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The document provides links to various editions of statistics and quantitative methods textbooks for business and economics, authored by David R. Anderson and others. It includes details about the formats available for download, such as PDF, ePub, and MOBI. Additionally, it features a table of cumulative probabilities for the standard normal distribution.

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Statistics for Business Economics 12th Edition

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Anderson • Sweeney • Williams Anderson • Sweeney • Williams
• 12e •
Camm • Cochran Camm • Cochran

Statistics for Anderson

Sweeney
Statistics for
Business and Economics Williams
Camm
Cochran
Business and Economics
12e 12e

and Economics
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CUMULATIVE PROBABILITIES FOR THE STANDARD NORMAL DISTRIBUTION

Entries in this table

give the area under the
curve to the left of the
Cumulative z value. For example, for
probability z = –.85, the cumulative
probability is .1977.

z 0

z .00 .01 .02 .03 .04 .05 .06 .07 .08 .09

⫺3.0 .0013 .0013 .0013 .0012 .0012 .0011 .0011 .0011 .0010 .0010

⫺2.9 .0019 .0018 .0018 .0017 .0016 .0016 .0015 .0015 .0014 .0014
⫺2.8 .0026 .0025 .0024 .0023 .0023 .0022 .0021 .0021 .0020 .0019
⫺2.7 .0035 .0034 .0033 .0032 .0031 .0030 .0029 .0028 .0027 .0026
⫺2.6 .0047 .0045 .0044 .0043 .0041 .0040 .0039 .0038 .0037 .0036
⫺2.5 .0062 .0060 .0059 .0057 .0055 .0054 .0052 .0051 .0049 .0048

⫺2.4 .0082 .0080 .0078 .0075 .0073 .0071 .0069 .0068 .0066 .0064
⫺2.3 .0107 .0104 .0102 .0099 .0096 .0094 .0091 .0089 .0087 .0084
⫺2.2 .0139 .0136 .0132 .0129 .0125 .0122 .0119 .0116 .0113 .0110
⫺2.1 .0179 .0174 .0170 .0166 .0162 .0158 .0154 .0150 .0146 .0143
⫺2.0 .0228 .0222 .0217 .0212 .0207 .0202 .0197 .0192 .0188 .0183

⫺1.9 .0287 .0281 .0274 .0268 .0262 .0256 .0250 .0244 .0239 .0233
⫺1.8 .0359 .0351 .0344 .0336 .0329 .0322 .0314 .0307 .0301 .0294
⫺1.7 .0446 .0436 .0427 .0418 .0409 .0401 .0392 .0384 .0375 .0367
⫺1.6 .0548 .0537 .0526 .0516 .0505 .0495 .0485 .0475 .0465 .0455
⫺1.5 .0668 .0655 .0643 .0630 .0618 .0606 .0594 .0582 .0571 .0559

⫺1.4 .0808 .0793 .0778 .0764 .0749 .0735 .0721 .0708 .0694 .0681
⫺1.3 .0968 .0951 .0934 .0918 .0901 .0885 .0869 .0853 .0838 .0823
⫺1.2 .1151 .1131 .1112 .1093 .1075 .1056 .1038 .1020 .1003 .0985
⫺1.1 .1357 .1335 .1314 .1292 .1271 .1251 .1230 .1210 .1190 .1170
⫺1.0 .1587 .1562 .1539 .1515 .1492 .1469 .1446 .1423 .1401 .1379
⫺.9 .1841 .1814 .1788 .1762 .1736 .1711 .1685 .1660 .1635 .1611
⫺.8 .2119 .2090 .2061 .2033 .2005 .1977 .1949 .1922 .1894 .1867
⫺.7 .2420 .2389 .2358 .2327 .2296 .2266 .2236 .2206 .2177 .2148
⫺.6 .2743 .2709 .2676 .2643 .2611 .2578 .2546 .2514 .2483 .2451
⫺.5 .3085 .3050 .3015 .2981 .2946 .2912 .2877 .2843 .2810 .2776

⫺.4 .3446 .3409 .3372 .3336 .3300 .3264 .3228 .3192 .3156 .3121
⫺.3 .3821 .3783 .3745 .3707 .3669 .3632 .3594 .3557 .3520 .3483
⫺.2 .4207 .4168 .4129 .4090 .4052 .4013 .3974 .3936 .3897 .3859
⫺.1 .4602 .4562 .4522 .4483 .4443 .4404 .4364 .4325 .4286 .4247
⫺.0 .5000 .4960 .4920 .4880 .4840 .4801 .4761 .4721 .4681 .4641

Cumulative
probability Entries in the table
give the area under the
curve to the left of the
z value. For example, for
z = 1.25, the cumulative
probability is .8944.

0 z

z .00 .01 .02 .03 .04 .05 .06 .07 .08 .09

.0 .5000 .5040 .5080 .5120 .5160 .5199 .5239 .5279 .5319 .5359
.1 .5398 .5438 .5478 .5517 .5557 .5596 .5636 .5675 .5714 .5753
.2 .5793 .5832 .5871 .5910 .5948 .5987 .6026 .6064 .6103 .6141
.3 .6179 .6217 .6255 .6293 .6331 .6368 .6406 .6443 .6480 .6517
.4 .6554 .6591 .6628 .6664 .6700 .6736 .6772 .6808 .6844 .6879

.5 .6915 .6950 .6985 .7019 .7054 .7088 .7123 .7157 .7190 .7224
.6 .7257 .7291 .7324 .7357 .7389 .7422 .7454 .7486 .7517 .7549
.7 .7580 .7611 .7642 .7673 .7704 .7734 .7764 .7794 .7823 .7852
.8 .7881 .7910 .7939 .7967 .7995 .8023 .8051 .8078 .8106 .8133
.9 .8159 .8186 .8212 .8238 .8264 .8289 .8315 .8340 .8365 .8389

1.0 .8413 .8438 .8461 .8485 .8508 .8531 .8554 .8577 .8599 .8621
1.1 .8643 .8665 .8686 .8708 .8729 .8749 .8770 .8790 .8810 .8830
1.2 .8849 .8869 .8888 .8907 .8925 .8944 .8962 .8980 .8997 .9015
1.3 .9032 .9049 .9066 .9082 .9099 .9115 .9131 .9147 .9162 .9177
1.4 .9192 .9207 .9222 .9236 .9251 .9265 .9279 .9292 .9306 .9319

1.5 .9332 .9345 .9357 .9370 .9382 .9394 .9406 .9418 .9429 .9441
1.6 .9452 .9463 .9474 .9484 .9495 .9505 .9515 .9525 .9535 .9545
1.7 .9554 .9564 .9573 .9582 .9591 .9599 .9608 .9616 .9625 .9633
1.8 .9641 .9649 .9656 .9664 .9671 .9678 .9686 .9693 .9699 .9706
1.9 .9713 .9719 .9726 .9732 .9738 .9744 .9750 .9756 .9761 .9767

2.0 .9772 .9778 .9783 .9788 .9793 .9798 .9803 .9808 .9812 .9817
2.1 .9821 .9826 .9830 .9834 .9838 .9842 .9846 .9850 .9854 .9857
2.2 .9861 .9864 .9868 .9871 .9875 .9878 .9881 .9884 .9887 .9890
2.3 .9893 .9896 .9898 .9901 .9904 .9906 .9909 .9911 .9913 .9916
2.4 .9918 .9920 .9922 .9925 .9927 .9929 .9931 .9932 .9934 .9936

2.5 .9938 .9940 .9941 .9943 .9945 .9946 .9948 .9949 .9951 .9952
2.6 .9953 .9955 .9956 .9957 .9959 .9960 .9961 .9962 .9963 .9964
2.7 .9965 .9966 .9967 .9968 .9969 .9970 .9971 .9972 .9973 .9974
2.8 .9974 .9975 .9976 .9977 .9977 .9978 .9979 .9979 .9980 .9981
2.9 .9981 .9982 .9982 .9983 .9984 .9984 .9985 .9985 .9986 .9986

3.0 .9987 .9987 .9987 .9988 .9988 .9989 .9989 .9989 .9990 .9990

Dennis J. Sweeney
University of Cincinnati

Thomas A. Williams
Rochester Institute of Technology

Jeffrey D. Camm
University of Cincinnati

James J. Cochran
Louisiana Tech University

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1 2 3 4 5 6 7 16 15 14 13 12

Preface xxv
About the Authors xxxi
Chapter 1 Data and Statistics 1
Chapter 2 Descriptive Statistics: Tabular and
Graphical Displays 33
Chapter 3 Descriptive Statistics: Numerical Measures 99
Chapter 4 Introduction to Probability 169
Chapter 5 Discrete Probability Distributions 215
Chapter 6 Continuous Probability Distributions 265
Chapter 7 Sampling and Sampling Distributions 298
Chapter 8 Interval Estimation 342
Chapter 9 Hypothesis Tests 382
Chapter 10 Inference About Means and Proportions with
Two Populations 441
Chapter 11 Inferences About Population Variances 482
Chapter 12 Comparing Multiple Proportions, Test of
Independence and Goodness of Fit 507
Chapter 13 Experimental Design and Analysis of Variance 545
Chapter 14 Simple Linear Regression 598
Chapter 15 Multiple Regression 682
Chapter 16 Regression Analysis: Model Building 751
Chapter 17 Time Series Analysis and Forecasting 800
Chapter 18 Nonparametric Methods 870
Chapter 19 Statistical Methods for Quality Control 916
Chapter 20 Index Numbers 951
Chapter 21 Decision Analysis On Website
Chapter 22 Sample Survey On Website
Appendix A References and Bibliography 972
Appendix B Tables 974
Appendix C Summation Notation 1001
Appendix D Self-Test Solutions and Answers to Even-Numbered
Exercises 1003
Appendix E Microsoft Excel 2010 and Tools for Statistical
Analysis 1064
Appendix F Computing p-Values Using Minitab and Excel 1076
Index 1080

