STATISTICS FOR MANAGERS USING Microsoft Excel
Business Data AnalysisSCH-MGMT 650STATISTICS FOR MANAGERSUSING Microsoft ExcelDavid M. Levine David F. StephanTimothy C. Krehbiel Mark L. BerensonCustom Edition forUMASS-AmherstProfessor Robert NakosteenTaken from:Statistics for Managers: Using Microsoft Excel, Fifth Editionby David M. Levine, David F. Stephan, Timothy C. Krehbiel, and Mark L. BerensonStatistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
Cover photo taken by Lauren Labrecque.Taken from:Statistics for Managers: Using Microsoft Excel, Fifth Editionby David M. Levine, David F. Stephan, Timothy C. Krehbiel, and Mark L. BerensonCopyright 2008, 2005, 2002, 1999, 1997 by Pearson Education, Inc.Published by Prentice HallUpper Saddle River, New Jersey 07458All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing fromthe publisher.This special edition published in cooperation with Pearson Custom Publishing.The information, illustrations, and/or software contained in this book, and regarding the above-mentioned programs, areprovided As Is, without warranty of any kind, express or implied, including without limitation any warranty concerning theaccuracy, adequacy, or completeness of such information. Neither the publisher, the authors, nor the copyright holders shall beresponsible for any claims attributable to errors, omissions, or other inaccuracies contained in this book. Nor shall they be liablefor direct, indirect, special, incidental, or consequential damages arising out of the use of such information or material.All trademarks, service marks, registered trademarks, and registered service marks are the property of their respective ownersand are used herein for identification purposes only.Printed in the United States of America10 9 8 7 6 5 4 3 2 1ISBN 0-536-04080-X2008600006KAPlease visit our web site at www.pearsoncustom.comPEARSON CUSTOM PUBLISHING501 Boylston Street, Suite 900, Boston, MA 02116A Pearson Education CompanyStatistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
To our wives,Marilyn L., Mary N., Patti K., and Rhoda B.,and to our childrenSharyn, Mark, Ed, Rudy, Rhonda, Kathy, and LoriStatistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
ABOUTTHEAUTHORSThe textbook authorsmeet to discuss statistics at Shea Stadium fora Mets v. Phillies game.Shown left to right,Mark Berenson, DavidStephan, David Levine,Tim Krehbiel.David M. Levine is Professor Emeritus of Statistics and Computer Information Systems atBernard M. Baruch College (City University of New York). He received B.B.A. and M.B.A.degrees in Statistics from City College of New York and a Ph.D. degree from New YorkUniversity in Industrial Engineering and Operations Research. He is nationally recognized as aleading innovator in statistics education and is the co-author of 14 books including such bestselling statistics textbooks as Statistics for Managers using Microsoft Excel, Basic BusinessStatistics: Concepts and Applications, Business Statistics: A First Course, and AppliedStatistics for Engineers and Scientists using Microsoft Excel and Minitab.He also recently wrote Even You Can Learn Statistics and Statistics for Six Sigma Green Beltspublished by Financial Times-Prentice-Hall. He is coauthor of Six Sigma for Green Belts andChampions and Design for Six Sigma for Green Belts and Champions, also published byFinancial Times-Prentice-Hall, and Quality Management Third Ed., McGraw-Hill-Irwin(2005). He is also the author of Video Review of Statistics and Video Review of Probability,both published by Video Aided Instruction. He has published articles in various journalsincluding Psychometrika, The American Statistician, Communications in Statistics,Multivariate Behavioral Research, Journal of Systems Management, Quality Progress, and TheAmerican Anthropologist and given numerous talks at Decision Sciences, American StatisticalAssociation, and Making Statistics More Effective in Schools of Business conferences. Whileat Baruch College, Dr. Levine received several awards for outstanding teaching and curriculumdevelopment.David F. Stephan is an instructional designer and lecturer who pioneered the teaching ofspreadsheet applications to business school students in the 1980 s. He has over 20 years experience teaching at Baruch College, where he developed the first personal computing lab to support statistics and information systems studies and was twice nominated for his excellencein teaching. He is also proud to have been the lead designer and assistant project director of aU.S. Department of Education FIPSE project that brought interactive, multimedia learning toBaruch College.Today, David focuses on developing materials that help users make better use of the information analysis tools on their computer desktops and is a co-author, with David M. Levine, ofEven You Can Learn Statistics.viStatistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
