book

Business Statistics, Second Edition

by J. K. Sharma

November 2006

Intermediate to advanced

744 pages

29h 18m

English

Pearson India

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1.1 - REASONS FOR LEARNING STATISTICS1.2 - GROWTH AND DEVELOPMENT OF STATISTICS1.3 - STATISTICAL THINKING AND ANALYSIS1.4 - STATISTICS DEFINED1.5 - TYPES OF STATISTICAL METHODS1.6 - IMPORTANCE AND SCOPE OF STATISTICS1.6.1 - Statistics and the State1.6.2 - Statistics in Economics1.6.3 - Statistics in Business Management1.6.4 - Statistics in Physical Sciences1.6.5 - Statistics in Social Sciences1.6.6 - Statistics in Medical Sciences1.6.7 - Statistics and Computers1.7 - LIMITATIONS OF STATISTICS1.7.1 - Statistics Does not Study Qualitative Phenomena1.7.2 - Statistics Does not Study Individuals1.7.3 - Statistics Can Be Misused1.8 - HOW TO LIE WITH STATISTICSConceptual Questions 1A1.9 - NEED FOR DATA1.9.1 - Types of Data1.10 - PRINCIPLES OF MEASUREMENT1.11 - SOURCES OF DATA1.11.1 - Primary Data Sources1.11.2 - Secondary Data SourcesConceptual Questions 1BChapter Concepts Quiz
2.1 - INTRODUCTION2.2 - CLASSIFICATION OF DATA2.2.1 - Requisites of Ideal Classification2.2.2 - Basis of Classification2.3 - ORGANIZING DATA USING DATA ARRAY2.3.1 - Frequency Distribution2.3.2 - Methods of Data Classification2.3.3 - Bivariate Frequency Distribution2.3.4 - Types of Frequency DistributionsConceptual Questions 2ASelf-Practice Problems 2AHints and Answers2.4 - TABULATION OF DATA2.4.1 - Objectives of Tabulation2.4.2 - Parts of a Table2.4.3 - Types of Tables2.4.4 - General and Summary Tables2.4.5 - Original and Derived TablesConceptual Questions 2BSelf-Practice Problems 2BHints and Answers2.5 - GRAPHICAL PRESENTATION OF DATA2.5.1 - Functions of a Graph2.5.2 - Advantages and Limitations of Diagrams (Graph)2.5.3 - General Rules for Drawing Diagrams2.6 - TYPES OF DIAGRAMS2.6.1 - One-Dimensional Diagrams2.6.2 - Two-Dimensional Diagrams2.6.3 - Three-Dimensional Diagrams2.6.4 - Pictograms or Ideographs2.6.5 - Cartograms or Statistical Maps2.7 - EXPLORATORY DATA ANALYSIS2.7.1 - Stem-and-Leaf DisplaysConceptual Questions 2CSelf-Practice Problems 2CHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsCase Studies
