Statistics for Business and Economics by Paul Newbold, William Carlson and Betty Thorne: A Review
Statistics for Business and Economics is a classic textbook that aims to provide students with the skills and knowledge to conduct serious analysis of applied problems in business and economics. The book covers topics such as descriptive statistics, probability, sampling, estimation, hypothesis testing, regression, forecasting, quality control and more. The book also uses real-world data and examples to illustrate the concepts and methods.
The book is written at a mathematically higher level than most business statistics texts, which makes it suitable for students who want to become stronger analysts for future managerial positions. The book also provides clear explanations, exercises, case studies and appendices to help students master the material. The book is available in both print and eBook formats.
The eighth edition of the book has been revised and updated to reflect the latest developments and trends in business and economics. The book also incorporates new features such as learning objectives, chapter summaries, key terms, self-test questions and online resources. The book is designed to help students learn how statistical methods can improve their analysis and understanding of business and economics.
Statistics for Business and Economics is a comprehensive and rigorous textbook that can be used for undergraduate or graduate courses in business statistics. The book is also a valuable reference for professionals who need to apply statistical techniques in their work.In the following paragraphs, we will briefly introduce some of the main topics covered in the book Statistics for Business and Economics by Paul Newbold, William Carlson and Betty Thorne.
Descriptive statistics are methods of summarizing and displaying data using tables, graphs and numerical measures. Descriptive statistics help us to understand the characteristics and patterns of a data set, such as the center, spread, shape and outliers. Some of the common descriptive statistics include mean, median, mode, standard deviation, range, quartiles, percentiles, frequency distributions, histograms, boxplots and scatterplots.
Probability is the study of uncertainty and randomness. Probability helps us to quantify the likelihood of an event or outcome occurring in a given situation. Probability can be calculated using rules of counting, axioms of probability, conditional probability and Bayes' theorem. Probability can also be modeled using discrete or continuous probability distributions, such as binomial, Poisson, normal, uniform and exponential distributions.
Sampling is the process of selecting a subset of individuals or items from a population for the purpose of making inferences about the population. Sampling can be done using various methods, such as simple random sampling, stratified sampling, cluster sampling and systematic sampling. Sampling can also be affected by sources of error, such as sampling error and nonsampling error. Sampling helps us to estimate population parameters using sample statistics and confidence intervals. 061ffe29dd