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Business Statistics, Second Edition

Book Description

The second edition of Business Statistics, continues to retain the clear, crisp pedagogy of the first edition. It now adds new features and an even stronger emphasis on practical, applied statistics that will enhance the text's ability in developing decision-making ability of the reader. In this edition, efforts have been made to assist readers in converting data into useful information that can be used by decision-makers in making more thoughtful, information-based decisions.

Table of Contents

  1. Cover
  2. Title Page
  3. Contents
  4. Preface to the Second Edition
  5. Preface
  6. Chapter 1 - Statistics: an Overview
    1. 1.1 - REASONS FOR LEARNING STATISTICS
    2. 1.2 - GROWTH AND DEVELOPMENT OF STATISTICS
    3. 1.3 - STATISTICAL THINKING AND ANALYSIS
    4. 1.4 - STATISTICS DEFINED
    5. 1.5 - TYPES OF STATISTICAL METHODS
    6. 1.6 - IMPORTANCE AND SCOPE OF STATISTICS
      1. 1.6.1 - Statistics and the State
      2. 1.6.2 - Statistics in Economics
      3. 1.6.3 - Statistics in Business Management
      4. 1.6.4 - Statistics in Physical Sciences
      5. 1.6.5 - Statistics in Social Sciences
      6. 1.6.6 - Statistics in Medical Sciences
      7. 1.6.7 - Statistics and Computers
    7. 1.7 - LIMITATIONS OF STATISTICS
      1. 1.7.1 - Statistics Does not Study Qualitative Phenomena
      2. 1.7.2 - Statistics Does not Study Individuals
      3. 1.7.3 - Statistics Can Be Misused
    8. 1.8 - HOW TO LIE WITH STATISTICS
    9. Conceptual Questions 1A
    10. 1.9 - NEED FOR DATA
      1. 1.9.1 - Types of Data
    11. 1.10 - PRINCIPLES OF MEASUREMENT
    12. 1.11 - SOURCES OF DATA
      1. 1.11.1 - Primary Data Sources
      2. 1.11.2 - Secondary Data Sources
    13. Conceptual Questions 1B
    14. Chapter Concepts Quiz
  7. Chapter 2 - Data Classification, Tabulation and Presentation
    1. 2.1 - INTRODUCTION
    2. 2.2 - CLASSIFICATION OF DATA
      1. 2.2.1 - Requisites of Ideal Classification
      2. 2.2.2 - Basis of Classification
    3. 2.3 - ORGANIZING DATA USING DATA ARRAY
      1. 2.3.1 - Frequency Distribution
      2. 2.3.2 - Methods of Data Classification
      3. 2.3.3 - Bivariate Frequency Distribution
      4. 2.3.4 - Types of Frequency Distributions
    4. Conceptual Questions 2A
    5. Self-Practice Problems 2A
    6. Hints and Answers
    7. 2.4 - TABULATION OF DATA
      1. 2.4.1 - Objectives of Tabulation
      2. 2.4.2 - Parts of a Table
      3. 2.4.3 - Types of Tables
      4. 2.4.4 - General and Summary Tables
      5. 2.4.5 - Original and Derived Tables
    8. Conceptual Questions 2B
    9. Self-Practice Problems 2B
    10. Hints and Answers
    11. 2.5 - GRAPHICAL PRESENTATION OF DATA
      1. 2.5.1 - Functions of a Graph
      2. 2.5.2 - Advantages and Limitations of Diagrams (Graph)
      3. 2.5.3 - General Rules for Drawing Diagrams
    12. 2.6 - TYPES OF DIAGRAMS
      1. 2.6.1 - One-Dimensional Diagrams
      2. 2.6.2 - Two-Dimensional Diagrams
      3. 2.6.3 - Three-Dimensional Diagrams