Preface xxv
About the Authors xxxi

Chapter 1 Data and Statistics 1

Statistics in Practice: Bloomberg Businessweek 2
1.1 Applications in Business and Economics 3
Accounting 3
Finance 4
Marketing 4
Production 4
Economics 4
Information Systems 5
1.2 Data 5
Elements, Variables, and Observations 5
Scales of Measurement 7
Categorical and Quantitative Data 8
Cross-Sectional and Time Series Data 8
1.3 Data Sources 11
Existing Sources 11
Statistical Studies 12
Data Acquisition Errors 14
1.4 Descriptive Statistics 14
1.5 Statistical Inference 16
1.6 Computers and Statistical Analysis 18
1.7 Data Mining 18
1.8 Ethical Guidelines for Statistical Practice 19
Summary 21
Glossary 21
Supplementary Exercises 22
Appendix: An Introduction to StatTools 29

Chapter 2 Descriptive Statistics: Tabular and Graphical

Displays 33
Statistics in Practice: Colgate-Palmolive Company 34
2.1 Summarizing Data for a Categorical Variable 35
Frequency Distribution 35

Relative Frequency and Percent Frequency Distributions 36

Bar Charts and Pie Charts 36
2.2 Summarizing Data for a Quantitative Variable 42
Frequency Distribution 42
Relative Frequency and Percent Frequency Distributions 43
Dot Plot 44
Histogram 44
Cumulative Distributions 46
Stem-and-Leaf Display 47
2.3 Summarizing Data for Two Variables Using Tables 55
Crosstabulation 55
Simpson’s Paradox 58
2.4 Summarizing Data for Two Variables Using Graphical Displays 64
Scatter Diagram and Trendline 64
Side-by-Side and Stacked Bar Charts 65
2.5 Data Visualization: Best Practices in Creating Effective
Graphical Displays 70
Creating Effective Graphical Displays 71
Choosing the Type of Graphical Display 72
Data Dashboards 72
Data Visualization in Practice: Cincinnati Zoo and
Botanical Garden 74
Summary 77
Glossary 78
Key Formulas 79
Supplementary Exercises 79
Case Problem 1: Pelican Stores 84
Case Problem 2: Motion Picture Industry 85
Appendix 2.1 Using Minitab for Tabular and Graphical Presentations 86
Appendix 2.2 Using Excel for Tabular and Graphical Presentations 88
Appendix 2.3 Using StatTools for Tabular and Graphical Presentations 98

Chapter 3 Descriptive Statistics: Numerical Measures 99

Statistics in Practice: Small Fry Design 100
3.1 Measures of Location 101
Mean 101
Weighted Mean 103
Median 104
Geometric Mean 106
Mode 107
Percentiles 108
Quartiles 109

3.2 Measures of Variability 116

Range 116
Interquartile Range 117
Variance 117
Standard Deviation 118
Coefficient of Variation 119
3.3 Measures of Distribution Shape, Relative Location,
and Detecting Outliers 123
Distribution Shape 123
z-Scores 123
Chebyshev’s Theorem 125
Empirical Rule 126
Detecting Outliers 127
3.4 Five-Number Summaries and Box Plots 130
Five-Number Summary 131
Box Plot 131
3.5 Measures of Association Between Two Variables 136
Covariance 136
Interpretation of the Covariance 138
Correlation Coefficient 140
Interpretation of the Correlation Coefficient 141
3.6 Data Dashboards: Adding Numerical Measures to
Improve Effectiveness 145
Summary 149
Glossary 149
Key Formulas 150
Supplementary Exercises 152
Case Problem 1: Pelican Stores 157
Case Problem 2: Motion Picture Industry 158
Case Problem 3: Business Schools of Asia-Pacific 159
Case Problem 4: Heavenly Chocolates Website Transactions 161
Case Problem 5: African Elephant Populations 162
Appendix 3.1 Descriptive Statistics Using Minitab 163
Appendix 3.2 Descriptive Statistics Using Excel 165
Appendix 3.3 Descriptive Statistics Using StatTools 167

Chapter 4 Introduction to Probability 169

Statistics in Practice: Probability to the Rescue 170
4.1 Experiments, Counting Rules, and Assigning Probabilities 171
Counting Rules, Combinations, and Permutations 172
Assigning Probabilities 176
Probabilities for the KP&L Project 178
4.2 Events and Their Probabilities 181

4.3 Some Basic Relationships of Probability 185

Complement of an Event 185
Addition Law 186
4.4 Conditional Probability 192
Independent Events 195
Multiplication Law 195
4.5 Bayes’ Theorem 200
Tabular Approach 203
Summary 206
Glossary 206
Key Formulas 207
Supplementary Exercises 208
Case Problem: Hamilton County Judges 212

Chapter 5 Discrete Probability Distributions 215

Statistics in Practice: CitiBank 216
5.1 Random Variables 217
Discrete Random Variables 217
Continuous Random Variables 218
5.2 Developing Discrete Probability Distributions 220
5.3 Expected Value and Variance 225
Expected Value 225
Variance 225
5.4 Bivariate Distributions, Covariance, and Financial Portfolios 230
A Bivariate Empirical Discrete Probability Distribution 230
Financial Applications 233
Summary 236
5.5 Binomial Probability Distribution 239
A Binomial Experiment 240
Martin Clothing Store Problem 241
Using Tables of Binomial Probabilities 245
Expected Value and Variance for the Binomial Distribution 246
5.6 Poisson Probability Distribution 250
An Example Involving Time Intervals 250
An Example Involving Length or Distance Intervals 252
5.7 Hypergeometric Probability Distribution 253
Summary 257
Glossary 258
Key Formulas 258
Supplementary Exercises 260
Appendix 5.1 Discrete Probability Distributions with Minitab 263
Appendix 5.2 Discrete Probability Distributions with Excel 263

Chapter 6 Continuous Probability Distributions 265

Statistics in Practice: Procter & Gamble 266
6.1 Uniform Probability Distribution 267
Area as a Measure of Probability 268
6.2 Normal Probability Distribution 271
Normal Curve 271
Standard Normal Probability Distribution 273
Computing Probabilities for Any Normal Probability Distribution 278
Grear Tire Company Problem 279
6.3 Normal Approximation of Binomial Probabilities 283
6.4 Exponential Probability Distribution 287
Computing Probabilities for the Exponential Distribution 287
Relationship Between the Poisson and Exponential Distributions 288
Summary 290
Glossary 291
Key Formulas 291
Supplementary Exercises 291
Case Problem: Specialty Toys 294
Appendix 6.1 Continuous Probability Distributions with Minitab 295
Appendix 6.2 Continuous Probability Distributions with Excel 296

Chapter 7 Sampling and Sampling Distributions 298

Statistics in Practice: Meadwestvaco Corporation 299
7.1 The Electronics Associates Sampling Problem 300
7.2 Selecting a Sample 301
Sampling from a Finite Population 301
Sampling from an Infinite Population 303
7.3 Point Estimation 306
Practical Advice 308
7.4 Introduction to Sampling Distributions 310
7.5 Sampling Distribution of x̄ 312
Expected Value of x̄ 312
Standard Deviation of x̄ 313
Form of the Sampling Distribution of x̄ 314
Sampling Distribution of x̄ for the EAI Problem 316
Practical Value of the Sampling Distribution of x̄ 317
Relationship Between the Sample Size and the Sampling
Distribution of x̄ 318
7.6 Sampling Distribution of p̄ 322
Expected Value of p̄ 323
Standard Deviation of p̄ 323

Form of the Sampling Distribution of p¯ 324

Practical Value of the Sampling Distribution of p̄ 324
7.7 Properties of Point Estimators 328
Unbiased 328
Efficiency 329
Consistency 330
7.8 Other Sampling Methods 331
Stratified Random Sampling 331
Cluster Sampling 331
Systematic Sampling 332
Convenience Sampling 332
Judgment Sampling 333
Summary 333
Glossary 334
Key Formulas 335
Supplementary Exercises 335
Appendix 7.1 The Expected Value and Standard Deviation of x̄ 337
Appendix 7.2 Random Sampling with Minitab 339
Appendix 7.3 Random Sampling with Excel 340
Appendix 7.4 Random Sampling with StatTools 341

Chapter 8 Interval Estimation 342

Statistics in Practice: Food Lion 343
8.1 Population Mean: σ Known 344
Margin of Error and the Interval Estimate 344
Practical Advice 348
8.2 Population Mean: σ Unknown 350
Margin of Error and the Interval Estimate 351
Practical Advice 354
Using a Small Sample 354
Summary of Interval Estimation Procedures 356
8.3 Determining the Sample Size 359
8.4 Population Proportion 362
Determining the Sample Size 364
Summary 367
Glossary 368
Key Formulas 369
Supplementary Exercises 369
Case Problem 1: Young Professional Magazine 372
Case Problem 2: Gulf Real Estate Properties 373
Case Problem 3: Metropolitan Research, Inc. 375
Appendix 8.1 Interval Estimation with Minitab 375

