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Tài liệu Thống kê statistical techniques in business and economics 17th by wathen Tài liệu Thống kê statistical techniques in business and economics 17th by wathen Tài liệu Thống kê statistical techniques in business and economics 17th by wathen Tài liệu Thống kê statistical techniques in business and economics 17th by wathen Tài liệu Thống kê statistical techniques in business and economics 17th by wathen Tài liệu Thống kê statistical techniques in business and economics 17th by wathen Tài liệu Thống kê statistical techniques in business and economics 17th by wathen v
Statistical Techniques in Business & Economics Seventeenth Edition LIND MARCHAL WATHEN Statistical Techniques in BUSINESS & ECONOMICS The McGraw-Hill/Irwin Series in Operations and Decision Sciences SUPPLY CHAIN MANAGEMENT BUSINESS RESEARCH METHODS Benton Purchasing and Supply Chain Management Third Edition Cooper and Schindler Business Research Methods Twelfth Edition Swink, Melnyk, Cooper, and Hartley Managing Operations across the Supply Chain Second Edition BUSINESS FORECASTING PRODUCT DESIGN Wilson, Keating, and John Galt Solutions, Inc Business Forecasting Sixth Edition Ulrich and Eppinger Product Design and Development Fifth Edition LINEAR STATISTICS AND REGRESSION Slater and Wittry Math for Business and Finance: An Algebraic Approach First Edition Bowersox, Closs, Cooper, and Bowersox Supply Chain Logistics Management Fourth Edition Burt, Petcavage, and Pinkerton Supply Management Eighth Edition Johnson, Leenders, and Flynn Purchasing and Supply Management Fourteenth Edition Simchi-Levi, Kaminsky, and Simchi-Levi Designing and Managing the Supply Chain: Concepts, Strategies, Case Studies Third Edition PROJECT MANAGEMENT Brown and Hyer Managing Projects: A Team-Based Approach First Edition Larson and Gray Project Management: The Managerial Process Fifth Edition Kutner, Nachtsheim, and Neter Applied Linear Regression Models Fourth Edition BUSINESS SYSTEMS DYNAMICS Sterman Business Dynamics: Systems Thinking and Modeling for a Complex World First Edition OPERATIONS MANAGEMENT Cachon and Terwiesch Matching Supply with Demand: An Introduction to Operations Management Third Edition SERVICE OPERATIONS MANAGEMENT Finch Interactive Models for Operations and Supply Chain Management First Edition Fitzsimmons and Fitzsimmons Service Management: Operations, Strategy, Information Technology Eighth Edition Jacobs and Chase Operations and Supply Chain Management Fourteenth Edition MANAGEMENT SCIENCE Jacobs and Chase Operations and Supply Chain Management: The Core Third Edition Hillier and Hillier Introduction to Management Science: A Modeling and Case Studies Approach with Spreadsheets Fifth Edition Stevenson and Ozgur Introduction to Management Science with Spreadsheets First Edition MANUFACTURING CONTROL SYSTEMS Jacobs, Berry, Whybark, and Vollmann Manufacturing Planning & Control for Supply Chain Management Sixth Edition Jacobs and Whybark Why ERP? A Primer on SAP Implementation First Edition Schroeder, Goldstein, and Rungtusanatham Operations Management in the Supply Chain: Decisions and Cases Sixth Edition Stevenson Operations Management Eleventh Edition BUSINESS MATH Slater and Wittry Practical Business Math Procedures Eleventh Edition Slater and Wittry Practical Business Math Procedures, Brief Edition Eleventh Edition BUSINESS STATISTICS Bowerman, O’Connell, and Murphree Business Statistics in Practice Seventh Edition Bowerman, O’Connell, Murphree, and Orris Essentials of Business Statistics Fourth Edition Doane and Seward Applied Statistics in Business and Economics Fourth Edition Lind, Marchal, and Wathen Basic Statistics for Business and Economics Eighth Edition Lind, Marchal, and Wathen Statistical Techniques in Business and Economics Seventeenth Edition Jaggia and Kelly Business Statistics: Communicating with Numbers First Edition Jaggia and Kelly Essentials of Business Statistics: Communicating with Numbers First Edition Statistical Techniques in BUSINESS & ECONOMICS SEVENTEENTH 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 STATISTICAL TECHNIQUES IN BUSINESS & ECONOMICS, SEVENTEENTH EDITION Published by McGraw-Hill Education, Penn Plaza, New York, NY 10121 Copyright © 2018 by McGraw-Hill Education All rights reserved Printed in the United States of America Previous editions © 2015, 2012, and 2010 No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGrawHill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning Some ancillaries, including electronic and print components, may not be available to customers outside the United States This book is printed on acid-free paper LWI 21 20 19 18 17 16 ISBN 978-1-259-66636-0 MHID 1-259-66636-0 Chief Product