Conversational Statistics for Business & Economics

Edition: 4

\$111.72

ISBN 9781524969790

Details Electronic Delivery EBOOK 180 days

New Fourth Edition Now Available!

Conversational Statistics for Business and Economics is a textbook like no other. Written in an entertaining narrative format that reads like a novel, the book talks the reader through a thought process that leads to logical conclusions without all of the clutter and jargon provided by other statistics textbooks.

Based on the author’s 25+ years of teaching, L. Van Jones anticipates the reader’s questions and has interspersed them at appropriate times throughout Conversational Statistics to create a narrative textbook in an interactive format.

With content presented in an easy-to-understand and humorous manner by a native Texan, Conversational Statistics for Business and Economics features:

• Coverage of 15 major subjects, including Descriptive and Inferential Statistics (Confidence Intervals and Hypothesis Testing), ANOVA, Quality Control with introduction to Six Sigma, Index Numbers, Regression, and Time Series Modeling.
• An accompanying detailed step-by-step solutions manual to help the reader understand the order of operation and allows the professor to concentrate on lectures and testing. Spiral bound in a tab format, the manual includes In-Class Problem Solutions, Homework Solutions, and Pop Quizzes.
• In-Class Problems to be used at the end of each lecture to help solidify and comprehend what has been discussed.
• Homework Problems with detailed solutions to aid in the reader learning the material.

Preface

Chapter 1 Introduction to Definitions, Concepts and Graphics
Introduction
Uses of Statistical Techniques
More General Ideas and a Couple of Specific Thoughts
Bias
Random Sample
Population versus Sample
Concept of Inferential Statistics
Sampling Error
Parameter and Statistic
Central Tendency
Dispersion
Variables
Raw (Ungrouped) and Grouped (Frequency Distribution) Data Sets
Other Terms and Calculations
Pictorial Displays
Caveat (Keep in Mind for Chapter 3)
Homework Problems Chapter 1

Chapter 2 Descriptive Statistics—Raw Data
Measures of Central Tendency for Raw (Ungrouped) Data Sets
Calculations for Measures of Dispersion for Raw (Ungrouped) Data Sets
Summary Chart for the Symbols I Am Using
Excel Calculations
Pearsonian Coefficient of Skewness
Example One
Example Two
Types of Distributions
Coefficient of Variation
In-Class Problems Chapter 2
Homework Problems Chapter 2

Chapter 3 Descriptive Statistics—Grouped Data
Measures of Central Tendency for Grouped Data Sets
Variance and Standard Deviation for Grouped Data Sets
Percentiles, Quartiles, and Deciles
Empirical Rule and Chebyshev’s Theorem
In-Class Problems Chapter 3
Homework Problems Chapter 3

Chapter 4 Probability I—The Basics
Three Important Theorems
Why Do You Study Probability?
Let’s Look at Some Examples
Three Generally-Accepted Approaches to Probability
Odds Making—The Basics
Probability or Decision Tree
Events, Unions, Intersections, Addition, and Subtraction Rules
Unions and Intersections
Set A
Set B
Intersection
Union
Frequency Table and Probability Table
Summary of General Guidelines
Remember These Definitions
Frequency Table and Probability Table
Fun Applications
In-Class Problems Chapter 4
Homework Problems Chapter 4

Chapter 5 Probabilities II—Probability Distributions
Permutations and Combinations
Probability Distributions
Mathematical Expectations
Game
Uniform Probability Distribution (Continuous Data)
Other Probability Distributions
Binomial Distribution (Discrete Data)
Normal Distribution (Continuous Data)
Standard Normal Distribution
Tear-Out Normal Distribution Table
In-Class Problems Chapter 5
Homework Problems Chapter 5

Chapter 6 Inferential Statistics—The Basics
Inferential Statistics
Sampling Distribution
Sampling Error
Sampling Distribution of Sample Means
Standard Error (okay, start paying close attention from this point forward)
Central Limit Theorem and the Z-Process
Finite Population Correction Factor
Use of the Z-Process
Four Methods of Sampling Which Meet the Requirement of
Randomness
Quota or Mall Intercept Sampling
Non-Sampling Error
Tear-Out Sheet: Normal Distribution Table
In-Class Problems Chapter 6
Homework Problems Chapter 6
Extra Problems Chapter 6