      4. 2.6.4 - Pictograms or Ideographs
      5. 2.6.5 - Cartograms or Statistical Maps
    13. 2.7 - EXPLORATORY DATA ANALYSIS
      1. 2.7.1 - Stem-and-Leaf Displays
    14. Conceptual Questions 2C
    15. Self-Practice Problems 2C
    16. Hints and Answers
    17. Formulae Used
    18. Chapter Concepts Quiz
    19. Review Self-Practice Problems
    20. Case Studies
  8. Chapter 3 - Measures of Central Tendency
    1. 3.1 - INTRODUCTION
    2. 3.2 - OBJECTIVES OF AVERAGING
    3. 3.3 - REQUISITES OF A MEASURE OF CENTRAL TENDENCY
    4. 3.4 - MEASURES OF CENTRAL TENDENCY
    5. 3.5 - MATHEMATICAL AVERAGES
      1. 3.5.1 - Arithmetic Mean of Ungrouped Data
      2. 3.5.2. Arithmetic Mean of Grouped (or Classified) Data
      3. 3.5.3 - Some Special Types of Problems and Their Solutions
      4. 3.5.4 - Advantages and Disadvantages of Arithmetic Mean
      5. 3.5.5 - Weighted Arithmetic Mean
    6. Conceptual Questions 3A
    7. Self-Practice Problems 3A
    8. Hints and Answers
    9. 3.6 - GEOMETRIC MEAN
      1. 3.6.1 - Combined Geometric Mean
      2. 3.6.2 - Weighted Geometric Mean
      3. 3.6.3 - Advantages, Disadvantages and Applications of G.M.
    10. Conceptual Questions 3B
    11. Self-Practice Problems 3B
    12. Hints and Answers
    13. 3.7 - HARMONIC MEAN
      1. 3.7.1 - Advantages, Disadvantages and Applications of H.M.
    14. 3.8 - RELATIONSHIP BETWEEN A.M., G.M. AND H.M.
    15. Self-Practice Problems 3C
    16. Hints and Answers
    17. 3.9 - AVERAGES OF POSITION
      1. 3.9.1 - Median
      2. 3.9.2 - Advantages, Disadvantages and Applications of Median
    18. 3.10 - PARTITION VALUES—QUARTILES, DECILES AND PERCENTILES
      1. 3.10.1 - Graphical Method for Calculating Partition Values
    19. Conceptual Questions 3C
    20. Self-Practice Problems 3D
    21. Hints and Answers
    22. 3.11 - MODE
      1. 3.11.1 - Graphical Method for Calculating Mode Value
      2. 3.11.2 - Advantages and Disadvantages of Mode Value
    23. 3.12 - RELATIONSHIP BETWEEN MEAN, MEDIAN AND MODE
    24. 3.13 - COMPARISON BETWEEN MEASURES OF CENTRAL TENDENCY
    25. Conceptual Questions 3D
    26. Self-Practice Problems 3E
    27. Hints and Answers
    28. Formulae Used
    29. Chapter Concepts Quiz
    30. Review Self-Practice Problems
    31. Hints and Answers
    32. Case Studies
  9. Chapter 4 - Measures of Dispersion
    1. 4.1 - INTRODUCTION
    2. 4.2 - SIGNIFICANCE OF MEASURING DISPERSION (VARIATION)
      1. 4.2.1 - Essential Requisites for a Measure of Variation
    3. 4.3 - CLASSIFICATION OF MEASURES OF DISPERSION
    4. 4.4 - DISTANCE MEASURES
      1. 4.4.1 - Range
      2. 4.4.2 - Interquartile Range or Deviation
    5. Conceptual Questions 4A
    6. Self-Practice Problems 4A
    7. Hints and Answers
    8. 4.5 - AVERAGE DEVIATION MEASURES
      1. 4.5.1 - Mean Absolute Deviation
      2. 4.5.2 - Variance and Standard Deviation
      3. 4.5.3 - Mathematical Properties of Standard Deviation
      4. 4.5.4 - Chebyshev's Theorem
      5. 4.5.5 - Coefficient of Variation
    9. Conceptual Questions 4B