Appendix 8.2 Interval Estimation Using Excel 377

Appendix 8.3 Interval Estimation with StatTools 380

Chapter 9 Hypothesis Tests 382

Statistics in Practice: John Morrell & Company 383
9.1 Developing Null and Alternative Hypotheses 384
The Alternative Hypothesis as a Research Hypothesis 384
The Null Hypothesis as an Assumption to Be Challenged 385
Summary of Forms for Null and Alternative Hypotheses 386
9.2 Type I and Type II Errors 387
9.3 Population Mean: σ Known 390
One-Tailed Test 390
Two-Tailed Test 396
Summary and Practical Advice 398
Relationship Between Interval Estimation and Hypothesis Testing 400
9.4 Population Mean: σ Unknown 405
One-Tailed Test 405
Two-Tailed Test 406
Summary and Practical Advice 408
9.5 Population Proportion 411
Summary 413
9.6 Hypothesis Testing and Decision Making 416
9.7 Calculating the Probability of Type II Errors 417
9.8 Determining the Sample Size for a Hypothesis Test
About a Population Mean 422
Summary 425
Glossary 426
Key Formulas 427
Supplementary Exercises 427
Case Problem 1: Quality Associates, Inc. 430
Case Problem 2: Ethical Behavior of Business Students at
Bayview University 432
Appendix 9.1 Hypothesis Testing with Minitab 433
Appendix 9.2 Hypothesis Testing with Excel 435
Appendix 9.3 Hypothesis Testing with StatTools 439

Chapter 10 Inference About Means and Proportions

with Two Populations 441
Statistics in Practice: U.S. Food and Drug Administration 442
10.1 Inferences About the Difference Between Two Population Means:
σ1 and σ2 Known 443
Interval Estimation of ␮1 – ␮2 443

Hypothesis Tests About ␮1 – ␮2 445

Practical Advice 447
10.2 Inferences About the Difference Between Two Population Means: σ1
and σ2 Unknown 450
Interval Estimation of ␮1 – ␮2 450
Hypothesis Tests About ␮1 – ␮2 452
Practical Advice 454
10.3 Inferences About the Difference Between Two Population Means:
Matched Samples 458
10.4 Inferences About the Difference Between Two Population
Proportions 464
Interval Estimation of p1 – p2 464
Hypothesis Tests About p1 – p2 466
Summary 470
Glossary 471
Key Formulas 471
Supplementary Exercises 472
Case Problem: Par, Inc. 475
Appendix 10.1 Inferences About Two Populations Using Minitab 476
Appendix 10.2 Inferences About Two Populations Using Excel 478
Appendix 10.3 Inferences About Two Populations Using StatTools 479

Chapter 11 Inferences About Population Variances 482

Statistics in Practice: U.S. Government Accountability Office 483
11.1 Inferences About a Population Variance 484
Interval Estimation 484
Hypothesis Testing 488
11.2 Inferences About Two Population Variances 494
Summary 501
Key Formulas 501
Supplementary Exercises 501
Case Problem: Air Force Training Program 503
Appendix 11.1 Population Variances with Minitab 504
Appendix 11.2 Population Variances with Excel 505
Appendix 11.3 Single Population Standard Deviation with StatTools 505

Chapter 12 Comparing Multiple Proportions, Test of

Independence and Goodness of Fit 507
Statistics in Practice: United Way 508
12.1 Testing the Equality of Population Proportions for
Three or More Populations 509
A Multiple Comparison Procedure 514

12.2 Test of Independence 519

12.3 Goodness of Fit Test 527
Multinomial Probability Distribution 527
Normal Probability Distribution 530
Summary 536
Glossary 536
Key Formulas 537
Supplementary Exercises 537
Case Problem: A Bipartisan Agenda for Change 540
Appendix 12.1 Chi-Square Tests Using Minitab 541
Appendix 12.2 Chi-Square Tests Using Excel 542
Appendix 12.3 Chi-Square Tests Using StatTools 544

Chapter 13 Experimental Design and

Analysis of Variance 545
Statistics in Practice: Burke Marketing Services, Inc. 546
13.1 An Introduction to Experimental Design and
Analysis of Variance 547
Data Collection 548
Assumptions for Analysis of Variance 549
Analysis of Variance: A Conceptual Overview 549
13.2 Analysis of Variance and the Completely Randomized Design 552
Between-Treatments Estimate of Population Variance 553
Within-Treatments Estimate of Population Variance 554
Comparing the Variance Estimates: The F Test 555
ANOVA Table 557
Computer Results for Analysis of Variance 558
Testing for the Equality of k Population Means: An Observational
Study 559
13.3 Multiple Comparison Procedures 563
Fisher’s LSD 563
Type I Error Rates 566
13.4 Randomized Block Design 569
Air Traffic Controller Stress Test 570
ANOVA Procedure 571
Computations and Conclusions 572
13.5 Factorial Experiment 576
ANOVA Procedure 578
Computations and Conclusions 578
Summary 583
Glossary 584
Key Formulas 584
Supplementary Exercises 586

Case Problem 1: Wentworth Medical Center 591

Case Problem 2: Compensation for Sales Professionals 592
Appendix 13.1 Analysis of Variance with Minitab 592
Appendix 13.2 Analysis of Variance with Excel 594
Appendix 13.3 Analysis of a Completely Randomized Design
Using StatTools 597

Chapter 14 Simple Linear Regression 598

Statistics in Practice: Alliance Data Systems 599
14.1 Simple Linear Regression Model 600
Regression Model and Regression Equation 600
Estimated Regression Equation 601
14.2 Least Squares Method 603
14.3 Coefficient of Determination 614
Correlation Coefficient 618
14.4 Model Assumptions 622
14.5 Testing for Significance 623
Estimate of σ 2 623
t Test 624
Confidence Interval for 1 626
F Test 627
Some Cautions About the Interpretation of Significance Tests 629
14.6 Using the Estimated Regression Equation
for Estimation and Prediction 632
Interval Estimation 633
Confidence Interval for the Mean Value of y 634
Prediction Interval for an Individual Value of y 635
14.7 Computer Solution 640
14.8 Residual Analysis: Validating Model Assumptions 644
Residual Plot Against x 645
Residual Plot Against ŷ 646
Standardized Residuals 648
Normal Probability Plot 650
14.9 Residual Analysis: Outliers and Influential Observations 653
Detecting Outliers 653
Detecting Influential Observations 656
Summary 661
Glossary 661
Key Formulas 662
Supplementary Exercises 664
Case Problem 1: Measuring Stock Market Risk 671
Case Problem 2: U.S. Department of Transportation 672
Case Problem 3: Selecting a Point-and-Shoot Digital Camera 673
Copyright 2014 Nelson Education Ltd. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content
may be suppressed from the eBook and/or eChapter(s). Nelson Education reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Contents xix

Case Problem 4: Finding the Best Car Value 674

Appendix 14.1 Calculus-Based Derivation of Least Squares Formulas 675
Appendix 14.2 A Test for Significance Using Correlation 677
Appendix 14.3 Regression Analysis with Minitab 678
Appendix 14.4 Regression Analysis with Excel 678
Appendix 14.5 Regression Analysis Using StatTools 681

Chapter 15 Multiple Regression 682

Statistics in Practice: dunnhumby 683
15.1 Multiple Regression Model 684
Regression Model and Regression Equation 684
Estimated Multiple Regression Equation 684
15.2 Least Squares Method 685
An Example: Butler Trucking Company 686
Note on Interpretation of Coefficients 688
15.3 Multiple Coefficient of Determination 694
15.4 Model Assumptions 698
15.5 Testing for Significance 699
F Test 699
t Test 702
Multicollinearity 703
15.6 Using the Estimated Regression Equation for
Estimation and Prediction 706
15.7 Categorical Independent Variables 709
An Example: Johnson Filtration, Inc. 709
Interpreting the Parameters 711
More Complex Categorical Variables 713
15.8 Residual Analysis 717
Detecting Outliers 719
Studentized Deleted Residuals and Outliers 719
Influential Observations 720
Using Cook’s Distance Measure to Identify
Influential Observations 720
15.9 Logistic Regression 724
Logistic Regression Equation 725
Estimating the Logistic Regression Equation 726
Testing for Significance 728
Managerial Use 729
Interpreting the Logistic Regression Equation 729
Logit Transformation 732
Summary 736
Glossary 736
Key Formulas 737
Copyright 2014 Nelson Education Ltd. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content
may be suppressed from the eBook and/or eChapter(s). Nelson Education reserves the right to remove additional content at any time if subsequent rights restrictions require it.
xx Contents

Supplementary Exercises 739

Case Problem 1: Consumer Research, Inc. 745
Case Problem 2: Predicting Winnings for NASCAR Drivers 746
Case Problem 3: Finding the Best Car Value 747
Appendix 15.1 Multiple Regression with Minitab 748
Appendix 15.2 Multiple Regression with Excel 748
Appendix 15.3 Logistic Regression with Minitab 750
Appendix 15.4 Multiple Regression Analysis Using StatTools 750