Chapter 7 Confidence Intervals—One Population Mean and Proportion Testing
Confidence Intervals
Z-Values
Relationship Between Standard Error, Sample Size, and Interval Width
t-test
Rules to Remember
Controlling or Affecting the Interval Width
Sample Size
Four Properties of a Good Estimator
Proportions (Confidence Intervals)
Tear-Out Sheet: t-Distribution Table
In-Class Problems Chapter 7
Homework Problems Chapter 7
Extra Problems Chapter 7

Chapter 8 Applying Inferential Statistics—Hypothesis Testing One Population
Introduction: What Is Hypothesis Testing?
Confidence Intervals as Contrasted to Hypothesis Testing
Confidence Interval
Hypothesis Testing (Form III)
Example of Hypothesis Testing
An Overview of the Concept
Type I and Type II Errors (Side Bar as a Judge Would Say)
Five Steps for Working Hypothesis Testing Problems
Three Forms of Hypothesis Testing (Forms I, II and III)
The Statement of Conclusion
How to Set Up the Null Hypothesis
Three Critical Questions That Will Aid in Setting
Up the Alternate Hypothesis in Step I of the Process
Another Method of Setting Up the Alternate Hypotheses
A Complete Example
Permitted Substitutions
The Z-Test Approach
The p-value Approach
Using Excel for p-values
Final Thought on the p-value
“Professor, I Still Get Confused about What to Do with Critical and Calculated Values. Can You Help?”
How Do I Keep All of These Insane Rules Straight in My Mind?
Proportions
In-Class Problems Chapter 8
Homework Problems Chapter 8
Extra Problems Chapter 8

Chapter 9 Hypothesis Testing and Confidence Intervals for Two Populations
Two Populations
Confidence Intervals—Large Samples
Hypothesis Testing—Large Samples
Numerator Calculation
Denominator Calculation
Putting Them Together
Hypothesis Testing versus Confidence Intervals
Proportions
Use of Excel
t-test: Paired Two Sample Means
In-Class Problems Chapter 9
Homework Problems Chapter 9
Extra Problems Chapter 9

Chapter 10 Applying Inferential Statistics—Chi-Square as a Parametric Test, the F-distribution, One-Way ANOVA Tests
Introduction
Chi-Square as a Parametric Test
F-distribution
One-Way ANOVA Tests
Manual Calculations of ANOVA
In-Class Problems Chapter 10
Homework Problems Chapter 10

Chapter 11 Forecasting—Simple and Multiple Regression
Regression
Linear and Nonlinear Regression
Probabilistic or Stochastic or Random Model (All the Same)
Regression Using Excel
Coefficient of Determination and Correlation
Three Y-Values
Manual Approach to the Method of Least Squares or Ordinary Least Squares
Pizza Restaurant Study
Manual Calculation of the Predicting Equation
Goodness of Fit (Coefficient of Determination and Standard Error of Regression)
Computational Ease for SSR and SST
Standard Error of the Estimate
Coefficient of Correlation
Caveats
Beta and Rho Testing
More Accurate Uses of the Standard Error
The Predicting Interval and Confidence Interval
(Specific Names and Specific Solutions for Each)
Multiple Regression
Parsimonious Model
R-Square (Coefficient of Determination)
Excel Output ANOVA Portion
In-Class Problems Chapter 11
Homework Problems Chapter 11

Chapter 12 Smoothing Techniques and Time-Series Qualitative and Quantitative Methods of Forecasting
Qualitative Approaches
Quantitative Approaches
Several Observations and Definitions
Three Methods of Forecasting
Formula Terms Defined Separately
Chart Presentations Using Chart Wizard and Smoothing Using Excel
Why Do All of This or the “Who Cares”Question
Excel for Developing Forecasting Equations
In-Class Problems Chapter 12
Homework Problems Chapter 12

