# Basic Business Statistics: A Casebook

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 Copyright