Officer, SVP Products & Markets: G Scott Virkler Vice President, General Manager, Products & Markets: Marty Lange Vice President, Content Design & Delivery: Betsy Whalen Managing Director: Tim Vertovec Senior Brand Manager: Charles Synovec Director, Product Development: Rose Koos Product Developers: Michele Janicek / Ryan McAndrews Senior Director, Digital Content Development: Douglas Ruby Marketing Manager: Trina Maurer Director, Content Design & Delivery: Linda Avenarius Program Manager: Mark Christianson Content Project Managers: Harvey Yep (Core) / Bruce Gin (Assessment) Buyer: Susan K Culbertson Design: Matt Backhaus Cover Image: © Corbis / Glow Images Content Licensing Specialists: Melissa Homer (Image) / Beth Thole (Text) Typeface: 9.5/11 Proxima Nova Compositor: Aptara®, Inc Printer: LSC Communications All credits appearing on page or at the end of the book are considered to be an extension of the copyright page Library of Congress Cataloging-in-Publication Data Names: Lind, Douglas A., author | Marchal, William G., author | Wathen, Samuel Adam author Title: Statistical techniques in business & economics/Douglas A Lind, Coastal Carolina University and The University of Toledo, William G Marchal, The University of Toledo, Samuel A Wathen, Coastal Carolina University Other titles: Statistical techniques in business and economics Description: Seventeenth Edition | Dubuque, IA : McGraw-Hill Education, [2017] | Revised edition of the authors’ Statistical techniques in business & economics, [2015] Identifiers: LCCN 2016054310| ISBN 9781259666360 (alk paper) | ISBN 1259666360 (alk paper) Subjects: LCSH: Social sciences—Statistical methods | Economics—Statistical methods | Commercial statistics Classification: LCC HA29 M268 2017 | DDC 519.5—dc23 LC record available at https://lccn.loc.gov/2016054310 The Internet addresses listed in the text were accurate at the time of publication The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites mheducation.com/highered D E D I CATI O N 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, Jake, and Brady), and Mark and Sarah (Jared, Drew, and Nate) Douglas A Lind To Oscar Sambath Marchal, Julian Irving Horowitz, Cecilia Marchal Nicholson and Andrea William G Marchal To my wonderful family: Barb, Hannah, and Isaac Samuel A Wathen A NOTE FROM THE AUTHOR S Over the years, we received many compliments on this text and understand that it’s a favorite among students We accept that as the highest 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 descriptive and inferential statistics To illustrate the application of statistics, we use many examples and exercises that focus on business applications, but also relate to the current world of the college 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 successful in a basic statistics course This step-by-step approach enhances performance, accelerates preparedness, and significantly improves motivation 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, locating relevant business data was difficult That has changed! Today, locating data is not a problem The number of items you purchase at the grocery store is automatically recorded at the checkout counter Phone companies track the time of our calls, the length of calls, and the identity 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 temperature 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 in real time Today, the practice of data analytics is widely applied to “big data.” The practice of data analytics requires skills and knowledge in several areas Computer skills are needed to process large volumes of information Analytical skills are needed to evaluate, summarize, organize, and analyze the information Critical thinking skills are needed to interpret and communicate the results of processing the information Our text supports the development of basic data analytical skills In this edition, we added a new section at the end of each chapter called Data Analytics As you work through the text, this section provides the instructor and student with opportunities to apply statistical knowledge and statistical software to explore several business environments Interpretation of the analytical results is an integral part of these exercises A variety of statistical software is available to complement our text Microsoft Excel includes an add-in with many statistical analyses Megastat is an add-in available for Microsoft Excel Minitab and JMP are stand-alone statistical software available to download for either PC or MAC computers In our text, Microsoft Excel, Minitab, and Megastat are used to illustrate statistical software analyses When a software application is presented, the software commands for the application are available in Appendix