Statistics for Business and Economics
by Prem S. Mann
©1995, 912 pages, Cloth, ISBN: 0-471-58969-1
*Revision in Progress*


Today, companies of all sizes use statistical methods in making decisions. Consequently, the study of statistical methods has taken on a prominent role in the education of students majoring in business and economics. Statistics for Business and Economics is written for a first course in statistics for business and economics students. Although it is primarily intended for a one-semester course, it can be used for two semesters at some colleges and universities. A strong background in mathematics is not required of students using this text, with elementary algebra being the only prerequisite.

The goal of this text is to present statistics in a clear and interesting way. Three major characteristics of this text support this goal: The realistic content of its examples and exercises that draw on a comprehensive range of applications from business and economics, the clarity and brevity of its presentation, and the soundness of its pedagogical approach. These characteristics are exhibited through the interplay of a variety of significant text features. The following is a description of these features and their purpose.

Main Features of this Text

  1. Clear and Concise Exposition. The explanation of statistical methods and concepts is clear and concise. Moreover, the style is more user-friendly and readable. In chapter introductions and in transition from section to section, new ideas are related to those discussed earlier.
  2. Examples. The text contains a wealth of examples, a total of 211 in 15 chapters. The examples are usually given in a format showing a problem and its solution. They are well sequenced and thorough, displaying all facets of concepts. Furthermore, the examples capture student's interest because they cover a wide variety of relevant topics within the areas of business and economics. They are based on situations practicing statisticians encounter in business and economics environments. Finally, a large number of examples are based on real data that are taken from sources such as books, government and private data sources and reports, magazines, newspapers, and professional journals.
  3. Solutions. A clear, concise solution follows each problem presented in an example. When the solution to an example involves many steps, it is presented in a step-by-step format. For instance, examples related to tests of hypotheses contain five steps that are consistently used to solve such examples in all chapters. Thus, procedures are presented in the concrete settings of applications rather than as isolated abstractions. Frequently, solutions contain highlighted remarks that recall and reinforce ideas critical to the solution of the problem. Such remarks add to the clarity of presentation.
  4. Margin Notes for Examples. Appearing in the margin beside each example is a brief description of what is being done in that example. Students can use these margin notes to assist them as they read through sections and to quickly locate appropriate model problems as they work through exercises.
  5. Frequent Use of Diagrams. Concepts can often be made more understandable by describing them visually, with the help of diagrams. This text uses diagrams frequently to help students understand concepts and solve problems. For example, tree diagrams are used extensively in Chapters 4 and 5 to assist in explaining probability concepts and in computing probabilities. Similarly, solutions to all examples about tests of hypotheses contain diagrams showing rejection regions, nonrejection regions, and critical values.
  6. Highlighting. Definitions of important terms, formulas, and key concepts are enclosed in color boxes so students can easily locate them. A similar use of color is found in the USING MINITAB sections where a color tint highlights MINITAB commands, their explanations, and their usage along with MINITAB solutions. Important terms appear in the text either in boldface or italic type.
  7. Cautions. Certain items need special attention. These may deal with potential trouble spots that commonly cause errors. Or they may deal with ideas that students often overlook. Special emphasis is placed on such items through the headings: "Remember," "An Observation," or "Warning." An icon is used to identify such items.
  8. Case Studies. Case studies, which appear in many chapters, provide additional illustrations of the application of statistics in the areas of business and economics. Most of these case studies are based on articles published in journals, magazines, or newspapers. All case studies are based on real data.
  9. Exercises and Supplementary Exercises. The text contains an abundance of exercises, a total of 1,336 in 15 chapters (excluding Computer Assignments). Moreover, a large number of these exercises contain several parts. Exercise sets appearing at the end of each section (or sometimes at the end of two or three sections) include problems on the topics of that section. These exercises are divided into two parts: "Concepts and Procedures" that emphasize key ideas and techniques, and "Applications" that use these ideas and techniques in concrete settings. Supplementary exercises appear at the end of each chapter and contain exercises on all sections and topics discussed in that chapter. A large number of these exercises are based on real data taken from varied data sources such as books, government and private data sources and reports, magazines, newspapers, and professional journals. Exercises given in the text provide not only a source of practice but also interesting information from data and insight into business and economics areas. Finally, the exercise sets also contain many problems that demand critical thinking skills. The answers to selected odd-numbered exercises appear in the "Answers Section" at the back of the book. Optional exercises are indicated by an asterisk.
