book

Statistics for Business

by Derek Waller

May 2010

Intermediate to advanced

536 pages

14h 38m

English

Routledge

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Numerical DataCategorical DataChapter SummaryExercise Problems
Central Tendency of DataDispersion of DataQuartilesPercentilesChapter SummaryExercise Problems
Basic Probability RulesSystem Reliability and ProbabilityCounting RulesChapter SummaryExercise Problems

Distribution for Discrete Random VariablesBinomial DistributionPoisson DistributionChapter SummaryExercise Problems
Describing the Normal DistributionDemonstrating That Data Follow a Normal DistributionUsing a Normal Distribution to Approximate a Binomial DistributionChapter SummaryExercise Problems
Statistical Relationships in Sampling for the MeanSampling for the Means from an Infinite PopulationSampling for the Means from a Finite PopulationSampling Distribution of the ProportionSampling MethodsChapter SummaryExercise Problems
Estimating the Mean ValueEstimating the Mean Using the Student-t DistributionEstimating and AuditingEstimating the ProportionMargin of Error and Levels of ConfidenceChapter SummaryExercise Problems
Concept of Hypothesis TestingHypothesis Testing for the Mean ValueHypothesis Testing for ProportionsThe Probability Value in Testing HypothesisRisks in Hypothesis TestingChapter SummaryExercise Problems
Difference Between the Mean of Two Independent PopulationsDifferences of the Means Between Dependent or Paired PopulationsDifference Between the Proportions of Two Populations with Large SamplesChi-Square Test for DependencyChapter SummaryExercise Problems
A Time Series and CorrelationLinear Regression in a Time Series DataLinear Regression and Causal ForecastingForecasting Using Multiple RegressionForecasting Using Non-linear RegressionSeasonal Patterns in ForecastingConsiderations in Statistical ForecastingChapter SummaryExercise Problems
Relative Time-Based IndexesRelative Regional IndexesWeighting the Index NumberChapter SummaryExercise Problems

Content preview from Statistics for Business

Indexing as a Method for Data Analysis

Metal prices

Metal prices continued to soar in early 2006 as illustrated in Figure 11.1, which gives the index value for various metals for the first half of 2006 based on an index of 100 at the beginning of the year. The price of silver has risen by some 65%, gold by 32%, and platinum by 21%. Aluminium, copper, lead, nickel, and zinc are included in The Economist metals index curve and here the price of copper has increased by 60% and nickel by 45%.¹ Indexing is another way to present statistical data and this is the subject of this chapter.

Figure 11.1 Metal prices.