    10. Self-Practice Problems 4B
    11. Hints and Answers
    12. Formulae Used
    13. Chapter Concepts Quiz
    14. Review Self-Practice Problems
    15. Hints and Answers
    16. Case Studies
  10. Chapter 5 - Skewness, Moments and Kurtosis
    1. 5.1 - INTRODUCTION
    2. 5.2 - MEASURES OF SKEWNESS
      1. 5.2.1 - Relative Measures of Skewness
    3. Conceptual Questions 5A
    4. Self-Practice Problems 5A
    5. Hints and Answers
    6. 5.3 - MOMENTS
      1. 5.3.1 - Moments about Mean
      2. 5.3.2 - Moments about Arbitrary Point
      3. 5.3.3 - Moments about Zero or Origin
      4. 5.3.4 - Relationship between Central Moments and Moments about Any Arbitrary Point
      5. 5.3.5 - Moments in Standard Units
      6. 5.3.6 - Sheppard's Corrections for Moments
    7. 5.4 - KURTOSIS
      1. 5.4.1 - Measures of Kurtosis
    8. Conceptual Questions 5B
    9. Self Practice Problems 5B
    10. Hints and Answers
    11. Formulae Used
    12. Review Self-Practice Problems
    13. Hints and Answers
  11. Chapter 6 - Fundamentals of Probability
    1. 6.1 - INTRODUCTION
    2. 6.2 - CONCEPTS OF PROBABILITY
      1. 6.2.1 - Random Experiment
      2. 6.2.2 - Sample Space
      3. 6.2.3 - Event Types
    3. 6.3 - DEFINITION OF PROBABILITY
      1. 6.3.1 - Classical Approach
      2. 6.3.2 - Relative Frequency Approach
      3. 6.3.3 - Subjective Approach
      4. 6.3.4 - Fundamental Rules of Probability
      5. 6.3.5 - Glossary of Probability Terms
    4. 6.4 - COUNTING RULES FOR DETERMINING THE NUMBER OF OUTCOMES
      1. 6.4.1 - Multistep Experiments
      2. 6.4.2 - Combinations
      3. 6.4.3 - Permutations
    5. Conceptual Questions 6A
    6. Self-Practice Problems 6A
    7. Hints and Answers
    8. 6.5 - RULES OF PROBABILITY AND ALGEBRA OF EVENTS
      1. 6.5.1 - Rules of Addition
      2. 6.5.2 - Rules of Multiplication
    9. 6.6 - PROBABILITY TREE DIAGRAM
    10. Self-Practice Problems 6B
    11. Hints and Answers
    12. 6.7 - THE BAYES' THEOREM
    13. Self-Practice Problems 6C
    14. Hints and Answers
    15. Formulae Used
    16. Chapter Concepts Quiz
    17. Review Self-Practice Problems
    18. Hints and Answers
    19. Case Studies
  12. Chapter 7 - Probability Distributions
    1. 7.1 - INTRODUCTION
    2. 7.2 - PROBABILITY DISTRIBUTION FUNCTION (PDF)
    3. 7.3 - CUMULATIVE PROBABILITY DISTRIBUTION FUNCTION (CDF)
    4. 7.4 - EXPECTED VALUE AND VARIANCE OF A RANDOM VARIABLE
      1. 7.4.1 - Expected Value
      2. 7.4.2 - Variance and Standard and Deviation
      3. 7.4.3 - Properties of Expected Value and Variance
    5. Conceptual Questions 7A
    6. Self-Practice Problems 7A
    7. Hints and Answers
    8. 7.5 - DISCRETE PROBABILITY DISTRIBUTIONS
      1. 7.5.1 - Binomial Probability Distribution
    9. Conceptual Questions 7B
    10. Self-Practice Problems 7B
    11. Hints and Answers
      1. 7.5.2 - Poisson Probability Distribution
      2. 7.5.3 - Negative Binomial Probability Distribution
      3. 7.5.4 - Multinomial Probability Distribution
      4. 7.5.5 - Hypergeometric Probability Distribution