3.1 - INTRODUCTION3.2 - OBJECTIVES OF AVERAGING3.3 - REQUISITES OF A MEASURE OF CENTRAL TENDENCY3.4 - MEASURES OF CENTRAL TENDENCY3.5 - MATHEMATICAL AVERAGES3.5.1 - Arithmetic Mean of Ungrouped Data3.5.2. Arithmetic Mean of Grouped (or Classified) Data3.5.3 - Some Special Types of Problems and Their Solutions3.5.4 - Advantages and Disadvantages of Arithmetic Mean3.5.5 - Weighted Arithmetic MeanConceptual Questions 3ASelf-Practice Problems 3AHints and Answers3.6 - GEOMETRIC MEAN3.6.1 - Combined Geometric Mean3.6.2 - Weighted Geometric Mean3.6.3 - Advantages, Disadvantages and Applications of G.M.Conceptual Questions 3BSelf-Practice Problems 3BHints and Answers3.7 - HARMONIC MEAN3.7.1 - Advantages, Disadvantages and Applications of H.M.3.8 - RELATIONSHIP BETWEEN A.M., G.M. AND H.M.Self-Practice Problems 3CHints and Answers3.9 - AVERAGES OF POSITION3.9.1 - Median3.9.2 - Advantages, Disadvantages and Applications of Median3.10 - PARTITION VALUES—QUARTILES, DECILES AND PERCENTILES3.10.1 - Graphical Method for Calculating Partition ValuesConceptual Questions 3CSelf-Practice Problems 3DHints and Answers3.11 - MODE3.11.1 - Graphical Method for Calculating Mode Value3.11.2 - Advantages and Disadvantages of Mode Value3.12 - RELATIONSHIP BETWEEN MEAN, MEDIAN AND MODE3.13 - COMPARISON BETWEEN MEASURES OF CENTRAL TENDENCYConceptual Questions 3DSelf-Practice Problems 3EHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and AnswersCase Studies
4.1 - INTRODUCTION4.2 - SIGNIFICANCE OF MEASURING DISPERSION (VARIATION)4.2.1 - Essential Requisites for a Measure of Variation4.3 - CLASSIFICATION OF MEASURES OF DISPERSION4.4 - DISTANCE MEASURES4.4.1 - Range4.4.2 - Interquartile Range or DeviationConceptual Questions 4ASelf-Practice Problems 4AHints and Answers4.5 - AVERAGE DEVIATION MEASURES4.5.1 - Mean Absolute Deviation4.5.2 - Variance and Standard Deviation4.5.3 - Mathematical Properties of Standard Deviation4.5.4 - Chebyshev's Theorem4.5.5 - Coefficient of VariationConceptual Questions 4BSelf-Practice Problems 4BHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and AnswersCase Studies
5.1 - INTRODUCTION5.2 - MEASURES OF SKEWNESS5.2.1 - Relative Measures of SkewnessConceptual Questions 5ASelf-Practice Problems 5AHints and Answers5.3 - MOMENTS5.3.1 - Moments about Mean5.3.2 - Moments about Arbitrary Point5.3.3 - Moments about Zero or Origin5.3.4 - Relationship between Central Moments and Moments about Any Arbitrary Point5.3.5 - Moments in Standard Units5.3.6 - Sheppard's Corrections for Moments5.4 - KURTOSIS5.4.1 - Measures of KurtosisConceptual Questions 5BSelf Practice Problems 5BHints and AnswersFormulae UsedReview Self-Practice ProblemsHints and Answers