About the AuthorsviiTimothy C. Krehbiel is Professor of Decision Sciences and Management InformationSystems at the Richard T. Farmer School of Business at Miami University in Oxford, Ohio. Heteaches undergraduate and graduate courses in business statistics. In 1996 he received the prestigious Instructional Innovation Award from the Decision Sciences Institute. In 2000 hereceived the Richard T. Farmer School of Business Administration Effective Educator Award.He also received a Teaching Excellence Award from the MBA class of 2000.Krehbiel s research interests span many areas of business and applied statistics. His workappears in numerous journals including Quality Management Journal, Ecological Economics,International Journal of Production Research, Journal of Marketing Management,Communications in Statistics, Decision Sciences Journal of Innovative Education, Journal ofEducation for Business, Marketing Education Review, and Teaching Statistics. He is a coauthor of three statistics textbooks published by Prentice Hall: Business Statistics: A FirstCourse, Basic Business Statistics, and Statistics for Managers Using Microsoft Excel. Krehbielis also a co-author of the book Sustainability Perspectives in Business and Resources.Krehbiel graduated summa cum laude with a B.A. in history from McPherson College in 1983,and earned an M.S. (1987) and Ph.D. (1990) in statistics from the University of Wyoming.Mark L. Berenson is Professor of Management and Information Systems at Montclair StateUniversity (Montclair, New Jersey) and also Professor Emeritus of Statistics and ComputerInformation Systems at Bernard M. Baruch College (City University of New York). He currently teaches graduate and undergraduate courses in statistics and in operations managementin the School of Business and an undergraduate course in international justice and humanrights that he co-developed in the College of Humanities and Social Sciences.Berenson received a B.A. in economic statistics and an M.B.A. in business statistics from CityCollege of New York and a Ph.D. in business from the City University of New York.Berenson s research has been published in Decision Sciences Journal of Innovative Education,Review of Business Research, The American Statistician, Communications in Statistics,Psychometrika, Educational and Psychological Measurement, Journal of ManagementSciences and Applied Cybernetics, Research Quarterly, Stats Magazine, The New YorkStatistician, Journal of Health Administration Education, Journal of Behavioral Medicine, andJournal of Surgical Oncology. His invited articles have appeared in The Encyclopedia ofMeasurement & Statistics and in Encyclopedia of Statistical Sciences. He is co-author of11 statistics texts published by Prentice Hall, including Statistics for Managers using MicrosoftExcel, Basic Business Statistics: Concepts and Applications, and Business Statistics: A FirstCourse.Over the years, Berenson has received several awards for teaching and for innovative contributions to statistics education. In 2005 he was the first recipient of The Catherine A. BeckerService for Educational Excellence Award at Montclair State University.Statistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
Statistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
BRIEF CONTENTSPreface xix1 INTRODUCTION AND DATA COLLECTION 12 PRESENTING DATA IN TABLES AND CHARTS 313 NUMERICAL DESCRIPTIVE MEASURES 954 BASIC PROBABILITY 1475 SOME IMPORTANT DISCRETE PROBABILITY DISTRIBUTIONS 1796 THE NORMAL DISTRIBUTION AND OTHER CONTINUOUS DISTRIBUTIONS 2177 SAMPLING AND SAMPLING DISTRIBUTIONS 2518 CONFIDENCE INTERVAL ESTIMATION 2839 FUNDAMENTALS OF HYPOTHESIS TESTING: ONE-SAMPLE TESTS 32710 SIMPLE LINEAR REGRESSION 36911 INTRODUCTION TO MULTIPLE REGRESSION 429Appendices A-F 471Self-Test Solutions and Answers to Selected Even-Numbered Problems 513Index 535CD-ROM TOPICS4.55.66.67.68.79.7COUNTING RULES CD4-1USING THE POISSON DISTRIBUTION TO APPROXIMATE THE BINOMIAL DISTRIBUTION CD5-1THE NORMAL APPROXIMATION TO THE BINOMIAL DISTRIBUTION CD6-1SAMPLING FROM FINITE POPULATIONS CD7-1ESTIMATION AND SAMPLE SIZE DETERMINATION FOR FINITE POPULATIONS CD8-1THE POWER OF A TEST CD9-1ixStatistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
Statistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