    12. Conceptual Questions 7C
    13. Self-Practice Problems 7C
    14. Hints and Answers
    15. 7.6 - CONTINUOUS PROBABILITY DISTRIBUTIONS
      1. 7.6.1 - Normal Probability Distribution Function
      2. 7.6.2 - Approximation of Binomial and Poisson Distributions to Normal Distribution
      3. 7.6.3 - Uniform (Rectangular) Distribution
      4. 7.6.4 - Exponential Probability Distribution
      5. 7.6.5 - Gamma (or Erlang) Distribution
      6. 7.6.6 - Beta Distribution
    16. Conceptual Questions 7D
    17. Self-Practice Problems 7D
    18. Hints and Answers
    19. Formulae Used
    20. Chapter Concepts Quiz
    21. Review Self-Practice Problems
    22. Hints and Answers
  13. Chapter 8 - Sampling and Sampling Distributions
    1. 8.1 - INTRODUCTION
    2. 8.2 - REASONS OF SAMPLE SURVEY
    3. 8.3 - TYPES OF BIAS DURING SAMPLE SURVEY
      1. 8.3.1 - Sampling and Non-Sampling Errors
    4. 8.4 - POPULATION PARAMETERS AND SAMPLE STATISTICS
    5. 8.5 - PRINCIPLES OF SAMPLING
      1. 8.5.1 - Principle of Statistical Regularity
      2. 8.5.2 - Principle of Inertia of Large Numbers
    6. 8.6 - SAMPLING METHODS
      1. 8.6.1 - Probability Sampling Methods
      2. 8.6.2 - Non-Random Sampling Methods
      3. 8.6.3 - Choice of sampling methods
    7. 8.7 - SAMPLING DISTRIBUTIONS
      1. 8.7.1 - Standard Error of Statistic
      2. 8.7.2 - Distinction Between Population, Sample Distributions and Sampling Distributions
    8. Conceptual Questions 8A
    9. 8.8 - SAMPLING DISTRIBUTION OF SAMPLE MEAN
      1. 8.8.1 - Sampling Distribution of Mean When Population has Non-Normal Distribution
      2. 8.8.2 - Sampling Distribution of Mean When Population has Normal Distribution
      3. 8.8.3 - Sampling Distribution of Difference Between two Sample Means
    10. Self-Practice Problems 8A
    11. Hints and Answers
    12. 8.9 - SAMPLING DISTRIBUTION OF SAMPLE PROPORTIONS
      1. 8.9.1 - Sampling Distribution of the Difference of two Proportions
    13. Self-Practice Problems 8B
    14. Hints and Answers
    15. Formulae Used
    16. Chapter Concepts Quiz
    17. Review Self-Practice Problems
    18. Hints and Answers
  14. Chapter 9 - Estimation and Confidence Intervals
    1. 9.1 - INTRODUCTION
    2. 9.2 - POINT ESTIMATION
      1. 9.2.1 - Properties of a Point Estimator
      2. 9.2.2 - Draw Back of Point Estimates
    3. 9.3 - CONFIDENCE INTERVAL ESTIMATION
    4. 9.4 - INTERVAL ESTIMATION OF POPULATION MEAN (σ KNOWN)
    5. 9.4.1 - Interval Estimation for Difference of Two Means
    6. 9.5 - INTERVAL ESTIMATION OF POPULATION MEAN (σ UNKNOWN)
    7. Self-Practice Problems 9A
    8. Hints and Answers
    9. 9.6 - INTERVAL ESTIMATION FOR POPULATION PROPORTION
    10. Self-Practice Problems 9B
    11. Hints and Answers
    12. 9.7 - ESTIMATING SAMPLE SIZE
      1. 9.7.1 - Sample Size for Estimating Population Mean
      2. 9.7.2 - Sample Size for Estimating Population Proportion
      3. 9.7.3 - Sample Size Determination for Finite Population
    13. Conceptual Questions 9A
    14. Self-Practice Problems 9C
