Cover image for The complete idiot's guide to business statistics
Title:
The complete idiot's guide to business statistics
Author:
Baker, Sunny.
Personal Author:
Publication Information:
Indianapolis, Ind. : Alpha Books, [2002]

©2002
Physical Description:
xx, 311 pages : illustrations ; 23 cm.
General Note:
Includes index.
Language:
English
Subject Term:
Genre:
ISBN:
9780028639871
Format :
Book

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Summary

Summary

Business and marketing professionals have to answer tough questions. How much do 20-to-29-year-olds in New York spend in restaurants? What's the potential market for a $1,200 stereo system? Where can I find customers for a home manicure service? Statistics can be intimidating. How do you use data to determine the direction of your group or product? What are nominal and ordinal variables anyway? In The Complete Idiot's GuideA (R) to Business Statistics, Dr. Sunny Baker gives readers a step-by-step guide to choosing, using, and interpreting statistical analyses for business. The author approaches statistical evaluations as concepts, focusing on the data business people need to interpret and put together, and not on the arithmetic, symbols, and calculations alone. Covering tendency, variables and distributions, this title shows how to use this data for business including sampling, generalizations, analyzing data, and correlation theories. Using real business scenarios as example, The Complete Idiot's GuideA (R) to Business Statistics becomes a handbook for real-life business and marketing professionals.


Author Notes

Sunny Baker, Ph.D. teaches graduate-level research and statistics courses along with information technology for the University of Redlands. She has also taught at the University of Southern California and San Jose State University. A former general manager at Microsoft and director of marketing at Intel, Sunny has authored or co-authored more than 20 books including the best-selling The Complete Idiot's Guide to Project Management.


Table of Contents

Part 1 Charting Your Futurep. 1
1 Statistics and Business Go Hand in Handp. 3
The Origin of Statisticsp. 5
Some Real-World Business Examples of Statisticsp. 6
Introducing the Branches of Statisticsp. 7
The Relationship Between Probability and Statisticsp. 9
2 Understanding and Organizing Business Datap. 11
Understanding Observationsp. 12
Organizing Observations into a Datafilep. 13
Exploring the Four Basic Data Typesp. 14
Understanding the Limitations of Your Data Choicesp. 16
Start Making Decisions by Creating Datafilesp. 17
3 Visualizing Profit and Performancep. 21
Turning Raw Data into Informationp. 22
Examining Relationships with Scatterplotsp. 31
Understanding the Types of Variablesp. 34
Common Questions About Research Datap. 36
4 Predicting Profits with Measures of Central Tendencyp. 39
The Meaning of the Meanp. 39
The Mode--Not an Operation, but a Countp. 41
The Median--In the Middle of Everythingp. 42
When to Use a Measure of Central Tendencyp. 44
5 Improving Quality with Measures of Dispersionp. 47
Getting Started with Dispersion Measuresp. 48
Recognizing the Variancep. 51
Introducing the All-Important Standard Deviationp. 51
6 Solving Problems with Curves and z-Scoresp. 57
Introducing the Bell-Shaped Curvep. 58
Measuring the Standard Normal Distributionp. 59
Estimating the Number of Units That Are Substandardp. 62
Predicting Percentages with z-Scoresp. 63
Skewed Curves and the Relation to a Standard Distributionp. 67
Part 2 Facing Probability and Forecastingp. 71
7 Playing the Probability Gamep. 73
Introducing the Classic Theory of Probabilityp. 75
Sampling with Replacementp. 81
Dependent Events and Probabilityp. 83
Exploring Normal Curves and the Binomial Scalep. 85
8 Forecasting Your Business Resultsp. 91
Introducing the Components of Time Series Datap. 92
Working with Precalculated Business Datap. 100
9 Making Decisions That Countp. 103
Understanding the Key Decisionsp. 104
Charting a Decision Treep. 105
Learning by Examplep. 106
Devising Strategies for Decision Makingp. 113
Part 3 Using Business Research and Inferencep. 115
10 Using Research in Your Businessp. 117
Deciding When to Use Researchp. 118
Developing a Basic Research Methodologyp. 119
Identifying Appropriate Research Projectsp. 120
Understanding the Levels of Researchp. 120
11 Eliminating the Bias in Your Researchp. 129
The Infinite Population in Applied Statisticsp. 130
The Importance of Random Samplingp. 131
Choosing the Appropriate Sampling Methodsp. 131
How Big Should the Sample Be?p. 134
12 Being Confident About Your Samplep. 137
Conducting Bernoulli Trialsp. 138
What About Interval and Ratio Samples?p. 141
Determining a Confidence Intervalp. 143
It Won't Work with Small Samplesp. 144
13 Testing Your Hypothesisp. 149
Using the Normal Distribution to Answer Questionsp. 149
Stating Hypotheses to Test Assumptionsp. 152
Using a Five-Step Procedure for Testing a Hypothesisp. 152
Testing a Hypothesisp. 158
14 Learning from Contingency Tablesp. 163
How to Create a Contingency Tablep. 164
A Real Example of How It Worksp. 169
Using Chi Square for Other Expected Frequenciesp. 171
Try Using a Contingency Table On Your Ownp. 174
Part 4 Seeing the Industry Relationshipsp. 175
15 Recognizing the Relationships of Business Variablesp. 177
Starting with Correlation of Business Variablesp. 178
Revealing Hidden Relationships with the Correlation Coefficientp. 181
Going Beyond Correlation to Predictionp. 184
Predicting Business Valuesp. 187
What Happens When You Have More Variables?p. 190
16 Estimating the Probability of Success with the t-Testp. 193
Understanding the Student's t Distributionp. 194
Using t to Test a Meanp. 195
Comparing Two Population Means Using tp. 196
17 Are These Customers the Same or Different?p. 205
Testing the Mean, Standard Deviation Knownp. 206
Working with Proportions and the z Distributionp. 208
Testing Two Population Proportionsp. 211
18 Getting Results from ANOVAp. 215
Introducing the F distributionp. 216
Considering Two-Way Analysis of Variancep. 221
Part 5 Going On from Herep. 225
19 Interpreting Business Data Correctlyp. 227
Beware of Nonrandom Nonsamplesp. 229
Beware the Ploys of Advertisersp. 229
Use the Correct Scalep. 230
Correlation Needs Matched Pairsp. 231
Beware of Significant but Unimportant Findingsp. 232
Beware of Data Mining Without Hypothesesp. 233
Avoid Extrapolation That Goes Beyond Observed Rangesp. 234
Avoid Basic Mistakes That Affect Business Resultsp. 234
From Inferences to Your Futurep. 237
20 Using Statistics Programs for Your Companyp. 239
Using Software That Simplifies the Detailsp. 240
What Can Statistics Programs Do?p. 240
The Types of Statistical Programsp. 242
How Do You Choose?p. 247
Things Statistics Software Can't Dop. 250
Go Get Yourself Some!p. 252
21 Advancing Your Business with Statisticsp. 253
More Statistical Functions to Learnp. 254
Where Can You Learn More?p. 256
You're Ready to Compute!p. 258
Appendixes
A Answer Keyp. 261
B Statistics Formulasp. 267
C Sample Statistical Tablesp. 273
D A Glossary of Statistical Termsp. 285
Indexp. 303

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