Chapter 16 Regression Analysis: Model Building 751

Statistics in Practice: Monsanto Company 752
16.1 General Linear Model 753
Modeling Curvilinear Relationships 753
Interaction 756
Transformations Involving the Dependent Variable 760
Nonlinear Models That Are Intrinsically Linear 763
16.2 Determining When to Add or Delete Variables 767
General Case 769
Use of p-Values 770
16.3 Analysis of a Larger Problem 773
16.4 Variable Selection Procedures 777
Stepwise Regression 777
Forward Selection 778
Backward Elimination 779
Best-Subsets Regression 779
Making the Final Choice 780
16.5 Multiple Regression Approach to Experimental Design 783
16.6 Autocorrelation and the Durbin-Watson Test 788
Summary 792
Glossary 792
Key Formulas 792
Supplementary Exercises 793
Case Problem 1: Analysis of PGA Tour Statistics 796
Case Problem 2: Rating Wines from the Piedmont Region of Italy 797
Appendix 16.1 Variable Selection Procedures with Minitab 798
Appendix 16.2 Variable Selection Procedures Using StatTools 799

Chapter 17 Time Series Analysis and Forecasting 800

Statistics in Practice: Nevada Occupational Health Clinic 801
17.1 Time Series Patterns 802
Horizontal Pattern 802

Trend Pattern 804

Seasonal Pattern 804
Trend and Seasonal Pattern 805
Cyclical Pattern 805
Selecting a Forecasting Method 807
17.2 Forecast Accuracy 808
17.3 Moving Averages and Exponential Smoothing 813
Moving Averages 813
Weighted Moving Averages 816
Exponential Smoothing 816
17.4 Trend Projection 823
Linear Trend Regression 823
Holt’s Linear Exponential Smoothing 828
Nonlinear Trend Regression 830
17.5 Seasonality and Trend 836
Seasonality Without Trend 836
Seasonality and Trend 838
Models Based on Monthly Data 841
17.6 Time Series Decomposition 845
Calculating the Seasonal Indexes 846
Deseasonalizing the Time Series 849
Using the Deseasonalized Time Series to Identify Trend 851
Seasonal Adjustments 852
Models Based on Monthly Data 852
Cyclical Component 852
Summary 855
Glossary 856
Key Formulas 857
Supplementary Exercises 857
Case Problem 1: Forecasting Food and Beverage Sales 861
Case Problem 2: Forecasting Lost Sales 862
Appendix 17.1 Forecasting with Minitab 864
Appendix 17.2 Forecasting with Excel 866
Appendix 17.3 Forecasting Using StatTools 867

Chapter 18 Nonparametric Methods 870

Statistics in Practice: West Shell Realtors 871
18.1 Sign Test 872
Hypothesis Test About a Population Median 872
Hypothesis Test with Matched Samples 877
18.2 Wilcoxon Signed-Rank Test 880
18.3 Mann-Whitney-Wilcoxon Test 885
18.4 Kruskal-Wallis Test 895

18.5 Rank Correlation 900

Summary 905
Glossary 905
Key Formulas 906
Supplementary Exercises 907
Appendix 18.1 Nonparametric Methods with Minitab 910
Appendix 18.2 Nonparametric Methods with Excel 912
Appendix 18.3 Nonparametric Methods with StatTools 914

Chapter 19 Statistical Methods for Quality Control 916

Statistics in Practice: Dow Chemical Company 917
19.1 Philosophies and Frameworks 918
Malcolm Baldrige National Quality Award 919
ISO 9000 919
Six Sigma 919
Quality in the Service Sector 922
19.2 Statistical Process Control 922
Control Charts 923
x̄ Chart: Process Mean and Standard Deviation Known 924
x̄ Chart: Process Mean and Standard Deviation Unknown 926
R Chart 929
p Chart 931
np Chart 933
Interpretation of Control Charts 933
19.3 Acceptance Sampling 936
KALI, Inc.: An Example of Acceptance Sampling 937
Computing the Probability of Accepting a Lot 938
Selecting an Acceptance Sampling Plan 941
Multiple Sampling Plans 943
Summary 944
Glossary 944
Key Formulas 945
Supplementary Exercises 946
Appendix 19.1 Control Charts with Minitab 948
Appendix 19.2 Control Charts Using StatTools 949

Chapter 20 Index Numbers 951

Statistics in Practice: U.S. Department of Labor, Bureau
of Labor Statistics 952
20.1 Price Relatives 953
20.2 Aggregate Price Indexes 953
20.3 Computing an Aggregate Price Index from Price Relatives 957

20.4 Some Important Price Indexes 959

Consumer Price Index 959
Producer Price Index 959
Dow Jones Averages 960
20.5 Deflating a Series by Price Indexes 961
20.6 Price Indexes: Other Considerations 964
Selection of Items 964
Selection of a Base Period 965
Quality Changes 965
20.7 Quantity Indexes 965
Summary 967
Glossary 967
Key Formulas 968
Supplementary Exercises 968

Chapter 21 Decision Analysis On Website

Statistics in Practice: Ohio Edison Company 21-2
21.1 Problem Formulation 21-3
Payoff Tables 21-4
Decision Trees 21-4
21.2 Decision Making with Probabilities 21-5
Expected Value Approach 21-5
Expected Value of Perfect Information 21-7
21.3 Decision Analysis with Sample Information 21-13
Decision Tree 21-14
Decision Strategy 21-15
Expected Value of Sample Information 21-18
21.4 Computing Branch Probabilities Using Bayes’ Theorem 21-24
Summary 21-28
Glossary 21-29
Key Formulas 21-30
Supplementary Exercises 21-30
Case Problem: Lawsuit Defense Strategy 21-33
Appendix: An Introduction to PrecisionTree 21-34
Appendix: An Introduction to PrecisionTree 21-34
Appendix: Self-Test Solutions and Answers to Even-Numbered
Exercises 21-39

Chapter 22 Sample Survey On Website

Statistics in Practice: Duke Energy 22-2
22.1 Terminology Used in Sample Surveys 22-2
22.2 Types of Surveys and Sampling Methods 22-3

22.3 Survey Errors 22-5

Nonsampling Error 22-5
Sampling Error 22-5
22.4 Simple Random Sampling 22-6
Population Mean 22-6
Population Total 22-7
Population Proportion 22-8
Determining the Sample Size 22-9
22.5 Stratified Simple Random Sampling 22-12
Population Mean 22-12
Population Total 22-14
Population Proportion 22-15
Determining the Sample Size 22-16
22.6 Cluster Sampling 22-21
Population Mean 22-23
Population Total 22-24
Population Proportion 22-25
Determining the Sample Size 22-26
22.7 Systematic Sampling 22-29
Summary 22-29
Glossary 22-30
Key Formulas 22-30
Supplementary Exercises 22-34
Appendix: Self-Test Solutions and Answers to Even-Numbered
Exercises 22-37

Appendix A References and Bibliography 972

Appendix B Tables 974

Appendix C Summation Notation 1001

Appendix D Self-Test Solutions and Answers to Even-Numbered

Exercises 1003

Appendix E Microsoft Excel 2010 and Tools for Statistical

Analysis 1064

Appendix F Computing p-Values Using Minitab and Excel 1076

Index 1080

This text is the 12th edition of STATISTICS FOR BUSINESS AND ECONOMICS. With this
edition we welcome two eminent scholars to our author team: Jeffrey D. Camm of the Uni-
versity of Cincinnati and James J. Cochran of Louisiana Tech University. Both Jeff and Jim
are accomplished teachers, researchers, and practitioners in the fields of statistics and busi-
ness analytics. Jim is a fellow of the American Statistical Association. You can read more
about their accomplishments in the About the Authors section which follows this preface.
We believe that the addition of Jeff and Jim as our coauthors will both maintain and im-
prove the effectiveness of Statistics for Business and Economics.
The purpose of Statistics for Business and Economics is to give students, primarily those
in the fields of business administration and economics, a conceptual introduction to the field of
statistics and its many applications. The text is applications oriented and written with the needs
of the nonmathematician in mind; the mathematical prerequisite is knowledge of algebra.
Applications of data analysis and statistical methodology are an integral part of the or-
ganization and presentation of the text material. The discussion and development of each
technique is presented in an application setting, with the statistical results providing insights
to decisions and solutions to problems.
Although the book is applications oriented, we have taken care to provide sound method-
ological development and to use notation that is generally accepted for the topic being covered.
Hence, students will find that this text provides good preparation for the study of more ad-
vanced statistical material. A bibliography to guide further study is included as an appendix.
The text introduces the student to the software packages of Minitab 16 and Microsoft®
Office Excel 2010 and emphasizes the role of computer software in the application of statistical
analysis. Minitab is illustrated as it is one of the leading statistical software packages for both
education and statistical practice. Excel is not a statistical software package, but the wide avail-
ability and use of Excel make it important for students to understand the statistical capabilities
of this package. Minitab and Excel procedures are provided in appendixes so that instructors
have the flexibility of using as much computer emphasis as desired for the course. StatTools,
a commercial Excel add-in developed by Palisade Corporation, extends the range of statistical
options for Excel users. We show how to download and install StatTools in an appendix to
Chapter 1, and most chapters include a chapter appendix that shows the steps required to
accomplish a statistical procedure using StatTools. We have made the use of StatTools optional
so that instructors who want to teach using only the standard tools available in Excel can do so.

Changes in the Twelfth Edition

We appreciate the acceptance and positive response to the previous editions of Statistics for
Business and Economics. Accordingly, in making modifications for this new edition, we
have maintained the presentation style and readability of those editions. There have been
many changes made throughout the text to enhance its educational effectiveness. The most
significant changes in the new edition are summarized here.