Chapter 13 Index Numbers
Index Numbers
Examples of Common Price Index Numbers
Consumer Price Index (CPI)
Common Uses of the CPI
Weaknesses of CPI
CPI as an Inflation Calculator
The CPI as a Deflation Calculator
Calculating the Relative Price Change Between Two Periods
Is the CPI the Best Measure of Inflation?
Estimating Prices or Cost Using CPI or Your Own Index Numbers
Producer Price Index
Industrial Production Index
Dow-Jones Industrial Average
Standard and Poor’s Composite Index
In General There Are Three Basic Types of Index
Numbers
Laspeyres Index Calculation
Paasche Index Calculation
Identifying Issues and Concerns
Can Index Numbers Be Manipulated?
In-Class Problems Chapter 13
Homework Problems Chapter 13

Chapter 14 Assumption Free Distributions Chi-Square as a Nonparametric Test
Chi-Square as a Nonparametric Test
Other Nonparametric Tests
Back to Chi-Square as a Nonparametric Test
Goodness of Fit
Setting Up the Null and Alternate Hypotheses
Solutions to Chi-Square Problems
Difference in the Solutions
Excel
In-Class Problems Chapter 14
Homework Problems Chapter 14

Chapter 15 Quality Control Including Six Sigma™—Introduction
Quality Control
Control Charts
Process Quality Control
Charts as an Aid
General Procedure
Rational Subgroups
The Mean Chart
The Range Chart
Control Charts for Attributes
P-Charts
C-Charts
Interpreting Control Charts
Acceptance Sampling
What Does This Mean?
Different Sampling Plans
Six Sigma™ Commuting
Professor, Why Don’t You Just Leave Earlier?
Thinking of It a Different Way
A Second Example
General Textbook Ending Comment
One Last Attempt at Humor
In-Class Problems Chapter 15
Homework Problems Chapter 15

Appendix I My Personal Opinion on the Application of Probabilities to Evolutionary Theory – A Non-Testable Section

Appendix II Tables

Index

Loyde Vanalan Jones

New Fourth Edition Now Available!

Conversational Statistics for Business and Economics is a textbook like no other. Written in an entertaining narrative format that reads like a novel, the book talks the reader through a thought process that leads to logical conclusions without all of the clutter and jargon provided by other statistics textbooks.

Based on the author’s 25+ years of teaching, L. Van Jones anticipates the reader’s questions and has interspersed them at appropriate times throughout Conversational Statistics to create a narrative textbook in an interactive format.

With content presented in an easy-to-understand and humorous manner by a native Texan, Conversational Statistics for Business and Economics features:

• Coverage of 15 major subjects, including Descriptive and Inferential Statistics (Confidence Intervals and Hypothesis Testing), ANOVA, Quality Control with introduction to Six Sigma, Index Numbers, Regression, and Time Series Modeling.
• An accompanying detailed step-by-step solutions manual to help the reader understand the order of operation and allows the professor to concentrate on lectures and testing. Spiral bound in a tab format, the manual includes In-Class Problem Solutions, Homework Solutions, and Pop Quizzes.
• In-Class Problems to be used at the end of each lecture to help solidify and comprehend what has been discussed.
• Homework Problems with detailed solutions to aid in the reader learning the material.

Preface

Chapter 1 Introduction to Definitions, Concepts and Graphics
Introduction
Uses of Statistical Techniques
More General Ideas and a Couple of Specific Thoughts
Bias
Random Sample
Population versus Sample
Concept of Inferential Statistics
Sampling Error
Parameter and Statistic
Central Tendency
Dispersion
Variables
Raw (Ungrouped) and Grouped (Frequency Distribution) Data Sets
Other Terms and Calculations
Pictorial Displays
Caveat (Keep in Mind for Chapter 3)
Homework Problems Chapter 1

