New to this edition
•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 I 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 percentage 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 better explain 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 probability distribution is developed by using the relative frequency method to assign probabilities. At the request of many users, we have added a new Section 5.4 that covers bivariate discrete distributions and financial applications. We show how financial portfolios can be constructed and analyzed using these distributions.
•Chapter 12--Comparing Multiple Proportions, Tests of Independence, and Goodness of Fit. This chapter has undergone a major revision. We have added a new section on testing the equality of three or more population proportions. This section includes a procedure for making multiple comparison tests between all pairs of population proportions. The section on the test of independence has been rewritten to clarify 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 describing the use of data dashboards and data visualization at the Cincinnati Zoo and Botanical Garden. We have also added a Statistics i Practice to Chapter 4 describing how a NASA team used probability to assist in the rescue of 33 Chilean miners trapped by a cave-in.
•New Examples and Exercises based on Real Data. We continue to make a significant 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 approximately 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.
•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 I 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 percentage 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 better explain 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 probability distribution is developed by using the relative frequency method to assign probabilities. At the request of many users, we have added a new Section 5.4 that covers bivariate discrete distributions and financial applications. We show how financial portfolios can be constructed and analyzed using these distributions.
•Chapter 12--Comparing Multiple Proportions, Tests of Independence, and Goodness of Fit. This chapter has undergone a major revision. We have added a new section on testing the equality of three or more population proportions. This section includes a procedure for making multiple comparison tests between all pairs of population proportions. The section on the test of independence has been rewritten to clarify 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 describing the use of data dashboards and data visualization at the Cincinnati Zoo and Botanical Garden. We have also added a Statistics i Practice to Chapter 4 describing how a NASA team used probability to assist in the rescue of 33 Chilean miners trapped by a cave-in.
•New Examples and Exercises based on Real Data. We continue to make a significant 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 approximately 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.