Content Revisions
• Descriptive Statistics—Chapters 2 and 3. We have significantly revised these
chapters to incorporate new material on data visualization, best practices, and much
more. Chapter 2 has been reorganized to include new material on side-by-side and

stacked bar charts and a new section has been added on data visualization and best
practices in creating effective displays. Chapter 3 now includes coverage of the
geometric mean in the section on measures of location. The geometric mean has
many applications in the computation of growth rates for financial assets, annual per-
centage rates, and so on. Chapter 3 also includes a new section on data dashboards
and how summary statistics can be incorporated to enhance their effectiveness.
• Discrete Probability Distributions—Chapter 5. The introductory material in this
chapter has been revised to explain better the role of probability distributions and to
show how the material on assigning probabilities in Chapter 4 can be used to develop
discrete probability distributions. We point out that the empirical discrete probabil-
ity distribution is developed by using the relative frequency method to assign prob-
abilities. At the request of many users, we have added a new section (Section 5.4)
which covers bivariate discrete distributions and financial applications. We show
how financial portfolios can be constructed and analyzed using these distributions.
• Comparing Multiple Proportions, Tests of Independence, and Goodness of Fit—
Chapter 12. This chapter has undergone a major revision. We have added a new sec-
tion on testing the equality of three or more population proportions. This section
includes a procedure for making multiple comparison tests between all pairs of popu-
lation proportions. The section on the test of independence has been rewritten to clar-
ify that the test concerns the independence of two categorical variables. Revised
appendixes with step-by-step instructions for Minitab, Excel, and StatTools are
included.
• New Case Problems. We have added 8 new case problems to this edition; the total
number of cases is 31. Three new descriptive statistics cases have been added to
Chapters 2 and 3. Five new case problems involving regression appear in Chapters 14,
15, and 16. These case problems provide students with the opportunity to analyze
larger data sets and prepare managerial reports based on the results of their analysis.
• New Statistics in Practice Applications. Each chapter begins with a Statistics in
Practice vignette that describes an application of the statistical methodology to be
covered in the chapter. New to this edition is a Statistics in Practice for Chapter 2 de-
scribing the use of data dashboards and data visualization at the Cincinnati Zoo. We
have also added a new Statistics in Practice to Chapter 4 describing how a NASA
team used probability to assist the rescue of 33 Chilean miners trapped by a cave-in.
• New Examples and Exercises based on Real Data. We continue to make a signifi-
cant effort to update our text examples and exercises with the most current real data and
referenced sources of statistical information. In this edition, we have added approxi-
mately 180 new examples and exercises based on real data and referenced sources.
Using data from sources also used by The Wall Street Journal, USA Today, Barron’s,
and others, we have drawn from actual studies to develop explanations and to create
exercises that demonstrate the many uses of statistics in business and economics. We
believe that the use of real data helps generate more student interest in the material and
enables the student to learn about both the statistical methodology and its application.
The twelfth edition contains over 350 examples and exercises based on real data.

Features and Pedagogy

Authors Anderson, Sweeney, Williams, Camm, and Cochran have continued many of the
features that appeared in previous editions. Important ones for students are noted here.

Methods Exercises and Applications Exercises

The end-of-section exercises are split into two parts, Methods and Applications. The Meth-
ods exercises require students to use the formulas and make the necessary computations.

The Applications exercises require students to use the chapter material in real-world situa-
tions. Thus, students first focus on the computational “nuts and bolts” and then move on to
the subtleties of statistical application and interpretation.

Self-Test Exercises
Certain exercises are identified as “Self-Test Exercises.” Completely worked-out solutions
for these exercises are provided in Appendix D. Students can attempt the Self-Test
Exercises and immediately check the solution to evaluate their understanding of the con-
cepts presented in the chapter.

Margin Annotations and Notes and Comments

Margin annotations that highlight key points and provide additional insights for the student are
a key feature of this text. These annotations, which appear in the margins, are designed to pro-
vide emphasis and enhance understanding of the terms and concepts being presented in the text.
At the end of many sections, we provide Notes and Comments designed to give the stu-
dent additional insights about the statistical methodology and its application. Notes and
Comments include warnings about or limitations of the methodology, recommendations for
application, brief descriptions of additional technical considerations, and other matters.

Data Files Accompany the Text

Over 200 data files are available on the website that accompanies the text. The data sets are
available in both Minitab and Excel formats. Webfile logos are used in the text to identify
the data sets that are available on the website. Data sets for all case problems as well as data
sets for larger exercises are included.

Acknowledgments
We would like to acknowledge the work of our reviewers, who provided comments and sug-
gestions of ways to continue to improve our text. Thanks to

AbouEl-Makarim Thomas A. Dahlstrom Clifford B. Hawley

Aboueissa, University of Eastern University West Virginia University
Southern Maine
Anne Drougas Vance A. Hughey
Kathleen Arano Dominican University Western Nevada College
Fort Hays State University Fesseha Gebremikael Tony Hunnicutt
Musa Ayar Strayer University/ Ouachita Technical College
Uw-baraboo/Sauk County Calhoun Community Stacey M. Jones
College Albers School of Business
Kathleen Burke
Malcolm C. Gold and Economics, Seattle
SUNY Cortland
University of Wisconsin— University
YC Chang Marshfield/Wood County Dukpa Kim
University of Notre
Joel Goldstein University of Virginia
Dame
Western Connecticut State Rajaram Krishnan
David Chen University Earlham College
Rosemont College and Jim Grant Robert J. Lemke
Saint Joseph’s University Lewis & Clark College Lake Forest College
Margaret E. Cochran Reidar Hagtvedt Philip J. Mizzi
Northwestern State University of Alberta Arizona State University
University of Louisiana School of Business

Mehdi Mohaghegh Scott A. Redenius Ronald Stunda

Norwich University Brandeis University Valdosta State University
Mihail Motzev Sandra Robertson Cindy van Es
Walla Walla University Thomas Nelson Cornell University
Somnath Mukhopadhyay Community College
Jennifer VanGilder
The University of Texas Sunil Sapra Ursinus College
at El Paso California State University,
Los Angeles Jacqueline Wroughton
Kenneth E. Murphy Northern Kentucky
Chapman University Kyle Vann Scott
University
Snead State Community
Ogbonnaya John Nwoha College Dmitry Yarushkin
Grambling State University Grand View University
Rodney E. Stanley
Claudiney Pereira Tennessee State University David Zimmer
Tulane University Western Kentucky
Jennifer Strehler
J. G. Pitt Oakton Community University
University of Toronto College

We continue to owe a debt to our many colleagues and friends for their helpful comments
and suggestions in the development of this and earlier editions of our text. Among them are:

Mohammad Ahmadi Robert Cochran Alan Humphrey

University of Tennessee University of Wyoming University of Rhode Island
at Chattanooga
Robert Collins Ann Hussein
Lari Arjomand Marquette University Philadelphia College of
Clayton College and State Textiles and Science
David W. Cravens
University
Texas Christian C. Thomas Innis
Robert Balough University University of Cincinnati
Clarion University
Tom Dahlstrom Ben Isselhardt
Philip Boudreaux Eastern College Rochester Institute of
University of Louisiana Technology
Gopal Dorai
Mike Bourke William Patterson Jeffery Jarrett
Houston Baptist University University of Rhode
University Island
Nicholas Farnum
James Brannon California State Ronald Klimberg
University of Wisconsin— University—Fullerton St. Joseph’s University
Oshkosh
Donald Gren David A. Kravitz
John Bryant Salt Lake Community George Mason
University of Pittsburgh College University
Peter Bryant Paul Guy David Krueger
University of Colorado California State St. Cloud State University
Terri L. Byczkowski University—Chico John Leschke
University of Cincinnati Clifford Hawley University of Virginia
Robert Carver West Virginia University Martin S. Levy
Stonehill College Jim Hightower University of Cincinnati
Richard Claycombe California State John S. Loucks
McDaniel College University, Fullerton St. Edward’s University

David Lucking-Reiley Tom Pray Victor Ukpolo

Vanderbilt University Rochester Institute of Austin Peay State
Technology University
Bala Maniam
Sam Houston State Harold Rahmlow Ebenge Usip
University St. Joseph’s University Youngstown State
Don Marx University
H. V. Ramakrishna
University of Alaska, Penn State University at Cindy Van Es
Anchorage Great Valley Cornell University
Tom McCullough Tom Ryan Jack Vaughn
University of California— Case Western Reserve University of Texas-El
Berkeley University Paso
Ronald W. Michener
Bill Seaver Andrew Welki
University of Virginia
University of Tennessee John Carroll University
Glenn Milligan
Alan Smith Ari Wijetunga
Ohio State University
Robert Morris College Morehead State University
Mitchell Muesham
Sam Houston State Willbann Terpening J. E. Willis
University Gonzaga University Louisiana State University

Roger Myerson Ted Tsukahara Mustafa Yilmaz

Northwestern University St. Mary’s College of Northeastern University

Richard O’Connell California Gary Yoshimoto

Miami University of Ohio St. Cloud State University
Hroki Tsurumi
Alan Olinsky Rutgers University Yan Yu
Bryant College University of Cincinnati
David Tufte
Ceyhun Ozgur University of New Charles Zimmerman
Valparaiso University Orleans Robert Morris College

We thank our associates from business and industry who supplied the Statistics in
Practice features. We recognize them individually by a credit line in each of the articles. We
are also indebted to our senior acquisitions editor, Charles McCormick Jr.; our develop-
mental editor, Maggie Kubale; our content project manager, Tamborah Moore; our Project
Manager at MPS Limited, Lynn Lustberg; our media editor, Chris Valentine; and others at
Cengage South-Western for their editorial counsel and support during the preparation of
this text.
David R. Anderson
Dennis J. Sweeney
Thomas A. Williams
Jeffrey D. Camm
James J. Cochran