C 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 longer necessary to dwell on calculations We have replaced many of the calculation examples with interpretative ones, to assist the student in understanding and interpreting the statistical results In addition, we 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 vi WHAT’S NEW IN THE SEVENTEENTH EDITION? We have made many changes to examples and exercises throughout the text The section on “Enhancements” to our text details them The major change to the text is in response to user interest in the area of data analytics Our approach is to provide instructors and students with the opportunity to combine statistical knowledge, computer and statistical software skills, and interpretative and critical thinking skills A set of new and revised exercises is included at the end of chapters through 18 in a section titled “Data Analytics.” In these sections, exercises refer to three data sets The North Valley Real Estate sales data set lists 105 homes currently on the market The Lincolnville School District bus data lists information on 80 buses in the school district’s bus fleet The authors designed these data so that students will be able to use statistical software to explore the data and find realistic relationships in the variables The Baseball Statistics for the 2016 season is updated from the previous edition The intent of the exercises is to provide the basis of a continuing case analysis We suggest that instructors select one of the data sets and assign the corresponding exercises as each chapter is completed Instructor feedback regarding student performance is important Students should retain a copy of each chapter’s results and interpretations to develop a portfolio of discoveries and findings These will be helpful as students progress through the course and use new statistical techniques to further explore the data The ideal ending for these continuing data analytics exercises is a comprehensive report based on the analytical findings We know that working with a statistics class to develop a very basic competence in data analytics is challenging Instructors will be teaching statistics In addition, instructors will be faced with choosing statistical software and supporting students in developing or enhancing their computer skills Finally, instructors will need to assess student performance based on assignments that include both statistical and written components Using a mentoring approach may be helpful We hope that you and your students find this new feature interesting and engaging vii H OW A R E C H A P TE RS O RGA N I Z E D TO E N GAG E DESCRIBING DATA: STU D E NTS A N D PRO M OTE LE ADISPLAYING RN I NAND G?EXPLORING DATA 95 INTRODUCTION Chapter began our study of descriptive statistics In order to transform raw or ungrouped data into a meaningful form, we organize the data into a frequency distribution We present the frequency distribution in graphic form as a histogram or a frequency polygon This allowsrecently us to visualize data tend to cluster, the for largest and the MERRILL LYNCH completedwhere a studythe of online investment portfolios a sample Each chapter begins with a set of smallest values, and general in shape of the data these data into a frequency of clients For the 70the participants the study, organize ) distribution (See and LO2-3 In Chapter 3, Exercise we first 43 computed several measures of location, such as the mean, learning objectives designed to promedian, and mode These measures of location allow us to report a typical value in the vide focus for the chapter and motivate set of observations We also computed several measures of dispersion, such as the student learning These objectives, lorange, variance, and standard deviation These measures of dispersion allow us to deLEARNING OBJECTIVES cated in the margins next to the topic, scribe the variation or the spread in a set of observations When you have completed this chapter, you will be able to: We continue our study of descriptive statistics in this chapter We study (1) dot plots, indicate what the student should be Summarize qualitative(3) variables with frequency tables and statistics (2)LO2-1 stem-and-leaf displays, percentiles, and (4)and boxrelative plots.frequency These charts able to after completing each secgive us additional insight into are concentrated as well as the general LO2-2 Display a frequency tablewhere using athe bar values or pie chart tion in the chapter shape of the data Then we consider bivariate data In bivariate data, we observe two LO2-3 Summarize quantitative variables with frequency and relative frequency distributions variables for each individual or observation Examples include the number of hours a LO2-4 studied