Chapter 2 Descriptive Statistics—Raw Data
Measures of Central Tendency for Raw (Ungrouped) Data Sets
Calculations for Measures of Dispersion for Raw (Ungrouped) Data Sets
Summary Chart for the Symbols I Am Using
Excel Calculations
Pearsonian Coefficient of Skewness
Example One
Example Two
Types of Distributions
Coefficient of Variation
In-Class Problems Chapter 2
Homework Problems Chapter 2

Chapter 3 Descriptive Statistics—Grouped Data
Measures of Central Tendency for Grouped Data Sets
Variance and Standard Deviation for Grouped Data Sets
Percentiles, Quartiles, and Deciles
Empirical Rule and Chebyshev’s Theorem
In-Class Problems Chapter 3
Homework Problems Chapter 3

Chapter 4 Probability I—The Basics
Three Important Theorems
Why Do You Study Probability?
Let’s Look at Some Examples
Three Generally-Accepted Approaches to Probability
Odds Making—The Basics
Probability or Decision Tree
Events, Unions, Intersections, Addition, and Subtraction Rules
Unions and Intersections
Set A
Set B
Intersection
Union
Frequency Table and Probability Table
Summary of General Guidelines
Remember These Definitions
Frequency Table and Probability Table
Fun Applications
In-Class Problems Chapter 4
Homework Problems Chapter 4

Chapter 5 Probabilities II—Probability Distributions
Permutations and Combinations
Probability Distributions
Mathematical Expectations
Game
Uniform Probability Distribution (Continuous Data)
Other Probability Distributions
Binomial Distribution (Discrete Data)
Normal Distribution (Continuous Data)
Standard Normal Distribution
Tear-Out Normal Distribution Table
In-Class Problems Chapter 5
Homework Problems Chapter 5

Chapter 6 Inferential Statistics—The Basics
Inferential Statistics
Sampling Distribution
Sampling Error
Sampling Distribution of Sample Means
Standard Error (okay, start paying close attention from this point forward)
Central Limit Theorem and the Z-Process
Finite Population Correction Factor
Use of the Z-Process
Four Methods of Sampling Which Meet the Requirement of
Randomness
Quota or Mall Intercept Sampling
Non-Sampling Error
Tear-Out Sheet: Normal Distribution Table
In-Class Problems Chapter 6
Homework Problems Chapter 6
Extra Problems Chapter 6

Chapter 7 Confidence Intervals—One Population Mean and Proportion Testing
Confidence Intervals
Z-Values
Relationship Between Standard Error, Sample Size, and Interval Width
t-test
Rules to Remember
Controlling or Affecting the Interval Width
Sample Size
Four Properties of a Good Estimator
Proportions (Confidence Intervals)
Tear-Out Sheet: t-Distribution Table
In-Class Problems Chapter 7
Homework Problems Chapter 7
Extra Problems Chapter 7

Chapter 8 Applying Inferential Statistics—Hypothesis Testing One Population
Introduction: What Is Hypothesis Testing?
Confidence Intervals as Contrasted to Hypothesis Testing
Confidence Interval
Hypothesis Testing (Form III)
Example of Hypothesis Testing
An Overview of the Concept
Type I and Type II Errors (Side Bar as a Judge Would Say)
Five Steps for Working Hypothesis Testing Problems
Three Forms of Hypothesis Testing (Forms I, II and III)
The Statement of Conclusion
How to Set Up the Null Hypothesis
Three Critical Questions That Will Aid in Setting
Up the Alternate Hypothesis in Step I of the Process
Another Method of Setting Up the Alternate Hypotheses
A Complete Example
Permitted Substitutions
The Z-Test Approach
The p-value Approach
Using Excel for p-values
Final Thought on the p-value
“Professor, I Still Get Confused about What to Do with Critical and Calculated Values. Can You Help?”
How Do I Keep All of These Insane Rules Straight in My Mind?
Proportions
In-Class Problems Chapter 8
Homework Problems Chapter 8
Extra Problems Chapter 8