6.1 - INTRODUCTION6.2 - CONCEPTS OF PROBABILITY6.2.1 - Random Experiment6.2.2 - Sample Space6.2.3 - Event Types6.3 - DEFINITION OF PROBABILITY6.3.1 - Classical Approach6.3.2 - Relative Frequency Approach6.3.3 - Subjective Approach6.3.4 - Fundamental Rules of Probability6.3.5 - Glossary of Probability Terms6.4 - COUNTING RULES FOR DETERMINING THE NUMBER OF OUTCOMES6.4.1 - Multistep Experiments6.4.2 - Combinations6.4.3 - PermutationsConceptual Questions 6ASelf-Practice Problems 6AHints and Answers6.5 - RULES OF PROBABILITY AND ALGEBRA OF EVENTS6.5.1 - Rules of Addition6.5.2 - Rules of Multiplication6.6 - PROBABILITY TREE DIAGRAMSelf-Practice Problems 6BHints and Answers6.7 - THE BAYES' THEOREMSelf-Practice Problems 6CHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and AnswersCase Studies
7.1 - INTRODUCTION7.2 - PROBABILITY DISTRIBUTION FUNCTION (PDF)7.3 - CUMULATIVE PROBABILITY DISTRIBUTION FUNCTION (CDF)7.4 - EXPECTED VALUE AND VARIANCE OF A RANDOM VARIABLE7.4.1 - Expected Value7.4.2 - Variance and Standard and Deviation7.4.3 - Properties of Expected Value and VarianceConceptual Questions 7ASelf-Practice Problems 7AHints and Answers7.5 - DISCRETE PROBABILITY DISTRIBUTIONS7.5.1 - Binomial Probability DistributionConceptual Questions 7BSelf-Practice Problems 7BHints and Answers7.5.2 - Poisson Probability Distribution7.5.3 - Negative Binomial Probability Distribution7.5.4 - Multinomial Probability Distribution7.5.5 - Hypergeometric Probability DistributionConceptual Questions 7CSelf-Practice Problems 7CHints and Answers7.6 - CONTINUOUS PROBABILITY DISTRIBUTIONS7.6.1 - Normal Probability Distribution Function7.6.2 - Approximation of Binomial and Poisson Distributions to Normal Distribution7.6.3 - Uniform (Rectangular) Distribution7.6.4 - Exponential Probability Distribution7.6.5 - Gamma (or Erlang) Distribution7.6.6 - Beta DistributionConceptual Questions 7DSelf-Practice Problems 7DHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and Answers
8.1 - INTRODUCTION8.2 - REASONS OF SAMPLE SURVEY8.3 - TYPES OF BIAS DURING SAMPLE SURVEY8.3.1 - Sampling and Non-Sampling Errors8.4 - POPULATION PARAMETERS AND SAMPLE STATISTICS8.5 - PRINCIPLES OF SAMPLING8.5.1 - Principle of Statistical Regularity8.5.2 - Principle of Inertia of Large Numbers8.6 - SAMPLING METHODS8.6.1 - Probability Sampling Methods8.6.2 - Non-Random Sampling Methods8.6.3 - Choice of sampling methods8.7 - SAMPLING DISTRIBUTIONS8.7.1 - Standard Error of Statistic8.7.2 - Distinction Between Population, Sample Distributions and Sampling DistributionsConceptual Questions 8A8.8 - SAMPLING DISTRIBUTION OF SAMPLE MEAN8.8.1 - Sampling Distribution of Mean When Population has Non-Normal Distribution8.8.2 - Sampling Distribution of Mean When Population has Normal Distribution8.8.3 - Sampling Distribution of Difference Between two Sample MeansSelf-Practice Problems 8AHints and Answers8.9 - SAMPLING DISTRIBUTION OF SAMPLE PROPORTIONS8.9.1 - Sampling Distribution of the Difference of two ProportionsSelf-Practice Problems 8BHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and Answers
9.1 - INTRODUCTION9.2 - POINT ESTIMATION9.2.1 - Properties of a Point Estimator9.2.2 - Draw Back of Point Estimates9.3 - CONFIDENCE INTERVAL ESTIMATION9.4 - INTERVAL ESTIMATION OF POPULATION MEAN (σ KNOWN)9.4.1 - Interval Estimation for Difference of Two Means9.5 - INTERVAL ESTIMATION OF POPULATION MEAN (σ UNKNOWN)Self-Practice Problems 9AHints and Answers9.6 - INTERVAL ESTIMATION FOR POPULATION PROPORTIONSelf-Practice Problems 9BHints and Answers9.7 - ESTIMATING SAMPLE SIZE9.7.1 - Sample Size for Estimating Population Mean9.7.2 - Sample Size for Estimating Population Proportion9.7.3 - Sample Size Determination for Finite PopulationConceptual Questions 9ASelf-Practice Problems 9CHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and Answers