Display aand frequency distribution using or frequency student the points earned ona histogram an examination; if a polygon sampled product meets quality specifications and the shift on which it is manufactured; or the amount of electricity used in a month by a homeowner and the mean daily high temperature in the region theshows month how These the charts and graphs provide useful as to weause business A representative exercise opens the chapter for and chapter content can be insights applied real-world analytics to enhance our understanding of data situation Chapter Learning Objectives Source: © rido/123RF Chapter Opening Exercise 19 DESCRIBING DATA: FREQUENCY TABLES, FREQUENCY DISTRIBUTIONS, AND GRAPHIC PRESENTATION LO4-1 Construct and interpret a dot plot Introduction to the Topic DOT PLOTS INTRODUCTION Recall for the Applewood Auto Group data, we summarized the profit earned on the The United States automobile retailing industry highlyclasses competitive It is dominated by 180 vehicles sold with a frequency distribution using iseight When we orgamegadealerships that ownwe andlost operate or more franchises, over 10,000 Each chapter starts with a review of nized the data into the eight classes, the 50 exact value of the employ observations A people, and generate several billion dollars in annual sales Many of the top dealerships dot plot, on the other hand, groups theowned datawith as shares little as possible, andYork weStock not lose the important concepts of the previare publicly traded on the New Exchange the identity of an individual observation To develop dot plot, we was display a dot(ticker for Lin66360_ch02_018-050.indd 18 or NASDAQ In 2014, the largestamegadealership AutoNation ous chapter and provides a link to the symbol AN), followedline by Penske Auto Group (PAG), Group Automotive, each observation along a horizontal number indicating the possible values of the Inc (ticker symbol GPI), and the privately Van Tuyl material in the current chapter This data If there are identical observations or the observations areowned too close toGroup be shown These large corporations use statistics and analytics to summarize individually, the dots are “piled” on top of each other This allows us to see theAsshape step-by-step approach increases comand analyze data and information to support their decisions an exof the distribution, the value about which the at data tend to cluster, and Itthe largest and ample, we will look the Applewood Auto group owns four dealerprehension by providing continuity shipsare andmost sells auseful wide range of vehicles the popular smallest observations Dot plots for smaller dataThese sets,include whereas histoacross the concepts brands Kia sets and Hyundai, BMW and sedans luxury grams tend to be most usefulKorean for large data An example willVolvo show howand to conand a full line of Ford and Chevrolet cars and trucks struct and interpret dot plots.SUVs, Ms Kathryn Ball is a member of the senior management team at Applewood Auto Group, which has its corporate offices adjacent to Kane Motors She is responsible for tracking and analyzing vehicle sales and the profitability of those vehicles Kathryn would like to summarize the profit earned on the vehicles sold with tables, charts, and graphs that she would review monthly She E X A M P L E wants to know the profit per vehicle sold, as well as the lowest and highest amount of profit She is also interested in describing the demographics of the buyers What are The service departments at many Tionesta Ford and Sheffield their ages? How vehicles haveLincoln they previously purchasedMotors from oneInc., of thetwo Appleof the four Applewood Auto Group were both open 24 days last wood dealerships? What typedealerships, of vehicle did they purchase? The Applewood Auto Group operates four dealerships: month Listed below is the number of vehicles serviced last month at the two Source: © Justin Sullivan/Getty Images Example/Solution After important concepts are introduced, a solved example is given This example provides a how-to illustration and shows a relevant business application that helps students answer the question, “How can I apply this concept?” dealerships Construct dot plots andsells report summary statistics to compare the • Tionesta Ford Lincoln Ford and Lincoln cars and trucks • Olean Automotive Inc has the Nissan franchise as well as the General Motors two dealerships brands of Chevrolet, Cadillac, and GMC Trucks • Sheffield Motors Inc sells Buick, GMC trucks, Hyundai, and Kia • Kane Motors offers the Chrysler, Dodge, and Jeep line as well as BMW and Volvo Tionesta Ford Lincoln Monday month, Ms Ball collects data from each of the four dealerships Tuesday Every Wednesday Thursday Friday Saturday and enters