"THE FUTURE ISNT WHAT IT USED TO
Current business students face a world-wide job market that
will demand the most of their abilities. They will face tough
decisions in times of extreme uncertainty. Instead of spending
all of their hours delving into the intricacies of theoretical
mathematics or "number crunching," this generation
of business managers will need a solid foundation that will
enable them to go to the Internet, pull down relevant information,
enter that information into their computers, and know how
to interpret the results quickly and accurately. If they are
given the statistical tools to make decisions despite uncertainty,
they will make sound decisions. So my job here is to develop
their statistical reasoning and intuition via the technology
that they will use in class and beyond.
Consider this, a business and economics statistics book built
from page one around skills, software, and the Internet. Unlike
Thomas Edison, who invented the light bulb, and unlike Alexander
Graham Bell, who invented the telephone, Henry Ford didnt
invent anything. Henry Ford simply improved the way something
was already being done. In the same way, my hope is that this
book will contribute to the next revolution in the way that
Business Statistics is taught--and more importantly, used--by
the next generation of graduates.
This is the 21st century--a world of computers
and the Internet. According to the Computer Industry Almanac,
in late 2000, Americans used 159 million computers, which
came to 580 computers per 1,000 people. By 2005, Americans
are expected to use 230 million computers! The absolute numbers
were equally impressive in Europe, but computer-per-capita
growth rates were even higher in China, India, Russia,
and other parts of the world. No wonder that 350 million people
worldwide regularly used the Internet in late 2000, a number
that is expected to reach 800 million by 2005!
I have designed this book to give students skills built around
computer software and the Internet and have actually made
the computer the integral tool used to teach the concepts
rather than merely providing an occasional screen image of
what students should have gotten if they used computer programs.
CREATIVE, COOL APPLICATIONS
Together with its supplements, the book teaches statistics
in the context of literally thousands of examples from the
business and economic worlds. These examples illustrate vividly
how the careful collection, effective presentation, and proper
analysis of numerical information enable decision makers to
draw important inferences.
This teaching-by-doing approach provides students with a
fine appreciation of the power and applicability of statistical
methods. Because the sheer volume of important statistical
techniques is mind-boggling, and space and time are limited,
the text avoids deriving formulas and presenting extended
mathematical proofs. The applications approach seeks to teach
sound statistical reasoning in a more limited sense: Students
learn which techniques can be used under which circumstances
and how the results--properly interpreted--can help them make
Look at chapter 7, for example. EXCEL Example 7.1 gives students
specific instructions, step by step, to retrieve data (downloaded
from the Internet) about total profit figures for the top
100 multinational companies, integrate those data into their
familiar computer program, and generate meaningful results
immediatelywhich the text confirms to build student
confidence. Students learn by doing.
Look at Application 7.3 about the accuracy of National Income
Statistics. This surprising information helps students interpret
National Income data more judiciously as they apply decision-making
tools to sterile formulas.
Statistics for Business and Economics: Microsoft EXCEL
Enhanced utilizes EXCEL, already on most computers. Accordingly,
Chapter 2, Learning About EXCEL, provides a detailed
introduction of EXCELs statistical analysis tools. Students
will refer to this chapter throughout the course and beyond.
In addition, Chapters 4-22 feature many self-contained EXCEL
examples that jointly introduce every nook and cranny of the
program. Most end-of-chapter Practice Problems and numerous
problems in the supplements provide further training in EXCEL.
For even more advanced and involved statistical procedures,
there is HKStat, an EXCEL add-in that ensures the speed
and reliability of the statistical computations. HKStat,
which I developed and placed on the CD-ROM that accompanies
this text, consists of 54 templates that use EXCEL's own functions
and wizards to yield fast and accurate results. A list of
these programs follows the Table of Contents. But note: Even
though students will do most of their work with EXCEL, on
a few occasions, text tables show the computer's invisible
computations in detail. This helps students understand the
nature of the procedures involved. It also helps them appreciate
how lucky they are that computers now take care of the grinding,
tedious paper-and-pencil calculations of old.
USING THE INTERNET
This book differs from the typical statistics text in yet
another way. Early in the text, Chapter 3, Finding Existing
Data: From Print to the Internet, introduces students
to an exciting new way of gathering data. They learn to find
masses of data on the World Wide Web, along with ways to import
data into software programs. The chapter introduces major
U.S government web sites, well over 100 foreign government
sites, the websites of all companies on the Year 2000 Fortune
500 list, and many other interesting data sources. Appropriate
hyperlinks to all of these appear on the student CD-ROM accompanying
the text. Students will refer to Chapter 3 throughout the
course and beyond.
A FLEXIBLE APPROACH
As I talk with Business Statistics Instructors, I often hear
how their courses vary in their topic sequence. Keeping those
comments in mind, I have tried to do two things
write each chapter so that it can stand on its owna
modular approach that allows instructors to organize the sequence
that best fits their needs. Second, realizing that ultimately
the text needs its own organization, I have structured the
text in a logical progression that I think students will find
easy to follow. The Contents
in Brief show the texts 8-part divisions. Part I
features a preview of the text and a discussion of its associated
software program. Students learn how to collect data (Part
II) before they learn how to describe those data (Part III).
In Part IV, they learn about probability, so that they can
draw meaningful inferences from those data (Parts V and VI).
Their studies are then supplemented by turning to other topics
favored by economists and business administrators, respectively
(Parts VII and VIII).