10.1 - INTRODUCTION10.2 - HYPOTHESIS AND HYPOTHESIS TASTING10.2.1 - Formats of Hypothesis10.3 - THE RATIONALE FOR HYPOTHESIS TESTING10.4 - GENERAL PROCEDURE FOR HYPOTHESIS TESTING10.5 - DIRECTION OF THE HYPOTHESIS TEST10.6 - ERRORS IN HYPOTHESIS TESTING10.6.1 - Power of a Statistical TestConceptual Questions 10A10.7 - HYPOTHESIS TESTING FOR POPULATION PARAMETERS WITH LARGE SAMPLES10.7.1 - Hypothesis Testing for Single Population Mean10.7.2 - Relationship Between Interval Estimation and Hypothesis Testing10.7.3 - P-Value Approach to Test Hypothesis of Single Population Mean10.7.4 - Hypothesis Testing for Difference Between Two Populations MeansSelf-Practice Problems 10AHints and Answers10.8 - HYPOTHESIS TESTING FOR SINGLE POPULATION PROPORTION10.8.1 - Hypothesis Testing for Difference Between Two Population Proportions10.9 - HYPOTHESIS TESTING FOR A BINOMIAL PROPORTIONSelf-Practice Problems 10BHints and Answers
10.10.1 - Properties of Student's T-Distribution10.10.2 - Hypothesis Testing for Single Population Mean10.10.3 - Hypothesis Testing for Difference of Two Population Means (Independent Samples)10.10.4 - Hypothesis Testing for Difference of Two Population Means (Dependent Samples)Self-Practice Problems 10CHints and Answers10.11 - HYPOTHESIS TESTING BASED ON F-DISTRIBUTION10.11.1 - Properties of F-Distribution10.11.2 - Comparing Two Population VariancesSelf-Practice Problems 10DHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and Answers
11.1 - INTRODUCTION11.2 - ADVANTAGES AND LIMITATIONS OF NON-PARAMETRIC METHODS11.3 - THE CHI-SQUARE DISTRIBUTION11.3.1 - Properties of χ2 Distribution11.3.2 - Conditions for the Applications of χ2 Test11.4 - THE CHI-SQUARE TEST-STATISTIC11.4.1 - Grouping of Small Frequencies11.5 - APPLICATIONS OF χ2 TEST11.5.1 - Contingency Table Analysis: Chi-Square Test of IndependenceSelf-Practice Problems 11AHints and Answers11.5.2 - Chi-Square Test for Goodness-of-fit11.5.3 - Yate's Correction for ContinuitySelf-Practice Problems 11BHints and Answers11.5.4 - χ2 Test for Population Variance11.5.5 - Coefficient of Contingency11.5.6 - Chi-Square Test of HomogeneityConceptual Questions 11A11.6 - THE SIGN TEST FOR PAIRED DATA11.7 - RUNS TEST FOR RANDOMNESS11.8 - MANN-WHITNEY U-TEST11.9 - WILCOXON MATCHED PAIRS TEST11.10 - KRUSKAL-WALLIS TESTSelf-Practice Problems 11CHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice Problems 11CHints and Answers
12.1 - INTRODUCTION12.2 - ANALYSIS OF VARIANCE APPROACH12.3 - TESTING EQUALITY OF POPULATION (TREATMENT) MEANS: ONE-WAY CLASSIFICATION12.3.1 - Steps for Testing Null Hypothesis12.4 - INFERENCES ABOUT POPULATION (TREATMENT) MEANSSelf-Practice Problems 12AHints and Answers12.5 - TESTING EQUALITY OF POPULATION (TREATMENT) MEANS: TWO-WAY CLASSIFICATIONConceptual Questions 12ASelf-Practice Problems 12BHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and AnswersCase Studies
13.1 - INTRODUCTION13.2 - SIGNIFICANCE OF MEASURING CORRELATION13.3 - CORRELATION AND CAUSATION13.4 - TYPES OF CORRELATIONS13.4.1 - Positive and Negative Correlation13.4.2 - Linear and Non-Linear Correlation13.4.3 - Simple, Partial, and Multiple Correlation13.5 - METHODS OF CORRELATION ANALYSIS13.5.1 - Scatter Diagram Method13.5.2 - Karl Pearson's Correlation Coefficient13.5.3 - Probable Error and Standard Error of Coefficient of Correlation13.5.4 - The Coefficient of DeterminationSelf-Practice Problems 13AHints and Answers13.5.5 - Spearman's Rank Correlation Coefficient13.5.6 - Method of Least Squares13.5.7 - Auto-Correlation CoefficientSelf-Practice Problems 13BHints and Answers13.6 - HYPOTHESIS TESTING FOR CORRELATION COEFFICIENT13.6.1 - Hypothesis Testing about Population Correlation Coefficient (Small Sample)13.6.2 - Hypothesis Testing about Population Correlation Coefficient (Large Sample)13.6.3 - Hypothesis Testing about the Difference Between Two Independent Correlation CoefficientsConceptual Questions 13ASelf-Practice Problems 13CHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and Answers