    15. Hints and Answers
    16. Formulae Used
    17. Chapter Concepts Quiz
    18. Review Self-Practice Problems
    19. Hints and Answers
  15. Chapter 10 - Hypothesis Testing
    1. 10.1 - INTRODUCTION
    2. 10.2 - HYPOTHESIS AND HYPOTHESIS TASTING
      1. 10.2.1 - Formats of Hypothesis
    3. 10.3 - THE RATIONALE FOR HYPOTHESIS TESTING
    4. 10.4 - GENERAL PROCEDURE FOR HYPOTHESIS TESTING
    5. 10.5 - DIRECTION OF THE HYPOTHESIS TEST
    6. 10.6 - ERRORS IN HYPOTHESIS TESTING
      1. 10.6.1 - Power of a Statistical Test
    7. Conceptual Questions 10A
    8. 10.7 - HYPOTHESIS TESTING FOR POPULATION PARAMETERS WITH LARGE SAMPLES
      1. 10.7.1 - Hypothesis Testing for Single Population Mean
      2. 10.7.2 - Relationship Between Interval Estimation and Hypothesis Testing
      3. 10.7.3 - P-Value Approach to Test Hypothesis of Single Population Mean
      4. 10.7.4 - Hypothesis Testing for Difference Between Two Populations Means
    9. Self-Practice Problems 10A
    10. Hints and Answers
    11. 10.8 - HYPOTHESIS TESTING FOR SINGLE POPULATION PROPORTION
      1. 10.8.1 - Hypothesis Testing for Difference Between Two Population Proportions
    12. 10.9 - HYPOTHESIS TESTING FOR A BINOMIAL PROPORTION
    13. Self-Practice Problems 10B
    14. Hints and Answers
    15. 10.10 - HYPOTHESIS TESTING FOR POPULATION MEAN WITH SMALL SAMPLES
      1. 10.10.1 - Properties of Student's T-Distribution
      2. 10.10.2 - Hypothesis Testing for Single Population Mean
      3. 10.10.3 - Hypothesis Testing for Difference of Two Population Means (Independent Samples)
      4. 10.10.4 - Hypothesis Testing for Difference of Two Population Means (Dependent Samples)
    16. Self-Practice Problems 10C
    17. Hints and Answers
    18. 10.11 - HYPOTHESIS TESTING BASED ON F-DISTRIBUTION
      1. 10.11.1 - Properties of F-Distribution
      2. 10.11.2 - Comparing Two Population Variances
    19. Self-Practice Problems 10D
    20. Hints and Answers
    21. Formulae Used
    22. Chapter Concepts Quiz
    23. Review Self-Practice Problems
    24. Hints and Answers
  16. Chapter 11 - Chi-Square and Other Non-Parametric Tests
    1. 11.1 - INTRODUCTION
    2. 11.2 - ADVANTAGES AND LIMITATIONS OF NON-PARAMETRIC METHODS
    3. 11.3 - THE CHI-SQUARE DISTRIBUTION
      1. 11.3.1 - Properties of χ2 Distribution
      2. 11.3.2 - Conditions for the Applications of χ2 Test
    4. 11.4 - THE CHI-SQUARE TEST-STATISTIC
      1. 11.4.1 - Grouping of Small Frequencies
    5. 11.5 - APPLICATIONS OF χ2 TEST
      1. 11.5.1 - Contingency Table Analysis: Chi-Square Test of Independence
    6. Self-Practice Problems 11A
    7. Hints and Answers
      1. 11.5.2 - Chi-Square Test for Goodness-of-fit
      2. 11.5.3 - Yate's Correction for Continuity
    8. Self-Practice Problems 11B
    9. Hints and Answers
      1. 11.5.4 - χ2 Test for Population Variance
      2. 11.5.5 - Coefficient of Contingency
      3. 11.5.6 - Chi-Square Test of Homogeneity
    10. Conceptual Questions 11A
    11. 11.6 - THE SIGN TEST FOR PAIRED DATA
    12. 11.7 - RUNS TEST FOR RANDOMNESS