Chapter 9 Hypothesis Testing and Confidence Intervals for Two Populations
Two Populations
Confidence Intervals—Large Samples
Hypothesis Testing—Large Samples
Numerator Calculation
Denominator Calculation
Putting Them Together
Hypothesis Testing versus Confidence Intervals
Proportions
Use of Excel
t-test: Paired Two Sample Means
In-Class Problems Chapter 9
Homework Problems Chapter 9
Extra Problems Chapter 9

Chapter 10 Applying Inferential Statistics—Chi-Square as a Parametric Test, the F-distribution, One-Way ANOVA Tests
Introduction
Chi-Square as a Parametric Test
F-distribution
One-Way ANOVA Tests
Manual Calculations of ANOVA
In-Class Problems Chapter 10
Homework Problems Chapter 10

Chapter 11 Forecasting—Simple and Multiple Regression
Regression
Linear and Nonlinear Regression
Probabilistic or Stochastic or Random Model (All the Same)
Regression Using Excel
Coefficient of Determination and Correlation
Three Y-Values
Manual Approach to the Method of Least Squares or Ordinary Least Squares
Pizza Restaurant Study
Manual Calculation of the Predicting Equation
Goodness of Fit (Coefficient of Determination and Standard Error of Regression)
Computational Ease for SSR and SST
Standard Error of the Estimate
Coefficient of Correlation
Caveats
Beta and Rho Testing
More Accurate Uses of the Standard Error
The Predicting Interval and Confidence Interval
(Specific Names and Specific Solutions for Each)
Multiple Regression
Parsimonious Model
R-Square (Coefficient of Determination)
Excel Output ANOVA Portion
In-Class Problems Chapter 11
Homework Problems Chapter 11

Chapter 12 Smoothing Techniques and Time-Series Qualitative and Quantitative Methods of Forecasting
Qualitative Approaches
Quantitative Approaches
Several Observations and Definitions
Three Methods of Forecasting
Formula Terms Defined Separately
Chart Presentations Using Chart Wizard and Smoothing Using Excel
Why Do All of This or the “Who Cares”Question
Excel for Developing Forecasting Equations
In-Class Problems Chapter 12
Homework Problems Chapter 12

Chapter 13 Index Numbers
Index Numbers
Examples of Common Price Index Numbers
Consumer Price Index (CPI)
Common Uses of the CPI
Weaknesses of CPI
CPI as an Inflation Calculator
The CPI as a Deflation Calculator
Calculating the Relative Price Change Between Two Periods
Is the CPI the Best Measure of Inflation?
Estimating Prices or Cost Using CPI or Your Own Index Numbers
Producer Price Index
Industrial Production Index
Dow-Jones Industrial Average
Standard and Poor’s Composite Index
In General There Are Three Basic Types of Index
Numbers
Laspeyres Index Calculation
Paasche Index Calculation
Identifying Issues and Concerns
Can Index Numbers Be Manipulated?
In-Class Problems Chapter 13
Homework Problems Chapter 13

Chapter 14 Assumption Free Distributions Chi-Square as a Nonparametric Test
Chi-Square as a Nonparametric Test
Other Nonparametric Tests
Back to Chi-Square as a Nonparametric Test
Goodness of Fit
Setting Up the Null and Alternate Hypotheses
Solutions to Chi-Square Problems
Difference in the Solutions
Excel
In-Class Problems Chapter 14
Homework Problems Chapter 14

Chapter 15 Quality Control Including Six Sigma™—Introduction
Quality Control
Control Charts
Process Quality Control
Charts as an Aid
General Procedure
Rational Subgroups
The Mean Chart
The Range Chart
Control Charts for Attributes
P-Charts
C-Charts
Interpreting Control Charts
Acceptance Sampling
What Does This Mean?
Different Sampling Plans
Six Sigma™ Commuting
Professor, Why Don’t You Just Leave Earlier?
Thinking of It a Different Way
A Second Example
General Textbook Ending Comment
One Last Attempt at Humor
In-Class Problems Chapter 15
Homework Problems Chapter 15

Appendix I My Personal Opinion on the Application of Probabilities to Evolutionary Theory – A Non-Testable Section

Appendix II Tables

Index

Loyde Vanalan Jones