Basic Business Statistics: A Casebook

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Springer Science & Business Media, Jun 27, 2001 - Business & Economics - 244 pages
Preface Statistics is seldom the most eagerly anticipated course of a business student. It typically has the reputation of being a boring, complicated, and confusing mix of mathematical formulas and computers. Our goal in writing this casebook and the companion volume (Business Analysis Using Regression) was to change that impression by showing how statistics yields insights and answers interesting business questions. Rather than dwell on underlying formulas, we show how to use statistics to answer questions. Each case study begins with a business question and concludes with an answer to that question. Formulas appear only as needed to address the questions, and we focus on the insights into the problem provided by the mathematics. The mathematics serves a purpose. The material in this casebook is organized into 11 "classes" of related case studies that develop a single, key idea of statistics. The analysis of data using statistics is seldom very straightforward, and each analysis has many nuances. Part of the appeal of statistics is this richness, this blending of substantive theories and mathematics. For newcomers, however, this blend is too rich, and they are easily overwhelmed and unable to sort out the important ideas from nuances. Although later cases in these notes suggest this complexity, we do not begin that way.
 

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Contents

Class 1 Overview and Foundations
1
Class 2 Statistical Summaries of Data
5
GMAT Scores
9
Returns on General Motors Stock
23
Skewness in Executive Compensation
34
Class 3 Sources of Variation
41
Variation by Industry in Executive Compensation
45
Patterns in Early International Airline Passenger Data
50
Hotel Satisfaction Survey
114
Class 7 Making Decisions
127
Selecting a Painting Process
131
Effects of Reengineering a Food Processing Line
141
Analysis of Time for Service Calls
148
Class 8 Designing Tests for Better Comparisons
155
TasteTest Comparison of Teas
158
Pharmaceutical Sales Force Comparison
163

Monitoring an Automotive Manufacturing Process
55
Class 4 Standard Error
65
Control Charts for Motor Shafts
68
Control Chart Analysis of Car Trunk Seam Variation
80
Analysis of Production of Computer Chips
89
Class 5 Confidence Intervals
93
Interval Estimates of the Process Mean Continued
97
Purchases of Consumer Goods
104
Class 6 Sampling
107
Internet Use Surveys
111
A Case Study
169
Wage Discrimination
173
Class 10 Covariance Correlation and Portfolios
185
Stocks Portfolios and the Efficient Frontier
188
Class 11 A Preview of Regression
213
Performance of Mutual Funds
216
Assignments
227
Use with Minitab
236
Index
241
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