    13. 11.8 - MANN-WHITNEY U-TEST
    14. 11.9 - WILCOXON MATCHED PAIRS TEST
    15. 11.10 - KRUSKAL-WALLIS TEST
    16. Self-Practice Problems 11C
    17. Hints and Answers
    18. Formulae Used
    19. Chapter Concepts Quiz
    20. Review Self-Practice Problems 11C
    21. Hints and Answers
  17. Chapter 12 - Analysis of Variance
    1. 12.1 - INTRODUCTION
    2. 12.2 - ANALYSIS OF VARIANCE APPROACH
    3. 12.3 - TESTING EQUALITY OF POPULATION (TREATMENT) MEANS: ONE-WAY CLASSIFICATION
      1. 12.3.1 - Steps for Testing Null Hypothesis
    4. 12.4 - INFERENCES ABOUT POPULATION (TREATMENT) MEANS
    5. Self-Practice Problems 12A
    6. Hints and Answers
    7. 12.5 - TESTING EQUALITY OF POPULATION (TREATMENT) MEANS: TWO-WAY CLASSIFICATION
    8. Conceptual Questions 12A
    9. Self-Practice Problems 12B
    10. Hints and Answers
    11. Formulae Used
    12. Chapter Concepts Quiz
    13. Review Self-Practice Problems
    14. Hints and Answers
    15. Case Studies
  18. Chapter 13 - Correlation Analysis
    1. 13.1 - INTRODUCTION
    2. 13.2 - SIGNIFICANCE OF MEASURING CORRELATION
    3. 13.3 - CORRELATION AND CAUSATION
    4. 13.4 - TYPES OF CORRELATIONS
      1. 13.4.1 - Positive and Negative Correlation
      2. 13.4.2 - Linear and Non-Linear Correlation
      3. 13.4.3 - Simple, Partial, and Multiple Correlation
    5. 13.5 - METHODS OF CORRELATION ANALYSIS
      1. 13.5.1 - Scatter Diagram Method
      2. 13.5.2 - Karl Pearson's Correlation Coefficient
      3. 13.5.3 - Probable Error and Standard Error of Coefficient of Correlation
      4. 13.5.4 - The Coefficient of Determination
    6. Self-Practice Problems 13A
    7. Hints and Answers
      1. 13.5.5 - Spearman's Rank Correlation Coefficient
      2. 13.5.6 - Method of Least Squares
      3. 13.5.7 - Auto-Correlation Coefficient
    8. Self-Practice Problems 13B
    9. Hints and Answers
    10. 13.6 - HYPOTHESIS TESTING FOR CORRELATION COEFFICIENT
      1. 13.6.1 - Hypothesis Testing about Population Correlation Coefficient (Small Sample)
      2. 13.6.2 - Hypothesis Testing about Population Correlation Coefficient (Large Sample)
      3. 13.6.3 - Hypothesis Testing about the Difference Between Two Independent Correlation Coefficients
    11. Conceptual Questions 13A
    12. Self-Practice Problems 13C
    13. Hints and Answers
    14. Formulae Used
    15. Chapter Concepts Quiz
    16. Review Self-Practice Problems
    17. Hints and Answers
  19. Chapter 14 - Regression Analysis
    1. 14.1 - INTRODUCTION
    2. 14.2 - ADVANTAGES OF REGRESSION ANALYSIS
    3. 14.3 - TYPES OF REGRESSION MODELS
      1. 14.3.1 - Simple and Multiple Regression Models
      2. 14.3.2 - Linear and Non-Linear Regression Models
    4. 14.4 - ESTIMATION: THE METHOD OF LEAST SQUARES
    5. 14.5 - ASSUMPTIONS FOR A SIMPLE LINEAR REGRESSION MODEL
    6. 14.6 - PARAMETERS OF SIMPLE LINEAR REGRESSION MODEL
      1. 14.6.1 - Regression Coefficients
    7. 14.7 - METHODS TO DETERMINE REGRESSION COEFFICIENTS,
      1. 14.7.1 - Least Squares Normal Equations
      2. 14.7.2 - Deviations Method