14.1 - INTRODUCTION14.2 - ADVANTAGES OF REGRESSION ANALYSIS14.3 - TYPES OF REGRESSION MODELS14.3.1 - Simple and Multiple Regression Models14.3.2 - Linear and Non-Linear Regression Models14.4 - ESTIMATION: THE METHOD OF LEAST SQUARES14.5 - ASSUMPTIONS FOR A SIMPLE LINEAR REGRESSION MODEL14.6 - PARAMETERS OF SIMPLE LINEAR REGRESSION MODEL14.6.1 - Regression Coefficients14.7 - METHODS TO DETERMINE REGRESSION COEFFICIENTS,14.7.1 - Least Squares Normal Equations14.7.2 - Deviations Method14.7.3 - Regression Coefficients for Grouped Sample DataSelf-Practice Problems 14AHints and Answers14.8 - STANDARD ERROR OF ESTIMATE AND PREDICTION INTERVALS14.8.1 - Coefficient of Determination: Partitioning of Total VariationConceptual Questions 14AFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and AnswersCase Studies
15.1 - INTRODUCTION15.2 - ASSUMPTIONS IN MULTIPLE LINEAR REGRESSION15.3 - ESTIMATING PARAMETERS OF MULTIPLE REGRESSION MODEL15.3.1 - Estimation: The Method of Least Squares15.3.2 - Partial Regression Coefficients15.3.3 - Relationship Between Partial Regression Coefficients and Correlation CoefficientsSelf-Practice Problems 15AHints and Answers15.4 - STANDARD ERROR OF ESTIMATE FOR MULTIPLE REGRESSION15.4.1 - Significance Test of Regression Model15.5 - COEFFICIENT OF MULTIPLE DETERMINATION15.6 - MULTIPLE CORRELATION ANALYSIS15.7 - PARTIAL CORRELATION ANALYSIS15.7.1 - Relationship Between Multiple and Partial Correlation CoefficientsConceptual Questions 15ASelf-Practice Problems 15BHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and Answers
16.1 - INTRODUCTION16.2 - TYPES OF FORECASTS16.3 - TIMING OF FORECASTS16.4 - FORECASTING METHODS16.4.1 - Quantitative Forecasting Methods16.4.2 - Qualitative Forecasting Methods16.5 - STEPS OF FORECASTING16.6 - TIME SERIES ANALYSIS16.6.1 - Objectives of Time Series Analysis16.6.2 - Time Series Patterns16.6.3 - Components of a Time Series16.7 - TIME SERIES DECOMPOSITION MODELS16.7.1 - Multiplicative Model16.7.2 - Additive ModelConceptual Questions 16A16.8 - QUANTITATIVE FORECASTING METHODS16.8.1 - Freehand Method16.8.2 - Smoothing Methods16.8.3 - Exponential Smoothing MethodsSelf-Practice Problems 16AHints and Answers16.9 - TREND PROJECTION METHODS16.9.1 - Linear Trend Model16.9.2 - Quadratic Trend Model16.9.3 - Exponential Trend Model16.9.4 - Changing the Origin and Scale of EquationsSelf-Practice Problems 16BHints and Answers16.10 - MEASUREMENT OF SEASONAL EFFECTS16.10.1 - Seasonal Index16.10.2 - Method of Simple Averages16.10.3 - Ratio-to-Trend Method16.10.4 - Ratio-to-Moving Average Method16.10.5 - Link Relative Method16.11 - MEASUREMENT OF CYCLICAL VARIATIONS—RESIDUAL METHOD16.12 - MEASUREMENT OF IRREGULAR VARIATIONSConceptual Questions 16BSelf-Practice Problems 16CHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and Answers
