Introductory Business Statistics

Abstract

Introductory Business Statistics 2e places a significant emphasis on the development and practical application of formulas so that students have a deeper understanding of their interpretation and application of data. To achieve thisunique approach, the author included a wealth of additional material and purposely de-emphasized the use of thescientific calculator. Specific changes regarding formula use include: • Expanded discussions of the combinatorial formulas, factorials, and sigma notation • Adjustments to explanations of the acceptance/rejection rule for hypothesis testing, as well as a focus on terminology regarding confidence intervals • Deep reliance on statistical tables for the process of finding probabilities (which would not be required if probabilities relied on scientific calculators) • Continual and emphasized links to the Central Limit Theorem throughout the book; Introductory Business Statistics2e consistently links each test statistic back to this fundamental theorem in inferential statistics The book is the link between statistical inference and the scientific method. Business and economics models are fundamentally grounded in assumed relationships of cause and effect. They are developed to both test hypotheses and to predict from such models. This comes from the belief that statistics is the gatekeeper that allows some theories to remain and others to be cast aside for a new perspective of the world around us. This philosophical view is presented in detail throughout and informs the method of presenting the regression model, in particular. The correlation and regression chapter includes confidence intervals for predictions, alternative mathematical forms to allow for testing categorical variables, and the presentation of the multiple regression model.