      3. 14.7.3 - Regression Coefficients for Grouped Sample Data
    8. Self-Practice Problems 14A
    9. Hints and Answers
    10. 14.8 - STANDARD ERROR OF ESTIMATE AND PREDICTION INTERVALS
      1. 14.8.1 - Coefficient of Determination: Partitioning of Total Variation
    11. Conceptual Questions 14A
    12. Formulae Used
    13. Chapter Concepts Quiz
    14. Review Self-Practice Problems
    15. Hints and Answers
    16. Case Studies
  20. Chapter 15 - Partial and Multiple Correlation and Regression Analysis
    1. 15.1 - INTRODUCTION
    2. 15.2 - ASSUMPTIONS IN MULTIPLE LINEAR REGRESSION
    3. 15.3 - ESTIMATING PARAMETERS OF MULTIPLE REGRESSION MODEL
      1. 15.3.1 - Estimation: The Method of Least Squares
      2. 15.3.2 - Partial Regression Coefficients
      3. 15.3.3 - Relationship Between Partial Regression Coefficients and Correlation Coefficients
    4. Self-Practice Problems 15A
    5. Hints and Answers
    6. 15.4 - STANDARD ERROR OF ESTIMATE FOR MULTIPLE REGRESSION
      1. 15.4.1 - Significance Test of Regression Model
    7. 15.5 - COEFFICIENT OF MULTIPLE DETERMINATION
    8. 15.6 - MULTIPLE CORRELATION ANALYSIS
    9. 15.7 - PARTIAL CORRELATION ANALYSIS
      1. 15.7.1 - Relationship Between Multiple and Partial Correlation Coefficients
    10. Conceptual Questions 15A
    11. Self-Practice Problems 15B
    12. Hints and Answers
    13. Formulae Used
    14. Chapter Concepts Quiz
    15. Review Self-Practice Problems
    16. Hints and Answers
  21. Chapter 16 - Forecasting and Time Series Analysis
    1. 16.1 - INTRODUCTION
    2. 16.2 - TYPES OF FORECASTS
    3. 16.3 - TIMING OF FORECASTS
    4. 16.4 - FORECASTING METHODS
      1. 16.4.1 - Quantitative Forecasting Methods
      2. 16.4.2 - Qualitative Forecasting Methods
    5. 16.5 - STEPS OF FORECASTING
    6. 16.6 - TIME SERIES ANALYSIS
      1. 16.6.1 - Objectives of Time Series Analysis
      2. 16.6.2 - Time Series Patterns
      3. 16.6.3 - Components of a Time Series
    7. 16.7 - TIME SERIES DECOMPOSITION MODELS
      1. 16.7.1 - Multiplicative Model
      2. 16.7.2 - Additive Model
    8. Conceptual Questions 16A
    9. 16.8 - QUANTITATIVE FORECASTING METHODS
      1. 16.8.1 - Freehand Method
      2. 16.8.2 - Smoothing Methods
      3. 16.8.3 - Exponential Smoothing Methods
    10. Self-Practice Problems 16A
    11. Hints and Answers
    12. 16.9 - TREND PROJECTION METHODS
      1. 16.9.1 - Linear Trend Model
      2. 16.9.2 - Quadratic Trend Model
      3. 16.9.3 - Exponential Trend Model
      4. 16.9.4 - Changing the Origin and Scale of Equations
    13. Self-Practice Problems 16B
    14. Hints and Answers
    15. 16.10 - MEASUREMENT OF SEASONAL EFFECTS
      1. 16.10.1 - Seasonal Index
      2. 16.10.2 - Method of Simple Averages
      3. 16.10.3 - Ratio-to-Trend Method
      4. 16.10.4 - Ratio-to-Moving Average Method
      5. 16.10.5 - Link Relative Method
    16. 16.11 - MEASUREMENT OF CYCLICAL VARIATIONS—RESIDUAL METHOD
    17. 16.12 - MEASUREMENT OF IRREGULAR VARIATIONS
    18. Conceptual Questions 16B
    19. Self-Practice Problems 16C
