Applied Statistics for Business and Economics

Basic Probability Why Probability? One-Sample Tests Testing a Claim: While there are numerous texts on the market with the same goal, this text takes a practical and effective approach to engaging students with a topic that, as the author notes, they are most likely not that interested in learning. The text accomplishes this goal quite well. However, in this case, the author appears to have succeeded. This is accomplished in large part by taking a down-to-earth, almost intuitive, approach to the material which is both refreshing and welcome.

In this excellent textbook Professor Leekley takes the reader, as if they were his students, through every detail of examples, working all steps with great patience. This generous approach is even extended to explaining how mathematical and statistical notation and symbols are read; a very rare and valuable education. Series A , July For the mathematician, this text does an outstanding job of integrating things on the mathematical level. You will be prompted to fill out a registration form which will be verified by one of our sales reps.

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The average business school graduate should expect to use computers to manipulate the data.

Weak quantitative skills lead to poor decision making because data- based decision making is a hallmark of successful businesses. If one cannot analyze data or understand summary analyses, one will be making decisions without full information. A business person should hire statistical experts and have faith that those who are using statistics are doing it correctly. In fact, most college graduates will use statistics every day. Answers provided in part a will be similar for the subjects of accounting.

Foreign languages are essential in this global business environment of today. Businesses are looking for college graduates that have quantitative skills and speak a foreign language. Chinese and Spanish are popular choices. To arrive at an absurd result, and then conclude the original assumption must have been wrong, since it gave us this absurd result. This is also known as proof by contradiction.

It makes use of the law of excluded middle — a statement which cannot be false, must then be true. However, the original assumption of never using statistics is wrong; therefore the conclusion of not needing to study statistics is also wrong. An hour with an expert at the beginning of a project could be the smartest move a manager can make. A consultant is helpful when your team lacks certain critical skills, or when an unbiased or informed view cannot be found inside your organization.

Expert consultants can handle domineering or indecisive team members, personality clashes, fears about adverse findings, and local politics. As in any business decision, the costs of paying for statistical assistance must be weighed against the benefits. The ethical issue is that credit card companies are using unfair marketing practices to entice students to use credit cards. Students are a vulnerable group that has not been educated about personal finance.

Credit card companies are also purchasing student lists from universities and various student groups. This is also an unethical practice by the universities. They used an in-person survey given to students.

These students were randomly solicited at popular places on campus. The sampling technique was a convenience sample. The report did not attempt to make inferences about the population of college students. The report simply provided statistics collected from their sample. This should be made clearer in the report. The subjects surveyed include 1 how students pay for their education, 2 how they use credit cards, 3 how many of them use credit cards, and 4 attitudes toward credit card marketing on campus.

It would be interesting to see what the questions were and how they were worded. Furthermore, it was not obvious that those students who had credit cards obtained those cards as a direct result of the campus marketing efforts. The references to other reports and court cases were a better support for their claims in question 1. In general, because the study was based on a convenience sample the results cannot be assumed to hold for the general population of students.

The list of schools included in the survey is focused in a few states such as Massachusetts, California, and Colorado. There were very few schools from the southeast and virtually no private colleges or universities. Because it was a convenience sample it is not appropriate to extend the results from the survey to the larger population of college students.

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However, many of the references cited did suggest that the problem was widespread. First, they suggest eliminating "freebies" or gifts that would entice students to sign up for a credit card. Second, they suggest limiting posted marketing materials on campus. Fourth, they suggest that sponsorship should be discontinued.