Practical Business Statistics, 5/e was written in response to instructors not wanting a formula driven, mathematically encyclopedic book. The use of computer applications means some topics no longer require coverage in detail. This allows future managers to know how to use and understand statistics. The text does this by using examples with real data that relate to the functional areas of business such as finance, accounting, and marketing. It de-emphasizes the theoretical, and presents the material in a well-written, easy style designed to motivate students. The emphasis is on understanding and applications as opposed to mathematical precision and formula detail.

New material on data mining: In the “new economy” identifying key customers is of paramount importance. Data mining provides the tool that aids in this identification process. Data mining is now a theme that appears in many chapters beginning in Chapter 1 and carried through the text often featuring a large database (included on Student CD).

Thorough revision of “Statpad” add-in package: The “Statpad” Excel add-in package, one of the first of its kind on the market, has been thoroughly revised and updated, making it arguably the most robust add-in package on the market.

New, larger data sets and Internet links to business sources: The importance of the web as a tool for business research is emphasized with this edition. The accompanying website offers many valuable links to important business sources.

New exercises, cases, and projects: As with previous editions, approximately 15 – 20% of the exercises, cases, and projects will be revised, offering fresh problems sets to loyal users.

Part I:INTRODUCTION :DEFINING THE ROLE OF STATISTICS IN BUSINESS

1.INTRODUCTION:DEFINING THE ROLE OF STATISTICS IN BUSINESS

2.DATA STRUCTURES:CLASSIFYING THE VARIOUS TYPES OF DATA SETS

3.HISTOGRAMS:LOOKING AT THE DISTRIBUTION OF DATA

4.LANDMARK SUMMARIES:INTERPRETING TYPICAL VALUES AND PERCENTILES

5.VARIABILTY:DEALING WITH DIVERSITY

PART II:PROBABILTY

6.PROBABILITY:UNDERSTANDING RANDOM SITUATIONS

7.RANDOM VARIABLES:WORKING WITH UNCERTAIN NUMBERS

PART III:STATISTICAL INFERENCE

8.RANDOM SAMPLING

9.CONFIDENCE INTERVALS:ADMITTING THAT ESTIMATES ARE NOT EXACT

10.HYPOTHESIS TESTING:DECIDING BETWEEN REALITY AND COINCIDENCE

PART IV:REGRESSION AND TIME SERIES

11.CORREALTION AND REGRESSION:MEASURING AND PREDICTING RELATIONSHIPS

12.MULTIPLE REGRESSION:PREDICTING ONE FACTOR FROM SEVERAL OTHERS

13.REPORT WRITING:COMMUNICATING THE RESULTS OF A MULTIPLE REGRESSION

14.TIME SERIES:UNDERSTANDING CHANGES OVER TIME

PART V:METHODS AND APPLICATIONS

15.ANOVA:TESTING FOR DIFFERENCES AMONG MANY SAMPLES, AND MUCH MORE

16.NONPARAMETRICS:TESTING WITH ORDINAL DATA OR NONNORMAL DISTRIBUTIONS

17.CHI-SQUARED ANALYSIS:TESTING FOR PATTERNS IN QUALITIVE DATA

18.QUALITY CONTROL:RECOGNIZING AND MANAGING VARIATION

APPENDIX A:EMPLOYEE DATABASE

APPENDIX B:DONATIONS DATABASE

APPENDIX C:SELF-TEST:SOLUTIONS TO SELECTED PROBLEMS AND DATABASE EXERCISES

APPENDIX D:STATISTICAL TABLES

APPENDIX E:STATPAD QUICK REFERENCE GUIDE