David R. Anderson. David R. Anderson is Professor of Quantitative Analysis in the Col-

lege of Business Administration at the University of Cincinnati. Born in Grand Forks, North
Dakota, he earned his B.S., M.S., and Ph.D. degrees from Purdue University. Professor
Anderson has served as Head of the Department of Quantitative Analysis and Operations
Management and as Associate Dean of the College of Business Administration at the
University of Cincinnati. In addition, he was the coordinator of the College’s first Executive
Program.
At the University of Cincinnati, Professor Anderson has taught introductory statistics
for business students as well as graduate-level courses in regression analysis, multivariate
analysis, and management science. He has also taught statistical courses at the Department
of Labor in Washington, D.C. He has been honored with nominations and awards for
excellence in teaching and excellence in service to student organizations.
Professor Anderson has coauthored 10 textbooks in the areas of statistics, management
science, linear programming, and production and operations management. He is an active
consultant in the field of sampling and statistical methods.
Dennis J. Sweeney. Dennis J. Sweeney is Professor of Quantitative Analysis and Founder
of the Center for Productivity Improvement at the University of Cincinnati. Born in Des
Moines, Iowa, he earned a B.S.B.A. degree from Drake University and his M.B.A. and
D.B.A. degrees from Indiana University, where he was an NDEA Fellow. Professor
Sweeney has worked in the management science group at Procter & Gamble and spent a
year as a visiting professor at Duke University. Professor Sweeney served as Head of the
Department of Quantitative Analysis and as Associate Dean of the College of Business
Administration at the University of Cincinnati.
Professor Sweeney has published more than 30 articles and monographs in the area of
management science and statistics. The National Science Foundation, IBM, Procter &
Gamble, Federated Department Stores, Kroger, and Cincinnati Gas & Electric have funded
his research, which has been published in Management Science, Operations Research,
Mathematical Programming, Decision Sciences, and other journals.
Professor Sweeney has coauthored 10 textbooks in the areas of statistics, management
science, linear programming, and production and operations management.
Thomas A. Williams. Thomas A. Williams is Professor of Management Science in the
College of Business at Rochester Institute of Technology. Born in Elmira, New York, he
earned his B.S. degree at Clarkson University. He did his graduate work at Rensselaer
Polytechnic Institute, where he received his M.S. and Ph.D. degrees.
Before joining the College of Business at RIT, Professor Williams served for seven
years as a faculty member in the College of Business Administration at the University of
Cincinnati, where he developed the undergraduate program in Information Systems and
then served as its coordinator. At RIT he was the first chairman of the Decision Sciences
Department. He teaches courses in management science and statistics, as well as graduate
courses in regression and decision analysis.
Professor Williams is the coauthor of 11 textbooks in the areas of management science,
statistics, production and operations management, and mathematics. He has been a consul-
tant for numerous Fortune 500 companies and has worked on projects ranging from the use
of data analysis to the development of large-scale regression models.

Jeffrey D. Camm. Jeffrey D. Camm is Professor of Quantitative Analysis, Head of the

Department of Operations, Business Analytics, and Information Systems and College of
Business Research Fellow in the Carl H. Lindner College of Business at the University of
Cincinnati, Born in Cincinnati, Ohio, he holds a B.S. from Xavier University and a Ph.D.
from Clemson University. He has been at the University of Cincinnati since 1984 and has
been a visiting scholar at Stanford University and a visiting professor of business adminis-
tration at the Tuck School of Business at Dartmouth College.
Dr. Camm has published over 30 papers in the general area of optimization applied to
problems in operations management. He has published his research in Science, Manage-
ment Science, Operations Research, Interfaces, and other professional journals. At the
University of Cincinnati, he was named the Dornoff Fellow of Teaching Excellence and he
was the 2006 recipient of the INFORMS Prize for the Teaching of Operations Research
Practice. A firm believer in practicing what he preaches, he has served as an operations re-
search consultant to numerous companies and government agencies. From 2005 to 2010 he
served as editor-in-chief of Interfaces and is currently on the editorial board of INFORMS
Transactions on Education.
James J. Cochran. James J. Cochran is the Bank of Ruston Endowed Research Profes-
sor of Quantitative Analysis at Louisiana Tech University. Born in Dayton, Ohio, he earned
his B.S., M.S., and M.B.A. degrees from Wright State University and a Ph.D. from the
University of Cincinnati. He has been at Louisiana Tech University since 2000 and has been
a visiting scholar at Stanford University, Universidad de Talca, and the University of South
Africa.
Professor Cochran has published over two dozen papers in the development and appli-
cation of operations research and statistical methods. He has published his research in Man-
agement Science, The American Statistician, Communications in Statistics—Theory and
Methods, European Journal of Operational Research, Journal of Combinatorial Opti-
mization, and other professional journals. He was the 2008 recipient of the INFORMS Prize
for the Teaching of Operations Research Practice and the 2010 recipient of the Mu Sigma
Rho Statistical Education Award. Professor Cochran was elected to the International Sta-
tistics Institute in 2005 and named a Fellow of the American Statistical Association in 2011.
A strong advocate for effective operations research and statistics education as a means of
improving the quality of applications to real problems, Professor Cochran has organized
and chaired teaching effectiveness workshops in Montevideo, Uruguay; Cape Town, South
Africa; Cartagena, Colombia; Jaipur, India; Buenos Aires, Argentina; and Nairobi, Kenya.
He has served as an operations research consultant to numerous companies and not-for-
profit organizations. He currently serves as editor-in-chief of INFORMS Transactions on
Education and is on the editorial board of Interfaces, the Journal of the Chilean Institute of
Operations Research, and ORiON.

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NEW YORK, NEW YORK
With a global circulation of more than 1 million,
Bloomberg Businessweek is one of the most widely read
business magazines in the world. Bloomberg’s 1700 re-
porters in 145 service bureaus around the world enable
Bloomberg Businessweek to deliver a variety of articles
of interest to the global business and economic commu-
nity. Along with feature articles on current topics, the
magazine contains articles on international business,
economic analysis, information processing, and science
and technology. Information in the feature articles and
the regular sections helps readers stay abreast of current
developments and assess the impact of those develop-
ments on business and economic conditions.
Most issues of Bloomberg Businessweek, formerly
BusinessWeek, provide an in-depth report on a topic of cur-
rent interest. Often, the in-depth reports contain statistical
facts and summaries that help the reader understand Bloomberg Businessweek uses statistical facts and
the business and economic information. For example, the summaries in many of its articles. © Kyodo/Photoshot.
cover story for the March 3, 2011 issue discussed the
impact of businesses moving their most important work advertisers. One recent North American subscriber survey
to cloud computing; the May 30, 2011 issue included a indicated that 90% of Bloomberg Businessweek
report on the crisis facing the U.S. Postal Service; and the subscribers use a personal computer at home and that 64%
August 1, 2011 issue contained a report on why the debt of Bloomberg Businessweek subscribers are involved with
crisis is even worse than you think. In addition, Bloomberg computer purchases at work. Such statistics alert
Businessweek provides a variety of statistics about the state Bloomberg Businessweek managers to subscriber interest
of the economy, including production indexes, stock in articles about new developments in computers. The re-
prices, mutual funds, and interest rates. sults of the subscriber survey are also made available to
Bloomberg Businessweek also uses statistics and potential advertisers. The high percentage of subscribers
statistical information in managing its own business. For using personal computers at home and the high percentage
example, an annual survey of subscribers helps the of subscribers involved with computer purchases at work
company learn about subscriber demographics, reading would be an incentive for a computer manufacturer to con-
habits, likely purchases, lifestyles, and so on. Bloomberg sider advertising in Bloomberg Businessweek.
Businessweek managers use statistical summaries from In this chapter, we discuss the types of data available
the survey to provide better services to subscribers and for statistical analysis and describe how the data are ob-
tained. We introduce descriptive statistics and statistical
*The authors are indebted to Charlene Trentham, Research Manager, for
inference as ways of converting data into meaningful and
providing this Statistics in Practice. easily interpreted statistical information.

Frequently, we see the following types of statements in newspapers and magazines:

• United States Department of Labor reported that the unemployment rate fell to
8.2%, the lowest in over three years (The Washington Post, April 6, 2012).
• Each American consumes an average of 23.2 quarts of ice cream, ice milk,
sherbet, ices, and other commercially produced frozen dairy products per year
(makeicecream.com website, April 2, 2012).

