Nelson Higher Education

Higher Education

Essentials of Statistics for Business and Economics, 7th Edition

  • David R. Anderson
  • Dennis J. Sweeney
  • Thomas A. Williams
  • Jeffrey D. Camm
  • James J. Cochran
  • ISBN-10: 1133629652
  • ISBN-13: 9781133629658
  • 752 Pages | Hardcover
  • Previous Editions: 2012, 2011, 2009
  • COPYRIGHT: 2015 Published
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Overview

About the Product

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.

Features

  • 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.

About the Author

David R. Anderson

Dr. David R. Anderson is a leading 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. Dr. Anderson has received numerous honors for excellence in teaching and service to student organizations. He is the co-author of ten well-respected 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 B.S., M.S., and Ph.D. degrees from Purdue University.

Dennis J. Sweeney

Dennis J. Sweeney is Professor Emeritus of Quantitative Analysis and founder of the Center for Productivity Improvement at the University of Cincinnati. Born in Des Moines, Iowa, he earned a BSBA degree from Drake University and his MBA and DBA degrees from Indiana University, where he was an NDEA Fellow. Professor Sweeney has worked in the management science group at Procter & Gamble and has been a visiting professor at Duke University. Professor Sweeney served as Head of the Department of Quantitative Analysis and four years as Associate Dean of the College of Business Administration at the University of Cincinnati. Professor Sweeney has published more than 30 articles and monographs 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. Professor Sweeney has co-authored ten textbooks in the areas of statistics, management science, linear programming and production and operations management.

Thomas A. Williams

N/A

Jeffrey D. Camm

Dr. Jeffrey D. Camm is the Inmar Presidential Chair and Associate Dean of Business 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 served on the faculty of the University of Cincinnati. He has also served as a visiting scholar at Stanford University and as a visiting Professor of Business Administration at the Tuck School of Business at Dartmouth College. Dr. Camm has published more than 40 papers in the general area of optimization applied to problems in operations management and marketing. He has published his research in numerous professional journals, including Science, Management Science, Operations Research and Interfaces. 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. In 2016, Dr. Camm received the George E. Kimball Medal for service to the operations research profession and in 2017 he was named an INFORMS Fellow.

James J. Cochran

James J. Cochran is Associate Dean for Research, Professor of Applied Statistics and the Rogers-Spivey Faculty Fellow at The University of Alabama. Born in Dayton, Ohio, he earned his B.S., M.S., and M.B.A. from Wright State University and his Ph.D. from the University of Cincinnati. He has been at The University of Alabama since 2014 and has been a visiting scholar at Stanford University, Universidad de Talca, the University of South Africa and Pole Universitaire Leonard de Vinci. Dr. Cochran has published more than 40 papers in the development and application of operations research and statistical methods. He has published in several journals, including Management Science, The American Statistician, Communications in Statistics—Theory and Methods, Annals of Operations Research, European Journal of Operational Research, Journal of Combinatorial Optimization, Interfaces and Statistics and Probability Letters. He received the 2008 INFORMS Prize for the Teaching of Operations Research Practice, 2010 Mu Sigma Rho Statistical Education Award and 2016 Waller Distinguished Teaching Career Award from the American Statistical Association. Dr. Cochran was elected to the International Statistics Institute in 2005, was named a Fellow of the American Statistical Association in 2011 and was named a Fellow of INFORMS in 2017. He received the Founders Award in 2014, the Karl E. Peace Award in 2015 from the American Statistical Association and the INFORMS President’s Award in 2019. A strong advocate for effective operations research and statistics education as a means of improving the quality of applications to real problems, Dr. Cochran has chaired teaching effectiveness workshops around the globe. He has served as operations research consultant to numerous companies and not-for-profit organizations.

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.

New to this edition

  • 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.

Supplements

All supplements have been updated in coordination with the Main title.
Please see Main title page for new to this edition information.

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.

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.

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

CengageNOW is an online teaching and learning resource that gives you more control in less time and delivers better outcomes--NOW. This innovative, integrated online course management and student learning system uses current technology to help you plan your course and student assignments, teach with built-in course support materials, reinforce comprehension with customized student learning paths, efficiently test student knowledge, and automatically grade assignments and tests. Take full advantage of this resource with Cengage Learning's specialized training and service program for CengageNOW. For more information, visit academic.cengage.com/cengagenow.

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.

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.

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.

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.

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.

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.