  10. Quality Control Applications. One of the most important applications of statistics is in the area of quality control. Hence, this text does not isolate work on quality control in one chapter. Instead, quality control examples and exercises are presented throughout several chapters so that students can see a broad range of statistical concepts and procedures applied to this important area. Such exercises are identified in the Teacher's Edition by the marginal annotation "quality control application."
  11. More Challenging Exercises. A set of especially challenging exercises appears at the end of each block of three chapters. These exercises, which are optional, use material presented in the three previous chapters, or any material already covered. These exercise blocks appear after Chapters 3, 6, 9, 12, and 15. Answers to these problems are not given in the "Answers Section" at the end of the book. They appear only in the Instructor's Solutions Manual. These exercises have been written by Professor Daniel S. Miller of Central Connecticut State University.
  12. Key Formulas. Each chapter contains a list of key formulas used in that chapter. This list appears toward the end of each chapter (before the "Supplementary Exercises").
  13. Glossary. Each chapter has a glossary that lists the key terms introduced in that chapter, along with a brief explanation of each term. Almost all the terms that appear in boldface type in the text are in the glossary.
  14. Self-Review Tests. Each chapter contains a "Self-Review Test," which appears immediately after the "Supplementary Exercises." These problems can help students to test their grasp of the concepts and skills presented in respective chapters and to monitor their understanding of statistical methods. The problems marked by an asterisk in the self-review tests are optional. The answers to almost all problems of the self-review tests appear in the "Answers Section."
  15. Formula Card. A formula card that contains key formulas from all chapters is included at the beginning of the book.
  16. Computer Usage. Another feature of this text is the detailed instructions on the use of MINITAB. A "Using MINITAB" section follows 13 of the 15 chapters. In addition, all of Chapter 14 is based on using and analyzing MINITAB solutions. Each of these "Using MINITAB" sections contains a detailed description of the MINITAB commands that are used to perform the statistical analysis presented in that chapter. In addition, each section contains several illustrations that demonstrate how MINITAB can be used to solve statistical problems. These MINITAB instructions and illustrations are so complete that students will not need to purchase any other MINITAB supplement. Computer assignments are also given at the end of each MINITAB section so that students can further practice MINITAB. A total of 58 computer assignments are contained in these sections.
  17. Calculator Usage. The test contains many footnotes that explain how a calculator can be used to evaluate complex mathematical expressions.
  18. Data Sets. Three data sets appear in Appendix A. These data sets, collected from different sources, contain information on many variables. They can be used to perform statistical analysis with statistical computer software such as MINITAB. These data sets are available from the publisher on a diskette in MINITAB format and in ASCII format.
  19. Teacher's Annotated Edition. A Teacher's Annotated Edition of this text is also available to instructors. This edition contains a large number of annotations that provide teaching tips and suggestions that can be helpful in identifying items to be emphasized or areas of difficulty for students.
  20. Optional Sections. Because each instructor has different preferences, the text does not indicate optional sections. This decision has been left to the instructor. Instructors may cover the sections or chapters that they think are important. However, the Instructor's Solutions Manual presents a few alternative one-semester syllabi.
  21. Supplements. The following supplements are available to accompany this text:
  22. Instructor's Solutions Manual. This manual contains complete solutions to all exercises, the self-review test problems, and the "More Challenging Exercises."
  23. Student's Solutions Manual. This manual contains complete solutions to all of the odd-numbered exercises and to all the self-review test problems.
  24. Study Guide and Review. This guide contains review material about studying and learning patterns for a first course in statistics for business and economics. Special attention is given to the critical material of each chapter. Review of mathematical notation, formulas, and table reading is also included.
  25. Printed Test Bank. The printed copy of the test bank contains a large number of multiple choice questions, essay questions, and quantitative problems for each chapter.
  26. Computerized Test Bank. All questions that are in the printed "Test Bank" are available on a diskette. This diskette can be obtained from the publisher.
  27. Data Diskette. A diskette that contains all data sets given in Appendix A is available to the adopters of the text. This diskette is available in MINITAB format and in ASCII format.