This is the first book to introduce senior level students of management science practicing managers to the modern powerful statistical methods that are available for optimizing and improving business processes. Using realistic case studies from businesses, this book explains the key statistical concepts workers in this field need to know. In particular, there is a focus on the use of probabilistic methods and statistical analysis in a business context and the value of these methods for managers. The mathematical explanations are comprehensive with an emphasis on the essential principles.

Inspired by the Encyclopedia of Statistical Sciences, Second Edition, this volume presents the tools and techniques that are essential for carrying out best practices in the modern business world The collection and analysis of quantitative data drives some of the most important conclusions that are drawn in today's business world, such as the preferences of a customer base, the quality of manufactured products, the marketing of products, and the availability of financial resources. As a result, it is essential for individuals working in this environment to have the knowledge and skills to interpret and use statistical techniques in various scenarios. Addressing this need, Methods and Applications of Statistics in Business, Finance, and Management Science serves as a single, one-of-a-kind resource that guides readers through the use of common statistical practices by presenting real-world applications from the fields of business, economics, finance, operations research, and management science. Uniting established literature with the latest research, this volume features classic articles from the acclaimed Encyclopedia of Statistical Sciences, Second Edition along with brand-new contributions written by today's leading academics and practitioners. The result is a compilation that explores classic methodology and new topics, including: Analytical methods for risk management Statistical modeling for online auctions Ranking and selection in mutual funds Uses of Black-Scholes formula in finance Data mining in prediction markets From auditing and marketing to stock market price indices and banking, the presented literature sheds light on the use of quantitative methods in research relating to common financial applications. In addition, the book supplies insight on common uses of statistical techniques such as Bayesian methods, optimization, simulation, forecasting, mathematical modeling, financial time series, and data mining in modern research. Providing a blend of traditional methodology and the latest research, Methods and Applications of Statistics in Business, Finance, and Management Science is an excellent reference for researchers, managers, consultants, and students in the fields of business, management science, operations research, supply chain management, mathematical finance, and economics who must understand statistical literature and carry out quantitative practices to make smart business decisions in their everyday work.

This book addresses the application of statistical techniques and methods across a wide range of disciplines. While its main focus is on the application of statistical methods, theoretical aspects are also provided as fundamental background information. It offers a systematic interpretation of results often discovered in general descriptions of methods and techniques such as linear and non-linear regression. SPSS is also used in all the application aspects. The presentation of data in the form of tables and graphs throughout the book not only guides users, but also explains the statistical application and assists readers in interpreting important features. The analysis of statistical data is presented consistently throughout the text. Academic researchers, practitioners and other users who work with statistical data will benefit from reading Applied Statistics for Social and Management Sciences.

* End-of-chapter summaries reinforce the main topics and goals of the chapter.

An insightful guide to the use of statistics for solving key problems in modern-day business and industry This book has been awarded the Technometrics Ziegel Prize for the best book reviewed by the journal in 2010. Technometrics is a journal of statistics for the physical, chemical and engineering sciences, published jointly by the American Society for Quality and the American Statistical Association. Criteria for the award include that the book brings together in one volume a body of material previously only available in scattered research articles and having the potential to significantly improve practice in engineering and science. Highlighting the relevance of statistical methods in everyday applications, The Role of Statistics in Business and Industry bridges the gap between the tools of statistics and their use in today's business world. This one-of-a-kind resource encourages the proactive use of statistics in three well-organized and succinct parts: Setting the Stage provides an introduction to statistics, with a general overview of its uses in business and industry Manufactured Product Applications explains how statistical techniques assist in designing, building, improving, and ensuring the reliability of a wide variety of manufactured products such as appliances, plastic materials, aircraft engines, and locomotives Other Applications describe the role of statistics in pharmaceuticals, finance, and business services, as well as more specialized areas including the food, semiconductor, and communications industries This book is truly unique in that it first describes case studies and key business problems, and then shows how statistics is used to address them, while most literature on the topic does the reverse. This approach provides a comprehensive understanding of common issues and the most effective methods for their treatment. Each chapter concludes with general questions that allow the reader to test their understanding of the presented statistical concepts as well as technical questions that raise more complex issues. An extensive FTP site provides additional material, including solutions to some of the applications. With its accessible style and real-world examples, The Role of Statistics in Business and Industry is a valuable supplement for courses on applied statistics and statistical consulting at the upper-undergraduate and graduate levels. It is also an ideal resource for early-career statisticians and practitioners who would like to learn the value of applying statistics to their everyday work.

Introductory Business Statistics 2e aligns with the topics and objectives of the typical one-semester statistics course for business, economics, and related majors. The text provides detailed and supportive explanations and extensive step-by-step walkthroughs. The author places a significant emphasis on the development and practical application of formulas so that students have a deeper understanding of their interpretation and application of data. Problems and exercises are largely centered on business topics, though other applications are provided in order to increase relevance and showcase the critical role of statistics in a number of fields and real-world contexts. The second edition retains the organization of the original text. Based on extensive feedback from adopters and students, the revision focused on improving currency and relevance, particularly in examples and problems. This is an adaptation of Introductory Business Statistics 2e by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.

Introduces readers to the principles of managerial statistics and data science, with an emphasis on statistical literacy of business students Through a statistical perspective, this book introduces readers to the topic of data science, including Big Data, data analytics, and data wrangling. Chapters include multiple examples showing the application of the theoretical aspects presented. It features practice problems designed to ensure that readers understand the concepts and can apply them using real data. Over 100 open data sets used for examples and problems come from regions throughout the world, allowing the instructor to adapt the application to local data with which students can identify. Applications with these data sets include: Assessing if searches during a police stop in San Diego are dependent on driver’s race Visualizing the association between fat percentage and moisture percentage in Canadian cheese Modeling taxi fares in Chicago using data from millions of rides Analyzing mean sales per unit of legal marijuana products in Washington state Topics covered in Principles of Managerial Statistics and Data Science include:data visualization; descriptive measures; probability; probability distributions; mathematical expectation; confidence intervals; and hypothesis testing. Analysis of variance; simple linear regression; and multiple linear regression are also included. In addition, the book offers contingency tables, Chi-square tests, non-parametric methods, and time series methods. The textbook: Includes academic material usually covered in introductory Statistics courses, but with a data science twist, and less emphasis in the theory Relies on Minitab to present how to perform tasks with a computer Presents and motivates use of data that comes from open portals Focuses on developing an intuition on how the procedures work Exposes readers to the potential in Big Data and current failures of its use Supplementary material includes: a companion website that houses PowerPoint slides; an Instructor's Manual with tips, a syllabus model, and project ideas; R code to reproduce examples and case studies; and information about the open portal data Features an appendix with solutions to some practice problems Principles of Managerial Statistics and Data Science is a textbook for undergraduate and graduate students taking managerial Statistics courses, and a reference book for working business professionals.