Statistical Techniques in Business & Economics

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S t a t i s t i c a l Te c h n i q u e s i n
Business & Economics
                      Fifteenth Edition

                       Douglas A. Lind
         Coastal Carolina University and The University of Toledo

                    William G. Marchal
                        The University of Toledo

                     Samuel A. Wathen
                       Coastal Carolina University

Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221Avenue of the
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in any network or other electronic storage or transmission, or broadcast for distance learning.

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United States.

This book is printed on acid-free paper.

1 2 3 4 5 6 7 8 9 0 RJE/RJE 1 0 9 8 7 6 5 4 3 2 1

ISBN     978-0-07-340180-5 (student edition)
MHID     0-07-340180-3 (student edition)
ISBN     978-0-07-732701-9 (instructor's edition)
MHID     0-07-732701-2 (instructor's edition)

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                              Library of Congress Cataloging-in-Publication Data
Lind, Douglas A.
     Statistical techniques in business & economics / Douglas A. Lind, William G. Marchal,
  Samuel A. Wathen. -- 15th ed.
        p. cm. -- (The McGraw-Hill/Irwin series operations and decision sciences)
     Includes index.
     ISBN-13: 978-0-07-340180-5 (student ed. : alk. paper)
     ISBN-10: 0-07-340180-3 (student ed. : alk. paper)
     ISBN-13: 978-0-07-732701-9 (instructor's ed. : alk. paper)
     ISBN-10: 0-07-732701-2 (instructor's ed. : alk. paper)
     1. Social sciences--Statistical methods. 2. Economics--Statistical methods. 3. Commercial
  statistics. I. Marchal, William G. II. Wathen, Samuel Adam. III. Title. IV. Title: Statistical
  techniques in business and economics.
  HA29.M268 2012

To Jane, my wife and best friend, and our sons, their wives, and our
grandchildren: Mike and Sue (Steve and Courtney), Steve and Kathryn
(Kennedy and Jake), and Mark and Sarah (Jared, Drew, and Nate).

                                                     Douglas A. Lind

To John Eric Mouser, his siblings, parents, and Granny.

                                                 William G. Marchal

To my wonderful family: Isaac, Hannah, and Barb.

                                                   Samuel A. Wathen
                                                A Note from
     Over the years, we have received many compliments on this text and
     understand that it's a favorite among students. We accept that as the high-
     est compliment and continue to work very hard to maintain that status.
          The objective of Statistical Techniques in Business and Economics is
     to provide students majoring in management, marketing, finance,
     accounting, economics, and other fields of business administration with
     an introductory survey of the many applications of descriptive and infer-
     ential statistics. We focus on business applications, but we also use
     many exercises and examples that relate to the current world of the col-
     lege student. A previous course in statistics is not necessary, and the
     mathematical requirement is first-year algebra.
          In this text, we show beginning students every step needed to be suc-
     cessful in a basic statistics course. This step-by-step approach enhances
     performance, accelerates preparedness, and significantly improves moti-
     vation. Understanding the concepts, seeing and doing plenty of examples
     and exercises, and comprehending the application of statistical methods
     in business and economics are the focus of this book.
          The first edition of this text was published in 1967. At that time, locat-
     ing relevant business data was difficult. That has changed! Today, locat-
     ing data is not a problem. The number of items you purchase at the gro-
     cery store is automatically recorded at the checkout counter. Phone
     companies track the time of our calls, the length of calls, and the iden-
     tity of the person called. Credit card companies maintain information on
     the number, time and date, and amount of our purchases. Medical
     devices automatically monitor our heart rate, blood pressure, and tem-
     perature from remote locations. A large amount of business information
     is recorded and reported almost instantly. CNN, USA Today, and
     MSNBC, for example, all have websites that track stock prices with a
     delay of less than 20 minutes.
          Today, skills are needed to deal with a large volume of numerical
     information. First, we need to be critical consumers of information pre-
     sented by others. Second, we need to be able to reduce large amounts
     of information into a concise and meaningful form to enable us to make
     effective interpretations, judgments, and decisions. All students have cal-
     culators and most have either personal computers or access to personal
     computers in a campus lab. Statistical software, such as Microsoft Excel
     and Minitab, is available on these computers. The commands necessary
     to achieve the software results are available in a special section at the
     end of each chapter. We use screen captures within the chapters, so the
     student becomes familiar with the nature of the software output.
          Because of the availability of computers and software, it is no Ionger
     necessary to dwelI on calculations. We have replaced many of the calcu-
     lation examples with interpretative ones, to assist the student in under-
     standing and interpreting the statistical results. In addition, we now place
     more emphasis on the conceptual nature of the statistical topics. While
     making these changes, we still continue to present, as best we can, the
     key concepts, along with supporting interesting and relevant examples.

the Authors
What's New in This Fifteenth Edition?
            We have made changes to this edition that we think you and your stu-
            dents will find useful and timely.
              We have revised the learning objectives so they are more specific,
               added new ones, identified them in the margin, and keyed them
               directly to sections within the chapter.
              We have replaced the key example in Chapters 1 to 4. The new
               example includes more variables and more observations. It presents
               a realistic business situation. It is also used later in the text in Chap-
               ter 13.
              We have added or revised several new sections in various chapters:
                Chapter 7 now includes a discussion of the exponential distribution.

                Chapter 9 has been reorganized to make it more teachable and

                  improve the flow of the topics.
                Chapter 13 has been reorganized and includes a test of hypothe-

                  sis for the slope of the regression coefficient.
                Chapter 17 now includes a graphic test for normality and the chi-

                  square test for normality.
              New exercises and examples use Excel 2007 screenshots and the lat-
               est version of Minitab. We have also increased the size and clarity of
               these screenshots.
              There are new Excel 2007 software commands and updated Minitab
               commands at the ends of chapters.
              We have carefully reviewed the exercises within the chapters, those
               at the ends of chapters, and in the Review Section. We have added
               many new or revised exercises throughout. You can still find and
               assign your favorites that have worked well, or you can introduce
               fresh examples.
              Section numbers have been added to more clearly identify topics and
               more easily reference them.
              The exercises that contain data files are identified by an icon for easy
              The Data Exercises at the end of each chapter have been revised.
               The baseball data has been updated to the most current completed
               season, 2009. A new business application has been added that refers
               to the use and maintenance of the school bus fleet of the Buena
               School District.
              There are many new photos throughout, with updated exercises in
               the chapter openers.

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