17.1 - INTRODUCTION17.2 - INDEX NUMBER DEFINED17.3 - TYPES OF INDEX NUMBERS17.4 - CHARACTERISTICS AND USES OF INDEX NUMBERS17.4.1 - Characteristics of Index Numbers17.4.2 - Uses of Index NumbersConceptual Questions 17A17.5 - METHODS FOR CONSTRUCTION OF PRICE INDEXES17.6 - UNWEIGHTED PRICE INDEXES17.6.1 - Single Price Index17.6.2 - Aggregative Price Index17.6.3 - Average Price Relative IndexSelf-Practice Problems 17AHints and Answers17.7 - WEIGHTED PRICE INDEXES17.7.1 - Weighted Aggregative Price Index17.7.2 - Weighted Average of Price Relative Index17.8 - QUANTITY OR VOLUME INDEXES17.9 - VALUE INDEXSelf-Practice Problems 17BHints and Answers17.10 - TESTS OF ADEQUACY OF INDEXES17.10.1 - Time Reversal Test17.10.2 - Factor Reversal Test17.10.3 - Circular Test17.11 - CHAIN INDEXES17.12 - APPLICATIONS OF INDEX NUMBERS17.12.1 - Changing the Base of an Index17.12.2 - Combining Two or More Overlapping Indexes17.12.3 - Correction (Adjustment) of Value of and ItemSelf-Practice Problems 17CHints and Answers17.13 - CONSUMER PRICE INDEXES17.13.1 - Uses of Consumer Price Index (CPI) Number17.13.2 - Construction of a Consumer Price Index17.14 - PROBLEMS OF INDEX NUMBERS CONSTRUCTIONConceptual Questions 17BFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and Answers
18.1 - INTRODUCTION18.2 - QUALITY AND QUALITY CONTROL18.2.1 - Quality Control18.3 - COST OF QUALITY CONTROL18.4 - STATISTICAL QUALITY CONTROL18.4.1 - Definitions of Statistical Quality Control18.5 - TECHNIQUES OF STATISTICAL QUALITY CONTROL18.5.1 - Through 100 Per Cent Inspection18.5.2 - Through Statistical Quality Control18.6 - IN-PROCESS QUALITY CONTROL TECHNIQUES18.6.1 - Control Charts18.6.2 - Setting up the Control Limits18.7 - CONTROL CHARTS FOR VARIABLES18.7.1 - Mean or x-Chart18.7.2 - R-Chart: A Control Chart for Dispersion18.7.3 - Choice and Interpretation of x and R ChartsConceptual Questions 18ASelf-Practice Problems 18AHints and Answers18.8 - CONTROL CHARTS FOR ATTRIBUTES18.8.1 - C-Chart: Control Chart for Defects Per Unit18.8.2 - P-Chart: Control Chart for Proportion of Defectives18.8.3 - Np-Chart: Control Chart for Total Number of DefectivesSelf-Practice Problems 18BHints and Answers18.9 - SAMPLING PLAN FOR ATTRIBUTES AND VARIABLES18.9.1 - Acceptance Sampling18.10 - SPECIFYING AN ACCEPTANCE SAMPLING PLAN18.10.1 - Types of Acceptance Sampling Plans18.11 - DETERMINING ERROR AND OC CURVE18.11.1 - Producer and Consumer Risk18.11.2 - Effect of Change in Sample Size n and Acceptance Number c18.11.3 - Average Outgoing Quality (AOQ)18.12 - ADVANTAGES AND LIMITATIONS OF STATISTICAL QUALITY CONTROLConceptual Questions 18BFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and AnswersCase Studies
19.1 - INTRODUCTION19.2 - STEPS IN DECISION THEORY APPROACH19.3 - TYPES OF DECISION-MAKING ENVIRONMENTS19.4 - DECISION-MAKING UNDER UNCERTAINTY19.4.1 - Criterion of Optimism (Maximax or Minimin)19.4.2 - Criterion of Pessimism (Maximin or Minimax)19.4.3 - Equally Likely Decision (Laplace) Criterion19.4.4 - Criterion of Realism (Hurwicz Criterion)19.4.5 - Criterion of RegretSelf-Practice Problems 19AHints and Answers19.5 - DECISION-MAKING UNDER RISK19.5.1 - Expected Monetary Value (EMV)19.5.2 - Expected Opportunity Loss (EOL)19.5.3 - Expected Value of Perfect Information (EVPI)19.6 - POSTERIOR PROBABILITIES AND BAYESIAN ANALYSISSelf-Practice Problems 19B,Hints and Answers19.7 - DECISION TREE ANALYSIS,Conceptual Questions 19ASelf-Practice Problems 19CHints and AnswersFormulae UsedChapter Concepts QuizReview Self-Practice ProblemsHints and Answers

Overview

The second edition of Business Statistics, continues to retain the clear, crisp pedagogy of the first edition. It now adds new features and an even stronger emphasis on practical, applied statistics that will enhance the text's ability in developing decision-making ability of the reader. In this edition, efforts have been made to assist readers in converting data into useful information that can be used by decision-makers in making more thoughtful, information-based decisions.