Statistical Techniques in Business & Economics

//Statistical Techniques in Business & Economics

Statistical Techniques in Business & Economics

By:       Dr. William Marchal (Author)

Dr. Samuel Wathen (Author)

Dr. Douglas Lind (Author)

Hardcover: 830 pages

Publisher: McGraw-Hill Education

Average Customer Review: 4.3 out of 5 stars 

Language: English

ISBN – 13: 978-0078020520

ISBN – 10: 0078020522


Amazon Best Sellers Rank: # 5,256 in Books                                                                (See Top 100 in Books)

Professor Dr. William Marchal (late) was in “Information Systems and Operations Management” at theUniversity of Toledo, College of Business Administration. He earned his BS degree in Mathematics from “The University of Dayton” and M.A degree in Mathematics from “Catholic University of America” and his DSC degree in “Operations Research” from “George Washington University”.

Professor Dr. Samuel Wathen was in the E Craig Wall Sr. College of Business Administration at Coastal Carolina University. He received his PhD in Business Administration from the University of Minnesota, a MBA degree from Oklahoma State University, a MS in Forest Biometrics from Virginia Polytechnic Institute & State University and a BS in Forestry from the University of Illinois. Dr. Wathen’s research interests include applied statistics, teaching methods, and manufacturing and service process design.

Today Professor Dr. Lind is an Adjunct professor at “Coastal Carolina University”. He received his PhD & MBA degree from The University of Toledo and a BS in Business from Bowling Green State University. Dr. Lind was the co-author with the late Robert D. Mason & William G. Marchal of “Basic Statistics for Business & Economics” published by Irwin/McGraw-Hill.

Basic Statistics for business and economics is useful book for students as well as practitioners. The book is helpful for those who have interest in economics, finance, marketing, accounting, management and other fields of business administration, with an introductory survey of the many business applications of descriptive and inferential statistics. Each chapter begins with a set of learning objectives. They are well designed to provide focus for the chapter and to motivate learning. At the start of each chapter the important concepts of the previous chapter(s) describe how they link to what the current chapter will cover. Definitions of new terms or terms unique to the study of statistics are set apart from the text and highlighted. As a summary each chapter includes a chapter outline which provides learning and provides an opportunity to review material. Almost all chapters have references to the internet for companies, government organizations and university data sets. In most chapters the last exercises refer to four large businesses data sets. This book is a perennial market best seller due to its comprehensive coverage of statistical concepts and methods delivered in a student friendly, step-by-step format. The text presents concepts clearly and succinctly with a conversational writing style and illustrates concepts through the liberal use of business-focused examples that are relevant to the current world of a college student. Known as a “student’s text “Lind’s supporting pedagogy includes self-reviews, cumulative exercises, and coverage of software applications including Excel.

The first 4 chapters discuss about basic concepts of statistics, graphical Applications, use of averages and dispersion, chapter 5 to 7 are about the probability techniques including basics, theorems, binomial, hyper-geometric, poison and normal distributions & their applications. Chapter 8 teaches sampling methods and the central limit theorem. Chapter 9 to 12 and 17 tells about estimation, hypothesis techniques regarding, Z, T, F and chi-square testing and application special reference to business and government organizations. Chapter 13 & 14 are about simple and multiple regression models pertaining to real life examples. Chapter 15 & 16 shows application of Index number and time series data. Chapters from 18 to 20 shows methods analysis of ranked data, statistical process control and quality management and decision theory analysis.

The above said chapters allows easy reference and review formulas. There are more than 225 concise notes in the margin. Each emphasizes the key concept being presented immediately adjacent to it. Numerous examples with solutions have been included. Statistics in action articles are scattered throughout the text, usually about two per chapter. They provide unique and interesting applications and historical insights into statistics. Self reviews are interspersed throughout the chapter and each is closely patterned after the preceding solution. They will help to monitor the progress of students and methods of solution are located at the end of the chapter. The authors provide a concise, technical explanation of the Statistics techniques that underlies survey sampling. He shows how basic notions of probability provide the foundation for advanced survey sampling – simple random sampling, stratified sampling, cluster sampling, and more.  If you want to understand the Statistics behind survey sampling, you will not be disappointed. This book really delivers. This is must-read for beginners and a guilty pleasure for world – class statisticians.  Statistics covers all the central ideas of modern statistics – probability, sampling, data analysis, estimation, hypothesis testing, and more.  Everything is explained clearly, in simple English. The authors boil complex statistical ideas down to understandable essentials. They reinforce key points with easy-to-follow charts, tables, and relevant examples.

Would this recommendable?

Yes it is a text book that enhances student as well as practitioners’ performance, improves knowledge & motivation for the student taking a business statistics course. The main objective of the text is to provide students majoring in fields of business administration with an introductory survey of the applications of descriptive and inferential statistics. The relevant approach taken in this text relates to the university students today as they will gather the information that is important to them in their future careers.

                                                                                    Mr. Iqbal Shoukat

Assistant Professor

(Faculty of Management Science)

University of South Asia, Lahore (Pakistan)

E-mail: [email protected],