Practical Business Statistics

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9780123852083: Practical Business Statistics

Practical Business Statistics, Sixth Edition, is a conceptual , realistic, and matter-of-fact approach to managerial statistics that carefully maintains, but does not overemphasize, mathematical correctness. The book offers a deep understanding of how to learn from data and how to deal with uncertainty while promoting the use of practical computer applications. This teaches present and future managers how to use and understand statistics without an overdose of technical detail, enabling them to better understand the concepts at hand and to interpret results. The text uses excellent examples with real world data relating to the functional areas within Business such as finance, accounting, and marketing. It is well written and designed to help students gain a solid understanding of fundamental statistical principles without bogging them down with excess mathematical details.

This edition features many examples and problems that have been updated with more recent data sets, and continues to use the ever-changing Internet as a data source. Supplemental materials include companion website with datasets and software.

Each chapter begins with an overview, showing why the subject is important to business, and ends with a comprehensive summary, with key words, questions, problems, database exercises, projects, and cases in most chapters.

This text is written for the introductory business/management statistics course offered for undergraduate students or Quantitative Methods in Management/ Analytics for Managers at the MBA level.



  • User-friendly, lively writing style
  • Separate writing chapter aids instructors in teaching how to explain quantitative analysis
  • Over 200 carefully-drawn charts and graphs show how to visualize data
  • Data mining is a theme that appears in many chapters, often featuring a large database (included on the website) of characteristics of 20,000 potential donors to a worthy cause and the amount actually given in response to a mailing
  • Many of the examples and problems in the sixth edition have been updated with more recent data sets, and the ever-changing Internet continues to be featured as a data source
  • Each chapter begins with an overview, showing why the subject is important to business, and ends with a comprehensive summary, with key words, questions, problems, database exercises, projects, and cases in most chapters
  • All details are technically accurate (Professor Siegel has a PhD in Statistics from Stanford University and has given presentations on exploratory data analysis with its creator) while the book concentrates on the understanding and use of statistics by managers
  • Features that have worked well for students and instructors in the first five editions have been retained

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From the Publisher:

Text packaged with CD including data sets, PowerPoint slides, StatPad software, and practice quizzes, combines all the students tools in one easy medium.
Excel incorporated throughout the text where appropriate. Excel integration is important to students who will utilize this software as practitioners.
Increased coverage of data collection. The reason data analysis is gaining favor is because it is closer to the way real people in real situations make decisions and solve problems.
Internet Exercises have been added; this gives students more exposure to the Internet as it relates to business statistics.
New, updated design, more appealing and attractive to students and instructors.
Updated selected exercises.
Emphasis on real business uses of statistics giving students a "real world" perspective.
Emphasis on basic understanding and interpretation rather than theory and computations providing a more applied approach to learning and teaching business statistics. The text delivers exactly what is business majors need to know and learn about statistics.
Easy to read style of presentation making learning statistics more exciting for students.
Problem sets that are practical diverse, believable and motivating from all functional areas of business to appeal to a wide variety of business students.
Liberal use of graphics and larger data sets which peaks student's interest.
Emphasis on topics such as regression, forecasting, quality, and data descriptions that are most often encountered in the business world. This gives students an understanding as to why these topics are important in business.
Key words section at the end of chapters and end of book glossary.
'Projects' section in the end-of-chapter material that brings statistics closer to students' needs and interests by asking them to define the problem and choose the data set from their own interests.
Brief, illustrative case studies offer students practice in business decision-making and problem solving.

About the Author:

Andrew F. Siegel holds the Grant I. Butterbaugh Professorship in Quantitative Methods and Finance at the Michael G. Foster School of Business, University of Washington, Seattle, and is also Adjunct Professor in the Department of Statistics. His Ph.D. is in statistics from Stanford University (1977). Before settling in Seattle, he held teaching and/ or research positions at Harvard University, the University of Wisconsin, the RAND Corporation, the Smithsonian Institution, and Princeton University. He has taught statistics at both undergraduate and graduate levels, and earned seven teaching awards in 2015 and 2016. The interest-rate model he developed with Charles Nelson (the Nelson-Siegel Model) is in use at central banks around the world. His work has been translated into Chinese and Russian. His articles have appeared in many publications, including the Journal of the American Statistical Association, the Encyclopedia of Statistical Sciences, the American Statistician, Proceedings of the National Academy of Sciences, Nature, the American Mathematical Monthly, the Journal of the Royal Statistical Society, the Annals of Statistics, the Annals of Probability, the Society for Industrial and Applied Mathematics Journal on Scientific and Statistical Computing, Statistics in Medicine, Biometrika, Biometrics, Statistical Applications in Genetics and Molecular Biology, Mathematical Finance, Contemporary Accounting Research, the Journal of Finance, and the Journal of Applied Probability.

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