them into an Excel spreadsheet Last month the Applewood 23 30 CHAPTER294 106 33Auto Group27 28 at the 39 26 sold 180 vehicles four dealerships A copy of the first 32few observations 28 appears 33 35 variables 32collected include: to the left The 25 • Age—the 36 age of the buyer 31 at the 32 27 time of the purchase 32 • Profit—the 35 amount earned 37 36 dealership 30 on the sale of each by the 35 vehicle calculate quartiles Excel and Excel 2016 offer both The Excel function, • 2013 Location—the dealership where themethods vehicle was purchased Quartile.exc, will result the same answer sedan, as Equation 4–1 The or Excel function, Quar • in Vehicle type—SUV, compact, hybrid, truck • Excel tile.inc, will result in the Method answers Previous—the number of vehicles previously purchased at any of the Self-Reviews Self-Reviews are interspersed throughout each chapter and follow Example/Solution sections They help students monLin66360_ch04_094-131.indd 95 itor their progress and provide immediate reinforcement for that particular technique Answers are in Appendix E four Applewood dealerships by the consumer SELF-REVIEW The entire data set is available at the McGraw-Hill website (www.mhhe com/lind17e) and in Appendix A.4 at the end of the text 4–2 The Quality Control department of Plainsville Peanut Company is responsible for checking CONSTRUCTING FREQUENCY TABLES LO2-1 the weight of the 8-ounce jar of peanut butter The weights of a sample of nine jars proSummarize qualitative duced last hour are: Recall from Chapter that techniques used to describe a set of data are called descrip1/10/17 7:41 PM variables with frequency tive statistics Descriptive statistics organize data to show the general pattern of the and relative frequency 7.72where 7.8values 7.86tend 7.90 7.94 7.97 8.06 8.09 data, 7.69 to identify to concentrate, and to expose extreme or unusual tables data values The first technique we discuss is a frequency table (a) What is the median weight? (b) Determine the weights corresponding first anddata thirdinto quartiles. FREQUENCY TABLE A groupingtoofthe qualitative mutually exclusive and collectively exhaustive classes showing the number of observations in each class EXERCISES 11 viii Determine the median and the first and third quartiles in the following data 46 Lin66360_ch02_018-050.indd 19 12 47 49 49 51 53 54 54 55 55 59 Determine the median and the first and third quartiles in the following data 1/6/17 4:52 AM 1/6/17 4:52 AM (c) Are the events in part (a)(i) complementary or mutually ex The probability of passing both is 50 What is the probability of passing at least one? 21 The aquarium at Sea Critters Depot contains 140 fish Eighty of these fish are green The General Rule of Addition swordtails (44 female and 36 male) and 60 are orange swordtails (36 female and 24 males) A fish is randomly captured from the aquarium: a What is the probability the selected fish is a green may not be mutually exclu The outcomes of answordtail? experiment b What is the probability the selected is male? selected a sample of 200 tourists wh Tourist fish Commission c What is the probability the selected fishsurvey is a male green swordtail? year The revealed that 120 tourists went to Disney d What is the probability the selected fish is either a male or a green swordtail? Gardens near Tampa What is the probability that a person 22 A National Park Service survey of visitors to the Rocky Mountain region revealed or Busch Gardens? If the that 50% visit Yellowstone Park,World 40% visit the Tetons, and 35% visitspecial both rule of addition is use a touristwill who to Disney Worldattractions? is 60, found by 120/200 a What is the probability a vacationer visitwent at least one of these tourist going to Busch Gardens is 50 The sum of these p b What is the probability 35 called? however, that this probability cannot be greater than The c Are the events mutually exclusive? Explain Statistics in Action STATISTICS IN ACTION ists visited both attractions and are being counted twice! A c revealed that 60 out of 200 sampled did, in fact, visit both a that you believe that at bility of visiting both Thus: A SURVEY OF PROBABILITY CONCEPTS 145 LO5-4 To answer our question, “What is the probability a se If you wish to get some Calculate probabilities Disney World or Busch Gardens?” (1) add the probability attention at the next gathStatistics in Action articles are usingscattered the rules of throughWorld and the probability he or she visited Busch Garden ering you attend, announce multiplication out the text, usually about two per chapter They In this section, we discuss the rules for computing the likelihood that two events both RULES OF MULTIPLICATION TO CALCULATE PROBABILITY happen, or their joint probability example, 