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Business
Statistics
Business
Statistics
2nd Edition

By Alan Anderson, PhD

Business Statistics For Dummies®, 2nd Edition
Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com

Copyright © 2024 by John Wiley & Sons, Inc., Hoboken, New Jersey

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Library of Congress Control Number: 2023949253

ISBN 978-1-394-21992-6 (pbk); ISBN 978-1-394-21994-0 (ebk); 978-1-394-21993-3 (ebk)

Contents at a Glance
Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Part 1: Getting Started with Business Statistics. . . . . . . . . . . . . . . 5

CHAPTER 1: The Art and Science of Business Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . 7
CHAPTER 2: Pictures Tell the Story: Graphical Representations of Data. . . . . . . . . . . . 21
CHAPTER 3: Identifying the Center of a Data Set. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
CHAPTER 4: Measuring Variation in a Data Set. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
CHAPTER 5: Measuring How Data Sets Are Related to Each Other. . . . . . . . . . . . . . . . 71

Part 2: Probability Theory and Probability

Distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
CHAPTER 6: Probability Theory: Measuring the Likelihood of Events. . . . . . . . . . . . . . 97
CHAPTER 7: Probability Distributions and Random Variables . . . . . . . . . . . . . . . . . . 115
CHAPTER 8: The Binomial and Poisson Distributions. . . . . . . . . . . . . . . . . . . . . . . . . . 127

CHAPTER 9: The Normal Distribution: So Many Possibilities!. . . . . . . . . . . . . . . . . . . 145

CHAPTER 10: Sampling Techniques and Distributions. . . . . . . . . . . . . . . . . . . . . . . . . . 165

Part 3: Drawing Conclusions from Samples. . . . . . . . . . . . . . . . . 185

CHAPTER 11: Confidence Intervals and the Student’s t-Distribution. . . . . . . . . . . . . . 187
CHAPTER 12: Testing Hypotheses about the Population Mean. . . . . . . . . . . . . . . . . . 205
CHAPTER 13: Applications of the Chi-Square Distribution. . . . . . . . . . . . . . . . . . . . . . . 245
CHAPTER 14: Applications of the F-Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273

Part 4: More Advanced Techniques: Regression

Analysis and Spreadsheet Modeling . . . . . . . . . . . . . . . . . . . . . . . . . 287
CHAPTER 15: Simple Regression Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289
CHAPTER 16: Key Statistical Techniques in Excel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317

Part 5: The Part of Tens. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343

CHAPTER 17: Ten Common Errors That Arise in Statistical Analysis . . . . . . . . . . . . . . 345
CHAPTER 18: (Almost) Ten Key Categories of Formulas for Business Statistics. . . . . 353

Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363
Table of Contents
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
About This Book. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Foolish Assumptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Icons Used in This Book. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Beyond the Book. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Where to Go from Here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

PART 1: GETTING STARTED WITH BUSINESS

STATISTICS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
CHAPTER 1: The Art and Science of Business Statistics. . . . . . . . . . . . 7
Representing the Key Properties of Data. . . . . . . . . . . . . . . . . . . . . . . . . . 8
Analyzing data with graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Defining properties and relationships with
numerical measures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Probability: The Foundation of All Statistical Analysis. . . . . . . . . . . . . . 13
Random variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Probability distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Using Sampling Techniques and Sampling Distributions . . . . . . . . . . . 17
Statistical Inference: Drawing Conclusions from Data. . . . . . . . . . . . . . 17
Confidence intervals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Hypothesis testing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Simple regression analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

CHAPTER 2: Pictures Tell the Story: Graphical

Representations of Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Analyzing the Distribution of Data by Class or Category. . . . . . . . . . . . 22
Frequency distributions for quantitative data. . . . . . . . . . . . . . . . . .23
Frequency distribution for qualitative values . . . . . . . . . . . . . . . . . . 27
Cumulative frequency distributions. . . . . . . . . . . . . . . . . . . . . . . . . . 28
Histograms: Getting a Picture of Frequency Distributions . . . . . . . . . . 29
Checking Out Other Useful Graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Line graphs: Showing the values of a data series. . . . . . . . . . . . . . . 31
Pie charts: Showing the composition of a data set. . . . . . . . . . . . . . 32
Scatter plots: Showing the relationship between two variables. . . 33

CHAPTER 3: Identifying the Center of a Data Set. . . . . . . . . . . . . . . . . . . 35

Looking at Methods for Finding the Mean. . . . . . . . . . . . . . . . . . . . . . . . 36
Arithmetic mean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Geometric mean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Weighted mean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Table of Contents vii

 Getting to the Middle of Things: The Median of a Data Set . . . . . . . . . 42
Determining the Relationship Between the Mean and Median. . . . . . 44
Symmetrical. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Negatively skewed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Positively skewed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Discovering the Mode: The Most Frequently Repeated Element. . . . . 48
Computing the Mean, Median, and Mode with the
TI-84 Plus Calculator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

CHAPTER 4: Measuring Variation in a Data Set. . . . . . . . . . . . . . . . . . . . . 53

Determining Variance and Standard Deviation . . . . . . . . . . . . . . . . . . . 54
Finding the sample variance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Finding the sample standard deviation . . . . . . . . . . . . . . . . . . . . . . . 55
Calculating population variance and standard deviation . . . . . . . . 59
Finding the Relative Position of Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Percentiles: Dividing everything into hundredths . . . . . . . . . . . . . . 63
Quartiles: Dividing everything into fourths. . . . . . . . . . . . . . . . . . . . 64
Interquartile range: Identifying the middle 50 percent. . . . . . . . . . 66
Measuring Relative Variation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
Coefficient of variation: The spread of a data set
relative to the mean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
Comparing the relative risks of two portfolios . . . . . . . . . . . . . . . . . 68
Computing Measures of Dispersion with the TI-84 Plus Calculator. . . 69

CHAPTER 5: Measuring How Data Sets Are Related

to Each Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Understanding Covariance and Correlation . . . . . . . . . . . . . . . . . . . . . . 72
Sample covariance and correlation coefficient. . . . . . . . . . . . . . . . . 73
Population covariance and correlation coefficient. . . . . . . . . . . . . . 78
Comparing correlation and covariance . . . . . . . . . . . . . . . . . . . . . . . 83
Interpreting the Correlation Coefficient. . . . . . . . . . . . . . . . . . . . . . . . . . 86
Showing the relationship between two variables. . . . . . . . . . . . . . . 87
Application: Correlation and the benefits of diversification. . . . . . 89
Computing Covariance and Correlation with the TI-84 Plus
Calculator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

PART 2: PROBABILITY THEORY AND PROBABILITY

DISTRIBUTIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
CHAPTER 6: Probability Theory: Measuring the
Likelihood of Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Working with Sets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Membership. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Subset. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

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