journals. Dr. Sweeney is the coauthor of ten textbooks in the areas of statistics, management science, linear programming, and production and operations management. Born in Des Moines, Iowa, he earned a BS degree from Drake University, graduating summa cum laude. He received his MBA and DBA degrees from Indiana University, where he was an NDEA Fellow.

Thomas A. Williams

Dr. Thomas A. Williams is Professor of Management Science in the College of Business at Rochester Institute of Technology where he was the first chairman of the Decision Sciences Department. He teaches courses in management science and statistics, as well as graduate courses in regression and decision analysis. Before joining the College of Business at RIT, Professor Williams served for seven years as a faculty member in the College of Business Administration at the University of Cincinnati, where he developed the undergraduate program in Information Systems and then served as its coordinator. The co-author of 11 leading textbooks in the areas of management science, statistics, production and operations management, and mathematics, Professor Williams has been a consultant for numerous Fortune 500 companies and has worked on projects ranging from the use of data analysis to the development of large-scale regression models. He earned his B.S. degree at Clarkson University and completed his graduate work at Rensselaer Polytechnic Institute, where he received his M.S. and Ph.D. degrees.

Jeffrey D. Camm

Jeffrey D. Camm is the Inmar Presidential Chair and Associate Dean of Analytics in the School of Business at Wake Forest University. Born in Cincinnati, Ohio, he holds a B.S. from Xavier University (Ohio) and a Ph.D. from Clemson University. Prior to joining the faculty at Wake Forest, he was on the faculty of the University of Cincinnati. He has also been a visiting scholar at Stanford University and a visiting professor of business administration at the Tuck School of Business at Dartmouth College. Dr. Camm has published over 30 papers in the general area of optimization applied to problems in operations management and marketing. He has published his research in Science, Management Science, Operations Research, Interfaces, and other professional journals. Dr. Camm was named the Dornoff Fellow of Teaching Excellence at the University of Cincinnati and he was the 2006 recipient of the INFORMS Prize for the Teaching of Operations Research Practice. A firm believer in practicing what he preaches, he has served as an operations research consultant to numerous companies and government agencies. From 2005 to 2010 he served as editor-in-chief of interfaces.

James J. Cochran

James J. Cochran is Professor of Applied Statistics and the Rogers-Spivey Faculty Fellow in the Department of Information Systems, Statistics and Management Science at the University of Alabama. He previously served as Professor of Quantitative Analysis and the Bank of Ruston, Barnes, Thompson, & Thurman Endowed Research Professor at Louisiana Tech University and was a visiting scholar at Stanford University, Universidad de Talca, and the University of South Africa. Professor Cochran has published more than two dozen papers in the development and application of operations research and statistical methods, and his research has appeared in MANAGEMENT SCIENCE, THE AMERICAN STATISTICIAN, COMMUNICATIONS IN STATISTICS--THEORY AND METHODS, EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, JOURNAL OF COMBINATORIAL OPTIMIZATION, and other professional journals. He received the 2008 INFORMS Prize for the Teaching of Operations Research Practice and the 2010 Mu Sigma Rho Statistical Education Award. Dr. Cochran was elected to the International Statistics Institute in 2005 and named a Fellow of the American Statistical Association in 2011. A strong advocate for effective operations research and statistics education as a means of improving the quality of applications to real problems, he has organized and chaired teaching effectiveness workshops in Uruguay, South Africa, Colombia, India, Argentina, Kenya, Cameroon, and Croatia. He has served as a statistics and operations research consultant to numerous companies and not-for-profit organizations. He was editor-in-chief of INFORMS TRANSACTIONS ON EDUCATION from 2007 to 2012 and serves on the editorial board of INTERFACES, the JOURNAL OF QUANTITATIVE ANALYSIS IN SPORTS, and ORION. He holds a B.S., M.S., and MBA from Wright State University and a Ph.D. from the University of Cincinnati.