16% of the 2016 tax returns were preprovide unique, interesting applications and hisP(Disney)For = 60 P(Busch) = 50 least two people present P(Disney Busch) What = P(Disney) + P(Busch) − P(bo pared by H&R Block and 75% of those returns showedor a refund is the likelihood torical insights in the field of statistics weretax born on the same a person’s form was prepared by H&R Block and the person received a refund? = 60 + 50 − 30 = 80 64 Definitions Definitions of new terms or terms unique to the study of statistics are set apart from the text and highlighted for easy reference and review They also appear in the Glossary at the end of the book Formulas Formulas that are used for the first time are boxed and numbered for reference In addition, a formula card is bound into the back of the text that lists all the key formulas Exercises date—thatillustrate is, the same Venn diagrams this as the intersection of two events To find the likelihood of day of the year butwe notuse the rules of When two events both the probability two events happening, multiplication There areoccur, two rules of multipli- is called necessarily same ability cation: the specialthe rule andyear the general rule.(.30) that a tourist visits both attractions is an examp If there are 30 people in the room, the of probability of Special Rule Multiplication a duplicate is 706 If there The special rule of multiplication are 60 people3in the room, requires that two events A and B are independent CHAPTER P(Disney and Busch) = 30 Two events are independent if the occurrence of one event does not alter the probabilthe probability is 994 that ity of theatoccurrence of the least two people shareother the event same birthday With as few INDEPENDENCE The one of event has nounemployment effect on therates? probability of a What isoccurrence the arithmeticofmean the Alaska as 23 people the chances JOINT PROBABILITY probability that measures the likelihood two or more the occurrence of another event Find theAthat median are even,b.that is 50, at and the mode for the unemployment rates. events will happen concurrently Compute least two c.people sharethe thearithmetic mean and median for just the winter (Dec–Mar) months Is it much different? birthday Hint: To Onesame way to think about independence to assume events A and Bfor occur 22 Big Orange Trucking is is designing an that information system use at in differ“in-cab” ent times For example, when event B occurs after event A occurs, does A have any this, find the communications It must summarize data from eight sites a region So compute the general rule of addition, which is used to compute thethroughout probability ofeffect twoto on the likelihood that event Bexclusive, occurs? Ifis: the answer no, then measure A and B of are independent typical conditions Compute an is appropriate central location for probability everyone was events that are describe not mutually the variables wind direction, temperature, and pavement events To illustrate independence, The outcome of a coin born on a different day and suppose two coins are©tossed Rostislav Glinsky/Shutterstock.com toss (head tail) is unaffected useorthe complement rule.by the outcome of any other prior coin toss (head or tail) City Wind Direction Temperature Pavement For Try twothis independent events A and B,The the probability that A and B shows will both occur is that are n Venn events in your class GENERAL RULE OF ADDITION P(A or following B) = P(A) + P(B)diagram − P(A and B) two[5–4] West 89the found by multiplying Anniston, the twoALprobabilities This is thetospecial rule ofjoint multiplication events overlap illustrate eventDry that and some people h Atlanta, Northwest 86 Wet is written symbolically as: GA Augusta, GA Southwest 92 Wet For the expression P(A or AL B), the wordSouth or suggests that A may Birmingham, 91 occur or B may Dry occur This also includes the possibility that A and B may This use of or is sometimes SPECIAL RULE OF MULTIPLICATION P(Aoccur and B) =92 P(A)P(B) Jackson, MS Southwest Dry[5–5] called an inclusive You could or B or both) to emphasize that theTrace union of Meridian, MS also write P(A South 92 the events includes the intersection of A and B Monroe, LA Southwest 93 Wet If we compare the general rules of addition, the is Tuscaloosa, AL and special Southwest 93 important difference Trace determining if the events are mutually exclusive If the events are mutually exclusive, then the joint probability DATA: P(A and B) is andMEASURES we could use the special rule of addition OtherDESCRIBING NUMERICAL 79 wise, we must account for the joint probability and use the general rule of addition Software Solution Lin66360_ch05_132-174.indd 144 Exercises are included after sec-147 E X E R C I S E SE X A M