But we all have limited time, and no one should look upon
this text as a novel that must be read in order, from the
first page of Chapter 1 to the last page of Chapter 23. Given
the books modular style, you might instead look upon
this text as a treasure-trove of raw material that you can
shape to your own liking. Depending on the type of course
you have in mind, you can focus your attention on some chapters,
while ignoring others. You can change the order in which you
assign chapters. You can ignore many sections and subsections
within chapters (and some of these sections are even designated
as optional). Students can consult skipped material
later in different contexts. Instructors, in short, have great
flexibility in designing course outlines of their own
that are well suited to their personal preferences and, above
all, to the needs of their particular students.
I have paid special attention to helping students learn.
Features that help them understand and retain material include:
- Looking Ahead. A succinct summary at the beginning
of each chapter shows students what they can expect to learn,
these include typical problems that students will be able
to solve once they have studied the chapter. (Tip:
Want a more elaborate forecast of things to come? Look at
the actual chapter Summary near the chapter's end.)
- Preview: A self-contained real-life example found
near the beginning of each chapter, I designed these to
illustrate the essence of the chapter. They help students
see how they might apply chapter principles later.
- Typical Problem: This "teaser" feature
helps students focus on the kinds of questions they can
answer with techniques discussed in the chapter.
- Definition Boxes: These highlight carefully worded
definitions of key terms.
Caution Boxes: I point out common errors and misunderstandings.
Help students avoid typical slip-ups.
- Formula Boxes: These highlight important formulas
and define all the symbols used in writing them down.
Technical Detail Boxes: As the name suggests, these
provide finer detail that students may skip without adverse
consequences. Instructors and readers may prefer details,
so I provide it.
- Example Problems: Special sections within each
chapter apply new material without the help of the computer.
- EXCEL Examples: Special sections within each chapter
apply new material via the associated computer program.
Optional Sections: Major sections of some chapters could
be omitted when class is pressed for time, but students
have it for future reference.
- Applications: Self-contained stories, usually
based on journal articles or major statistical studies,
illustrate the use of the chapter's techniques in "the real
world." Almost 90 freestanding Applications appear throughout
- Graphs: These are self-contained by virtue of carefully
worded captions, providing a valuable tool for review.
- Summary: A review of the chapter's main points
appears at the end of each chapter.
- Key Terms: An end-of-chapter list of key terms
that are boldfaced in the text when they are first introduced.
- Practice Problems: Some 50 end-of-chapter problems
are segregated by text section. (Answers appear on the Student
CD-ROM and in the Instructor's Manual.)
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SUPPLEMENTS FOR STUDENTS
The CD-ROM. The CD-ROM is filled with a multitude of helpful
- Elaborate solutions (in both EXCEL and MINITAB format)
to all 575 odd-numbered end-of-chapter Practice Problems.
- Data files (EXCEL format) for all nontrivial data sets
used in the text and its supplements.
- Hyperlinks to data sources on the Internet, notably to
U.S. government databases, to almost 150 foreign government
statistical offices, to all companies on the Year 2000 Fortune
500 list, and more
- Student Workbook featuring 360 true-false questions
(with answers), 360 multiple-choice questions (with answers),
144 Major Achievement practice problems (with detailed solutions),
recognition exercises for all the key terms boldfaced in
the text (and listed near the end of each chapter), an alphabetical
glossary of all the key terms used in the text, a similar
glossary of all symbols used in the text, and a chapter-by-chapter
listing of key formulas
- HKStat, an EXCEL add-in featuring 54 templates
(listed after the Table of Contents) that produce rapid
answers to problems and adds to what EXCEL can do
- PowerPoint slides that cover all the essential topics
covered in each chapter
The Web Site. Additional useful material appears on
the publisher's web site, which anyone can visit at http://www.swlearning.com/quant/kohler.
The Web Site also includes:
- On-line Quizzing and Testing for each chapter of the text,
including 240 interactive multiple-choice questions
- More than two dozen biographical sketches of historical
figures who developed the statistical techniques encountered
in the text
- All sorts of hyperlinks to interesting statistics-oriented
web sites, notably those run by academic institutions
- Recommended Readings for each chapter of the text
for further study
SUPPLEMENTS FOR INSTRUCTORS The printed text is associated
with two major supplements for instructors: a Test Bank
and an Instructor's Kit (containing the Instructors
Manual and Instructors Resource CD-ROM). . have
tried to make these very complete and very helpful, and they
are the result of many years of teaching, along with numerous
comments and ideas from colleagues. I trust you will find
The Test Bank. Along with answers and solutions, the
Test Bank provides an unduplicated set of
- 528 True-False Questions
- 1,056 Multiple-Choice Questions
- 364 Practice Problems
The Instructor's Kit: Instructors Manual and Instructors
The Instructor's Manual features alternative course outlines
for courses of different lengths and provides suggestions
for those teaching one-semester courses, two-semester courses,
or four-quarter courses.
- Teaching tips and additional teaching materials for each
chapter of the text
- Elaborate solutions (in both EXCEL and MINITAB format)
to all 575 even-numbered end-of-chapter Practice Problems
(elaborate rather than succinct solutions are provided for
those instructors who wish to hand out solutions to students).
The Instructor's Resource CD-ROM features
- Word files of the Instructors Manual
- Word files of the Test Bank
- PowerPoint slides
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