The Third Edition of Essential Statistics in Business and Economics
was written to meet four distinct objectives. Objective 1:
Communicate the Meaning of Variation in a Business Context
Variation exists everywhere in the world around us and successful
businesses know how to measure variation. This text shows how
businesses know how to tell when variation should be responded to
and when it should be left alone. Objective 2: Use Realistic
Business Applications The text offers examples, case studies, and
problems from current research or real applications whenever
possible. Hypothetical data are used when it seems the best way to
illustrate a concept. Objective 3: Incorporate Current Statistical
Practices and Offer Practical Advice With the increased reliance on
computers and data analytics, statistics practitioners have changed
the way they use statistical tools. The text shows the current
practices and explains why they are used the way they are, and
tells you when each technique should not be used. Objective 4:
Provide More In-Depth Explanation of the Why and Let the Software
Take Care of the How Today's technology makes it easier to
summarize and communicate with data than ever before. The text
demonstrates easily mastered techniques with commonly available
software. The authors emphasize the idea of risks in decision
making and that risks should be quantified and considered in
business decisions.
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