P L E Lin66360_ch05_132-174.indd 1/10/17 7:41 PM 47–52, the following: What isFor theExercises probability that a card chosen at random from a standard deck of cards tions within the chapter and at E X A M P L E a Compute sample variance will be either a king orthe a heart? the end of the chapter Section b Determine the sample standard deviation Table 2–4 on page 26 shows the profit on the sales of 180 vehicles at Applewood 47 Consider these values a sample: 7, 2, 6, 2, and 3. exercises cover the material studAuto Group Determine the mean and the median selling price 48 SOLU T IThe O Nfollowing five values are a sample: 11, 6, 10, 6, and ied in the section Many exercises 49 Dave’s Automatic Door, referred to in Exercise 37, installs automatic garage openers on a sample, times, in minutes, required We may bedoor inclined to addBased the probability of afollowing king andare thethe probability of a heart But thisto have data files available to import S O L U T IIfdoor Owe N openers: install 10 28, 32, 44, 40, 54, 38, 32, and creates a problem that, the king24, of 46, hearts is counted with the42. kings and also into statistical software They are Theifsample of eight companies in the aerospace industry, to in with the50 hearts So, we simply addmodal the probability king (there are 4referred in aindeck ofExer52 The mean, median, and amountsofofa profit are reported the following cise 38, was of surveyed as to their return on investment last year The results are indicated with the FILE icon cards) to the probability a heart (there are shot) 13 in a(Reminder: deck of 52The cards) and report 17 output (highlighted in the screen instructions tothat create the 10.6, 12.6, 14.8, 18.2, 12.0, 14.8, 12.2, and 15.6 out of 52 cards meet the requirement, we have counted the king of hearts twice We output appear in the Software Commands in Appendix C.) There are 180 vehicles Answers to the odd-numbered 51 The Houston, Texas, Motel Owner Association conducted a survey regarding need to subtract card 17 theListed king below ofbehearts is counted once inweekday the study, sofrom using aincalculator would tedious and prone tobusiness-class error Thus, motel ratesthe the so area is the room rateonly for exercises are in Appendix D there are 16 cards that are either hearts or kings So the probability is 16/52 = 3077 We can use a statistical software package to find many measures of location guests for a sample of 10 motels Card $101 $97 $103 $110 Probability $78 $87 $101 $80 Explanation $106 $88 A consumer organization is concerned credit card debt A P(A)watchdog = 4/52 kings in a deckabout of 52 cards survey of 10 young debt of more than $2,000 Heart P(B) adults=with 13/52credit card13 hearts in a deck of 52 cards showed they paid an averageP(A of and justB)over $100 per month balances Listed below King of Hearts = 1/52 king ofagainst hearts intheir a deck of 52 cards are the amounts each young adult paid last month 52.King Computer Output $110 $126 $103 $93 $99 $113 $87 The text includes many software examples, using Excel, MegaStat®, and Minitab The software results are LO3-5 for a particular illustrated in the chapters Instructions INTERPRETATION AND USES software example are in AppendixExplain C and apply Chebyshev’s theorem OF THE STANDARD DEVIATION and the Empirical Rule Lin66360_ch05_132-174.indd 145 STATISTICS IN ACTION Most colleges report the “average class size.” This information can be mislead- $101 $109 $100 The standard deviation is commonly used as a measure to compare the spread in two or more sets of observations For example, the standard deviation of the biweekly amounts invested in the Dupree Paint Company profit-sharing plan is computed1/10/17 to be 7:41 PM $7.51 Suppose these employees are located in Georgia If the standard deviation for a group of employees in Texas is $10.47, and the means are about the same, it indicates that the amounts invested by the Georgia employees are not dispersed as much as those in Texas (because $7.51 < $10.47) Since the amounts invested by the Georgia employees are clustered more closely about the mean, the mean for the Georgia emix ployees is a more reliable measure than the mean for the Texas group Chebyshev’s Theorem We have stressed that a small standard deviation for a set of values indicates that these ... Edition Lind, Marchal, and Wathen Basic Statistics for Business and Economics Eighth Edition Lind, Marchal, and Wathen Statistical Techniques in Business and Economics Seventeenth Edition Jaggia and. .. 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,.. .Statistical Techniques in BUSINESS & ECONOMICS The McGraw-Hill/Irwin Series in Operations and Decision Sciences SUPPLY CHAIN MANAGEMENT BUSINESS RESEARCH METHODS Benton Purchasing and Supply