• The median selling price of a vacation home is $121,300 (@CNNMoney, March 29,
2012).
• The Wild Eagle rollercoaster at Dollywood in Pigeon Forge, Tennessee, reaches a
maximum speed of 61 miles per hour (USA Today website, April 5, 2012).
• The number of registered users of Pinterest, a pinboard-style social photo sharing
website, grew 85% between mid-January and mid-February (CNBC, March 29,
2012).
• The Pew Research Center reported that the United States median age of brides at
the time of their first marriage is an all-time high of 26.5 years (Significance,
February 2012).
• Canadians clocked an average of 45 hours online in the fourth quarter of 2011 (CBC
News, March 2, 2012).
• The Federal Reserve reported that the average credit card debt is $5,204 per person
(PRWeb website, April 5, 2012).
The numerical facts in the preceding statements (8.2%, 23.2, $121,300, 61, 85%, 26.5, 45,
$5,204) are called statistics. In this usage, the term statistics refers to numerical facts such
as averages, medians, percentages, and maximums that help us understand a variety of busi-
ness and economic situations. However, as you will see, the field, or subject, of statistics
involves much more than numerical facts. In a broader sense, statistics is the art and sci-
ence of collecting, analyzing, presenting, and interpreting data. Particularly in business and
economics, the information provided by collecting, analyzing, presenting, and interpreting
data gives managers and decision makers a better understanding of the business and eco-
nomic environment and thus enables them to make more informed and better decisions. In
this text, we emphasize the use of statistics for business and economic decision making.
Chapter 1 begins with some illustrations of the applications of statistics in business
and economics. In Section 1.2 we define the term data and introduce the concept of a data
set. This section also introduces key terms such as variables and observations, discusses
the difference between quantitative and categorical data, and illustrates the uses of cross-
sectional and time series data. Section 1.3 discusses how data can be obtained from exist-
ing sources or through survey and experimental studies designed to obtain new data. The
important role that the Internet now plays in obtaining data is also highlighted. The uses
of data in developing descriptive statistics and in making statistical inferences are de-
scribed in Sections 1.4 and 1.5. The last three sections of Chapter 1 provide the role of the
computer in statistical analysis, an introduction to data mining, and a discussion of ethi-
cal guidelines for statistical practice. A chapter-ending appendix includes an introduction
to the add-in StatTools which can be used to extend the statistical options for users of
Microsoft Excel.

1.1 Applications in Business and Economics

In today’s global business and economic environment, anyone can access vast amounts of
statistical information. The most successful managers and decision makers understand the
information and know how to use it effectively. In this section, we provide examples that
illustrate some of the uses of statistics in business and economics.

Accounting
Public accounting firms use statistical sampling procedures when conducting audits for their
clients. For instance, suppose an accounting firm wants to determine whether the amount of
accounts receivable shown on a client’s balance sheet fairly represents the actual amount
of accounts receivable. Usually the large number of individual accounts receivable makes

reviewing and validating every account too time-consuming and expensive. As common
practice in such situations, the audit staff selects a subset of the accounts called a sample.
After reviewing the accuracy of the sampled accounts, the auditors draw a conclusion as to
whether the accounts receivable amount shown on the client’s balance sheet is acceptable.

Finance
Financial analysts use a variety of statistical information to guide their investment recom-
mendations. In the case of stocks, analysts review financial data such as price/earnings ra-
tios and dividend yields. By comparing the information for an individual stock with
information about the stock market averages, an analyst can begin to draw a conclusion as
to whether the stock is a good investment. For example, The Wall Street Journal (March 19,
2012) reported that the average dividend yield for the S&P 500 companies was 2.2%. Mi-
crosoft showed a dividend yield of 2.42%. In this case, the statistical information on divi-
dend yield indicates a higher dividend yield for Microsoft than the average dividend yield
for the S&P 500 companies. This and other information about Microsoft would help the an-
alyst make an informed buy, sell, or hold recommendation for Microsoft stock.

Marketing
Electronic scanners at retail checkout counters collect data for a variety of marketing re-
search applications. For example, data suppliers such as ACNielsen and Information Re-
sources, Inc., purchase point-of-sale scanner data from grocery stores, process the data, and
then sell statistical summaries of the data to manufacturers. Manufacturers spend hundreds
of thousands of dollars per product category to obtain this type of scanner data. Manufac-
turers also purchase data and statistical summaries on promotional activities such as spe-
cial pricing and the use of in-store displays. Brand managers can review the scanner
statistics and the promotional activity statistics to gain a better understanding of the rela-
tionship between promotional activities and sales. Such analyses often prove helpful in
establishing future marketing strategies for the various products.

Production
Today’s emphasis on quality makes quality control an important application of statistics
in production. A variety of statistical quality control charts are used to monitor the out-
put of a production process. In particular, an x-bar chart can be used to monitor the average
output. Suppose, for example, that a machine fills containers with 12 ounces of a soft drink.
Periodically, a production worker selects a sample of containers and computes the average
number of ounces in the sample. This average, or x-bar value, is plotted on an x-bar chart. A
plotted value above the chart’s upper control limit indicates overfilling, and a plotted value
below the chart’s lower control limit indicates underfilling. The process is termed “in con-
trol” and allowed to continue as long as the plotted x-bar values fall between the chart’s upper
and lower control limits. Properly interpreted, an x-bar chart can help determine when
adjustments are necessary to correct a production process.

Economics
Economists frequently provide forecasts about the future of the economy or some aspect of it.
They use a variety of statistical information in making such forecasts. For instance, in fore-
casting inflation rates, economists use statistical information on such indicators as the Producer
Price Index, the unemployment rate, and manufacturing capacity utilization. Often these sta-
tistical indicators are entered into computerized forecasting models that predict inflation rates.
Applications of statistics such as those described in this section are an integral part of
this text. Such examples provide an overview of the breadth of statistical applications. To

supplement these examples, practitioners in the fields of business and economics provided
chapter-opening Statistics in Practice articles that introduce the material covered in each
chapter. The Statistics in Practice applications show the importance of statistics in a wide
variety of business and economic situations.

Information Systems
Information systems administrators are responsible for the day-to-day operation of an
organization’s computer networks. A variety of statistical information helps administrators
assess the performance of computer networks, including local area networks (LANs), wide
area networks (WANs), network segments, intranets, and other data communication sys-
tems. Statistics such as the mean number of users on the system, the proportion of time any
component of the system is down, and the proportion of bandwidth utilized at various times
of the day are examples of statistical information that help the system administrator better
understand and manage the computer network.

1.2 Data
Data are the facts and figures collected, analyzed, and summarized for presentation and in-
terpretation. All the data collected in a particular study are referred to as the data set for the
study. Table 1.1 shows a data set containing information for 60 nations that participate in
the World Trade Organization. The World Trade Organization encourages the free flow of
international trade and provides a forum for resolving trade dispute.

Elements, Variables, and Observations

Elements are the entities on which data are collected. Each nation listed in Table 1.1 is an
element with the nation or element name shown in the first column. With 60 nations, the
data set contains 60 elements.
A variable is a characteristic of interest for the elements. The data set in Table 1.1 in-
cludes the following five variables:
• WTO Status: The nation’s membership status in the World Trade Organization; this
can be either as a member or an observer.
• Per Capita GDP ($): The total output of the nation divided by the number of peo-
ple in the nation; this is commonly used to compare economic productivity of the
nations.
• Trade Deficit ($1000s): The difference between total dollar value of the nation’s im-
ports and total dollar value of the nation’s exports.
• Fitch Rating: The nation’s sovereign credit rating as appraised by the Fitch Group1;
the credit ratings range from a high of AAA to a low of F and can be modified by
⫹ or ⫺.
• Fitch Outlook: An indication of the direction the credit rating is likely to move over
the upcoming two years; the outlook can be negative, stable, or positive.
Measurements collected on each variable for every element in a study provide the data. The
set of measurements obtained for a particular element is called an observation. Referring
to Table 1.1, we see that the set of measurements for the first observation (Armenia) is

1
The Fitch Group is one of three nationally recognized statistical rating organizations designated by the U.S. Securities and
Exchange Commission. The other two are Standard and Poor’s and Moody’s investor service.

TABLE 1.1 DATA SET FOR 60 NATIONS IN THE WORLD TRADE ORGANIZATION

WTO Per Capita Trade Fitch Fitch

Nation Status GDP ($) Deficit ($1000s) Rating Outlook
Armenia Member 5,400 2,673,359 BB⫺ Stable
Australia Member 40,800 ⫺33,304,157 AAA Stable
Austria Member 41,700 12,796,558 AAA Stable
Azerbaijan Observer 5,400 ⫺16,747,320 BBB⫺ Positive
Bahrain Member 27,300 3,102,665 BBB Stable
Belgium Member 37,600 ⫺14,930,833 AA⫹ Negative
Brazil Member 11,600 ⫺29,796,166 BBB Stable
WEB file Bulgaria
Canada
Member
Member
13,500
40,300
4,049,237
⫺1,611,380
BBB⫺
AAA
Positive
Stable
Nations Cape Verde Member 4,000 874,459 B⫹ Stable
Chile Member 16,100 ⫺14,558,218 A⫹ Stable
China Member 8,400 ⫺156,705,311 A⫹ Stable
Data sets such as Nations Colombia Member 10,100 ⫺1,561,199 BBB⫺ Stable
are available on the website Costa Rica Member 11,500 5,807,509 BB⫹ Stable
for this text. Croatia Member 18,300 8,108,103 BBB⫺ Negative
Cyprus Member 29,100 6,623,337 BBB Negative
Czech Republic Member 25,900 ⫺10,749,467 A⫹ Positive
Denmark Member 40,200 ⫺15,057,343 AAA Stable
Ecuador Member 8,300 1,993,819 B⫺ Stable
Egypt Member 6,500 28,486,933 BB Negative
El Salvador Member 7,600 5,019,363 BB Stable
Estonia Member 20,200 802,234 A⫹ Stable
France Member 35,000 118,841,542 AAA Stable
Georgia Member 5,400 4,398,153 B⫹ Positive
Germany Member 37,900 ⫺213,367,685 AAA Stable
Hungary Member 19,600 ⫺9,421,301 BBB⫺ Negative
Iceland Member 38,000 ⫺504,939 BB⫹ Stable
Ireland Member 39,500 ⫺59,093,323 BBB⫹ Negative
Israel Member 31,000 6,722,291 A Stable
Italy Member 30,100 33,568,668 A⫹ Negative
Japan Member 34,300 31,675,424 AA Negative
Kazakhstan Observer 13,000 ⫺33,220,437 BBB Positive
Kenya Member 1,700 9,174,198 B⫹ Stable
Latvia Member 15,400 2,448,053 BBB⫺ Positive
Lebanon Observer 15,600 13,715,550 B Stable
Lithuania Member 18,700 3,359,641 BBB Positive
Malaysia Member 15,600 ⫺39,420,064 A⫺ Stable
Mexico Member 15,100 1,288,112 BBB Stable
Peru Member 10,000 ⫺7,888,993 BBB Stable
Philippines Member 4,100 15,667,209 BB⫹ Stable
Poland Member 20,100 19,552,976 A⫺ Stable
Portugal Member 23,200 21,060,508 BBB⫺ Negative
South Korea Member 31,700 ⫺37,509,141 A⫹ Stable
Romania Member 12,300 13,323,709 BBB⫺ Stable
Russia Observer 16,700 ⫺151,400,000 BBB Positive
Rwanda Member 1,300 939,222 B Stable
Serbia Observer 10,700 8,275,693 BB⫺ Stable
Seychelles Observer 24,700 666,026 B Stable
Singapore Member 59,900 ⫺27,110,421 AAA Stable
Slovakia Member 23,400 ⫺2,110,626 A⫹ Stable
Slovenia Member 29,100 2,310,617 AA⫺ Negative
South Africa Member 11,000 3,321,801 BBB⫹ Stable