CONTENTSPreface xix1 INTRODUCTION AND DATA COLLECTION 11.11.2Why Learn Statistics 2Statistics for Managers 2How This Text is Organized 3Using Statistics @ Good Tunes 41.3 Basic Vocabulary of Statistics 41.4 Data Collection 61.5 Types of Variables 8Levels of Measurement and Measurement Scales 91.6 Microsoft Excel Worksheets 11Worksheet Cells 11Designing Effective Worksheets 12Summary 13Key Terms 13Chapter Review Problems 14End-of-Chapter Cases 15Learning with the Web Cases 16References 17Excel Companion to Chapter 1 18Key Terms 302 PRESENTING DATA IN TABLES AND CHARTS 31Using Statistics @ Choice Is Yours, Part I 322.1 Tables and Charts for Categorical Data 32The Summary Table 33The Bar Chart 33The Pie Chart 34The Pareto Diagram 352.2 Organizing Numerical Data 40The Ordered Array 41The Stem-and-Leaf Display 412.3 Tables and Charts for Numerical Data 44The Frequency Distribution 44The Relative Frequency Distribution and the Percentage Distribution 46The Cumulative Distribution 47The Histogram 48The Polygon 50The Cumulative Percentage Polygon (Ogive) 512.4 Cross Tabulations 54The Contingency Table 55The Side-by-Side Bar Chart 56xiStatistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
xiiContents2.52.6Scatter Plots and Time-Series Plots 58The Scatter Plot 58The Time-Series Plot 59Misusing Graphs and Ethical Issues 62Microsoft Excel Graphs 64Summary 66Key Terms 66Chapter Review Problems 67Managing the Springville Herald 73Web Case 74References 74Excel Companion to Chapter 2 753 NUMERICAL DESCRIPTIVE MEASURES 95Using Statistics @ Choice Is Yours, Part II 963.1 Measures of Central Tendency 96The Mean 97The Median 99The Mode 100Quartiles 101The Geometric Mean 1033.2 Variation and Shape 105The Range 105The Interquartile Range 106The Variance and the Standard Deviation 106The Coefficient of Variation 110Z Scores 111Shape 112Visual Explorations: Exploring Descriptive Statistics 113Microsoft Excel Descriptive Statistics Results 1143.3 Numerical Descriptive Measures for a Population 118The Population Mean 118The Population Variance and Standard Deviation 119The Empirical Rule 120The Chebyshev Rule 1203.4 Exploratory Data Analysis 122The Five-Number Summary 123The Box-and-Whisker Plot 1243.5 The Covariance and the Coefficient of Correlation 127The Covariance 127The Coefficient of Correlation 1283.6 Pitfalls in Numerical Descriptive Measures and Ethical Issues 133Ethical Issues 133Summary 134Key Equations 134Key Terms 135Chapter Review Problems 135Statistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
ContentsxiiiManaging the Springville Herald 142Web Case 142References 142Excel Companion to Chapter 3 1434 BASIC PROBABILITY 147Using Statistics @ The Consumer Electronics Company 1484.1 Basic Probability Concepts 149Events and Sample Spaces 150Contingency Tables 151Simple (Marginal) Probability 151Joint Probability 152General Addition Rule 1544.2 Conditional Probability 157Computing Conditional Probabilities 157Decision Trees 159Statistical Independence 161Multiplication Rules 162Marginal Probability Using the General Multiplication Rule 1634.3 Bayes Theorem 1664.4 Ethical Issues and Probability 1714.5(CD-ROM Topic) Counting Rules 172Summary 172Key Equations 172Key Terms 172Chapter Review Problems 173Web Case 176References 176Excel Companion to Chapter 4 1775 SOME IMPORTANT DISCRETE PROBABILITYDISTRIBUTIONS 179Using Statistics @ Saxon Home Improvement 1805.1 The Probability Distribution for a Discrete Random Variable 180Expected Value of a Discrete Random Variable 181Variance and Standard Deviation of a Discrete Random Variable 1825.2 Covariance and Its Application in Finance 184Covariance 184Expected Value, Variance, and Standard Deviation of the Sumof Two Random Variables 186Portfolio Expected Return and Portfolio Risk 1865.3 Binomial Distribution 1895.4 Poisson Distribution 1975.5 Hypergeometric Distribution 2015.6(CD-ROM Topic) Using the Poisson Distribution to Approximatethe Binomial Distribution 204Summary 204Key Equations 204Statistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
xivContentsKey Terms 205Chapter Review Problems 206Managing the Springville Herald 209Web Case 209References 210Excel Companion to Chapter 5 2116 THE NORMAL DISTRIBUTION AND OTHERCONTINUOUS DISTRIBUTIONS 217Using Statistics @ OurCampus! 