Sweden Member 40,600 ⫺10,903,251 AAA Stable

Switzerland Member 43,400 ⫺27,197,873 AAA Stable
Thailand Member 9,700 2,049,669 BBB Stable
Turkey Member 14,600 71,612,947 BB⫹ Positive
UK Member 35,900 162,316,831 AAA Negative
Uruguay Member 15,400 2,662,628 BB Positive
USA Member 48,100 784,438,559 AAA Stable
Zambia Member 1,600 ⫺1,805,198 B⫹ Stable

Member, 5,400, 2,673,359, BB⫺, and Stable. The set of measurements for the second ob-
servation (Australia) is Member, 40,800, ⫺33,304,157, AAA, and Stable, and so on. A data
set with 60 elements contains 60 observations.

Scales of Measurement
Data collection requires one of the following scales of measurement: nominal, ordinal,
interval, or ratio. The scale of measurement determines the amount of information con-
tained in the data and indicates the most appropriate data summarization and statistical
analyses.
When the data for a variable consist of labels or names used to identify an attribute of
the element, the scale of measurement is considered a nominal scale. For example, refer-
ring to the data in Table 1.1, the scale of measurement for the WTO Status variable is nom-
inal because the data “member” and “observer” are labels used to identify the status
category for the nation. In cases where the scale of measurement is nominal, a numerical
code as well as a nonnumerical label may be used. For example, to facilitate data collection
and to prepare the data for entry into a computer database, we might use a numerical code
for WTO Status variable by letting 1 denote a member nation in the World Trade Organi-
zation and 2 denote an observer nation. The scale of measurement is nominal even though
the data appear as numerical values.
The scale of measurement for a variable is considered an ordinal scale if the data
exhibit the properties of nominal data and in addition, the order or rank of the data is mean-
ingful. For example, referring to the data in Table 1.1, the scale of measurement for the Fitch
Rating is ordinal because the rating labels which range from AAA to F can be rank ordered
from best credit rating AAA to poorest credit rating F. The rating letters provide the labels
similar to nominal data, but in addition, the data can also be ranked or ordered based on the
credit rating, which makes the measurement scale ordinal. Ordinal data can also be recorded
by a numerical code, for example, your class rank in school.
The scale of measurement for a variable is an interval scale if the data have all the
properties of ordinal data and the interval between values is expressed in terms of a fixed
unit of measure. Interval data are always numeric. College admission SAT scores are an ex-
ample of interval-scaled data. For example, three students with SAT math scores of 620,
550, and 470 can be ranked or ordered in terms of best performance to poorest performance
in math. In addition, the differences between the scores are meaningful. For instance,
student 1 scored 620 ⫺ 550 ⫽ 70 points more than student 2, while student 2 scored
550 ⫺ 470 ⫽ 80 points more than student 3.
The scale of measurement for a variable is a ratio scale if the data have all the prop-
erties of interval data and the ratio of two values is meaningful. Variables such as dis-
tance, height, weight, and time use the ratio scale of measurement. This scale requires that
a zero value be included to indicate that nothing exists for the variable at the zero point.

For example, consider the cost of an automobile. A zero value for the cost would indicate
that the automobile has no cost and is free. In addition, if we compare the cost of $30,000
for one automobile to the cost of $15,000 for a second automobile, the ratio property
shows that the first automobile is $30,000/$15,000 ⫽ 2 times, or twice, the cost of the
second automobile.

Categorical and Quantitative Data

Data can be classified as either categorical or quantitative. Data that can be grouped by
specific categories are referred to as categorical data. Categorical data use either the nom-
inal or ordinal scale of measurement. Data that use numeric values to indicate how much
or how many are referred to as quantitative data. Quantitative data are obtained using
either the interval or ratio scale of measurement.
The statistical method A categorical variable is a variable with categorical data, and a quantitative variable
appropriate for is a variable with quantitative data. The statistical analysis appropriate for a particular vari-
summarizing data depends able depends upon whether the variable is categorical or quantitative. If the variable is
upon whether the data are
categorical or quantitative.
categorical, the statistical analysis is limited. We can summarize categorical data by count-
ing the number of observations in each category or by computing the proportion of the
observations in each category. However, even when the categorical data are identified by a
numerical code, arithmetic operations such as addition, subtraction, multiplication, and
division do not provide meaningful results. Section 2.1 discusses ways for summarizing
categorical data.
Arithmetic operations provide meaningful results for quantitative variables. For exam-
ple, quantitative data may be added and then divided by the number of observations to
compute the average value. This average is usually meaningful and easily interpreted. In
general, more alternatives for statistical analysis are possible when data are quantitative.
Section 2.2 and Chapter 3 provide ways of summarizing quantitative data.

Cross-Sectional and Time Series Data

For purposes of statistical analysis, distinguishing between cross-sectional data and time
series data is important. Cross-sectional data are data collected at the same or approxi-
mately the same point in time. The data in Table 1.1 are cross-sectional because they de-
scribe the five variables for the 60 World Trade Organization nations at the same point in
time. Time series data are data collected over several time periods. For example, the time
series in Figure 1.1 shows the U.S. average price per gallon of conventional regular gaso-
line between 2007 and 2012. Note that gasoline prices peaked in the summer of 2008 and
then dropped sharply in the fall of 2008. Since 2008, the average price per gallon has con-
tinued to climb steadily, approaching an all-time high again in 2012.
Graphs of time series data are frequently found in business and economic publica-
tions. Such graphs help analysts understand what happened in the past, identify any
trends over time, and project future values for the time series. The graphs of time series
data can take on a variety of forms, as shown in Figure 1.2. With a little study, these
graphs are usually easy to understand and interpret. For example, Panel (A) in Figure 1.2
is a graph that shows the Dow Jones Industrial Average Index from 2002 to 2012. In
April 2002, the popular stock market index was near 10,000. Over the next five years the
index rose to its all-time high of slightly over 14,000 in October 2007. However, notice
the sharp decline in the time series after the high in 2007. By March 2009, poor economic
conditions had caused the Dow Jones Industrial Average Index to return to the 7000
level. This was a scary and discouraging period for investors. However, by late 2009, the
index was showing a recovery by reaching 10,000. The index has climbed steadily and
was above 13,000 in early 2012.

FIGURE 1.1 U.S. AVERAGE PRICE PER GALLON FOR CONVENTIONAL

REGULAR GASOLINE

$4.50
$4.00

Average Price per Gallon

$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Jan 07 Aug 07 Mar 08 Oct 08 May 09 Dec 09 July 10 Feb 11 Sep 11 Mar 12
Date
Source: Energy Information Administration, U.S. Department of Energy, March 2012.

The graph in Panel (B) shows the net income of McDonald’s Inc. from 2005 to 2011. The
declining economic conditions in 2008 and 2009 were actually beneficial to McDonald’s as
the company’s net income rose to all-time highs. The growth in McDonald’s net income
showed that the company was thriving during the economic downturn as people were cutting
back on the more expensive sit-down restaurants and seeking less-expensive alternatives
offered by McDonald’s. McDonald’s net income continued to new all-time highs in 2010 and
2011.
Panel (C) shows the time series for the occupancy rate of hotels in South Florida over
a one-year period. The highest occupancy rates, 95% and 98%, occur during the months
of February and March when the climate of South Florida is attractive to tourists. In fact,
January to April of each year is typically the high-occupancy season for South Florida
hotels. On the other hand, note the low occupancy rates during the months of August to
October, with the lowest occupancy rate of 50% occurring in September. High tempera-
tures and the hurricane season are the primary reasons for the drop in hotel occupancy
during this period.

NOTES AND COMMENTS

1. An observation is the set of measurements ob- 2. Quantitative data may be discrete or continu-
tained for each element in a data set. Hence, the ous. Quantitative data that measure how many
number of observations is always the same as the (e.g., number of calls received in 5 minutes) are
number of elements. The number of measure- discrete. Quantitative data that measure how
ments obtained for each element equals the num- much (e.g., weight or time) are continuous be-
ber of variables. Hence, the total number of data cause no separation occurs between the possi-
items can be determined by multiplying the num- ble data values.
ber of observations by the number of variables.

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