2186.1 Continuous Probability Distributions 2186.2 The Normal Distribution 219Visual Explorations: Exploring the Normal Distribution 2296.3 Evaluating Normality 234Comparing Data Characteristics to Theoretical Properties 234Constructing the Normal Probability Plot 2366.4 The Uniform Distribution 2386.5 The Exponential Distribution 2416.6(CD-ROM Topic) The Normal Approximation to the BinomialDistribution 243Summary 243Key Equations 243Key Terms 243Chapter Review Problems 244Managing the Springville Herald 246Web Case 246References 246Excel Companion to Chapter 6 2477 SAMPLING AND SAMPLING DISTRIBUTIONS 251Using Statistics @ Oxford Cereals 2527.1 Types of Sampling Methods 252Simple Random Samples 253Systematic Samples 256Stratified Samples 256Cluster Samples 2577.2 Evaluating Survey Worthiness 258Survey Error 259Ethical Issues 2607.3 Sampling Distributions 2617.4 Sampling Distribution of the Mean 262The Unbiased Property of the Sample Mean 262Standard Error of the Mean 264Sampling from Normally Distributed Populations 265Sampling from Non-Normally Distributed PopulationsThe Central Limit Theorem 268Visual Explorations: Exploring Sampling Distributions 2707.5 Sampling Distribution of the Proportion 272Statistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
Contents7.6xv(CD-ROM Topic) Sampling From Finite Populations 275Summary 275Key Equations 276Key Terms 276Chapter Review Problems 276Managing the Springville Herald 279Web Case 279References 280Excel Companion to Chapter 7 2818 CONFIDENCE INTERVAL ESTIMATION 283Using Statistics @ Saxon Home Improvement 2848.1 Confidence Interval Estimation for the Mean (* Known) 2858.2 Confidence Interval Estimation for the Mean (* Unknown) 290Student s t Distribution 290Properties of the t Distribution 290The Concept of Degrees of Freedom 291The Confidence Interval Statement 2928.3 Confidence Interval Estimation for the Proportion 2968.4 Determining Sample Size 299Sample Size Determination for the Mean 300Sample Size Determination for the Proportion 3028.5 Applications of Confidence Interval Estimation in Auditing 306Estimating the Population Total Amount 307Difference Estimation 308One-Sided Confidence Interval Estimation of the Rate of Noncompliancewith Internal Controls 3118.6 Confidence Interval Estimation and Ethical Issues 3138.7(CD-ROM Topic) Estimation and Sample Size Determinationfor Finite Populations 314Summary 314Key Equations 314Key Terms 315Chapter Review Problems 315Managing the Springville Herald 320Web Case 321References 321Excel Companion to Chapter 8 3229 FUNDAMENTALS OF HYPOTHESIS TESTING:ONE-SAMPLE TESTS 327Using Statistics @ Oxford Cereals, Part II 3289.1 Hypothesis-Testing Methodology 328The Null and Alternative Hypotheses 328The Critical Value of the Test Statistic 330Regions of Rejection and Nonrejection 330Risks in Decision Making Using Hypothesis-Testing Methodology 331Statistics for Managers Using Microsoft Excel, Fifth Edition, by David M. Levine, Mark L. Berenson, and Timothy C. Krehbiel. Published by Prentice Hall.Copyright 2008 by Pearson Education, Inc.
xviContents9.29.39.49.59.69.7Z Test of Hypothesis for the Mean (* Known) 334The Critical Value Approach to Hypothesis Testing 334The p-Value Approach to Hypothesis Testing 337A Connection Between Confidence Interval Estimationand Hypothesis Testing 340One-Tail Tests 342The Critical Value Approach 342The p-Value Approach 343t Test of Hypothesis for the Mean (* Unknown) 346The Critical Value Approach 347The p-Value Approach 349Checking Assumptions 349Z Test of Hypothesis for the Proportion 353The Critical Value Approach 354The p-Value Approach 355Potential Hypothesis-Testing Pitfalls and Ethical Issues 357(CD-ROM Topic) The Power of a Test 359Summary 359Key Equations 360Key Terms 360Chapter Review Problems 360Managing the Springville Herald 363Web Case 363References 363Excel Companion to Chapter 9 36410 SIMPLE LINEAR REGRESSION 369Using Statistics @ Sunflowers Apparel 37010.1 Types of Regression Models 37010.2 Determining the Simple Linear Regression Equation 372The Least-Squares Method 373Visual Explorations: Exploring Simple Linear Regression Coefficients 376Predictions in Regression Analysis: Interpolation Versus Extrapolation 377Computing the Y Intercept, b0, and the Slope, b1 37710.3 Measures of Variation 382Computing the Sum of Squares 382The Coefficient of Determination 384Standard Error of the Estimate 38610.4 Assumptions 38710.5 Residual Analysis 388Evaluating the Assumptions 38810.6 Measuring Autocorrelation: The Durbin-Watson Statistic 392Residual Plots to Detect Autocorrelation 392The Durbin-Watson Statistic 39410.7 Inferences About the Slope and Correlation Coefficient 397t Test for the Slope 397F Test for the Slope 398Statistics for Managers Using Microsoft Excel
This special edition published in cooperation with Pearson Custom Publishing. The information, illustrations, and/or software contained in this book, and regarding the above-mentioned programs, are provided As Is, without warranty of any kind, express or implied, including without limitation any warranty concerning the accuracy, adequacy, or completeness of such information. Neither the .
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