    20. Hints and Answers
    21. Formulae Used
    22. Chapter Concepts Quiz
    23. Review Self-Practice Problems
    24. Hints and Answers
  22. Chapter 17 - Index Numbers
    1. 17.1 - INTRODUCTION
    2. 17.2 - INDEX NUMBER DEFINED
    3. 17.3 - TYPES OF INDEX NUMBERS
    4. 17.4 - CHARACTERISTICS AND USES OF INDEX NUMBERS
      1. 17.4.1 - Characteristics of Index Numbers
      2. 17.4.2 - Uses of Index Numbers
    5. Conceptual Questions 17A
    6. 17.5 - METHODS FOR CONSTRUCTION OF PRICE INDEXES
    7. 17.6 - UNWEIGHTED PRICE INDEXES
      1. 17.6.1 - Single Price Index
      2. 17.6.2 - Aggregative Price Index
      3. 17.6.3 - Average Price Relative Index
    8. Self-Practice Problems 17A
    9. Hints and Answers
    10. 17.7 - WEIGHTED PRICE INDEXES
      1. 17.7.1 - Weighted Aggregative Price Index
      2. 17.7.2 - Weighted Average of Price Relative Index
    11. 17.8 - QUANTITY OR VOLUME INDEXES
    12. 17.9 - VALUE INDEX
    13. Self-Practice Problems 17B
    14. Hints and Answers
    15. 17.10 - TESTS OF ADEQUACY OF INDEXES
      1. 17.10.1 - Time Reversal Test
      2. 17.10.2 - Factor Reversal Test
      3. 17.10.3 - Circular Test
    16. 17.11 - CHAIN INDEXES
    17. 17.12 - APPLICATIONS OF INDEX NUMBERS
      1. 17.12.1 - Changing the Base of an Index
      2. 17.12.2 - Combining Two or More Overlapping Indexes
      3. 17.12.3 - Correction (Adjustment) of Value of and Item
    18. Self-Practice Problems 17C
    19. Hints and Answers
    20. 17.13 - CONSUMER PRICE INDEXES
      1. 17.13.1 - Uses of Consumer Price Index (CPI) Number
      2. 17.13.2 - Construction of a Consumer Price Index
    21. 17.14 - PROBLEMS OF INDEX NUMBERS CONSTRUCTION
    22. Conceptual Questions 17B
    23. Formulae Used
    24. Chapter Concepts Quiz
    25. Review Self-Practice Problems
    26. Hints and Answers
  23. Chapter 18 - Statistical Quality Control
    1. 18.1 - INTRODUCTION
    2. 18.2 - QUALITY AND QUALITY CONTROL
      1. 18.2.1 - Quality Control
    3. 18.3 - COST OF QUALITY CONTROL
    4. 18.4 - STATISTICAL QUALITY CONTROL
      1. 18.4.1 - Definitions of Statistical Quality Control
    5. 18.5 - TECHNIQUES OF STATISTICAL QUALITY CONTROL
      1. 18.5.1 - Through 100 Per Cent Inspection
      2. 18.5.2 - Through Statistical Quality Control
    6. 18.6 - IN-PROCESS QUALITY CONTROL TECHNIQUES
      1. 18.6.1 - Control Charts
      2. 18.6.2 - Setting up the Control Limits
    7. 18.7 - CONTROL CHARTS FOR VARIABLES
      1. 18.7.1 - Mean or x-Chart
      2. 18.7.2 - R-Chart: A Control Chart for Dispersion
      3. 18.7.3 - Choice and Interpretation of x and R Charts
    8. Conceptual Questions 18A
    9. Self-Practice Problems 18A
    10. Hints and Answers
    11. 18.8 - CONTROL CHARTS FOR ATTRIBUTES
      1. 18.8.1 - C-Chart: Control Chart for Defects Per Unit
      2. 18.8.2 - P-Chart: Control Chart for Proportion of Defectives
      3. 18.8.3 - Np-Chart: Control Chart for Total Number of Defectives
    12. Self-Practice Problems 18B
    13. Hints and Answers
    14. 18.9 - SAMPLING PLAN FOR ATTRIBUTES AND VARIABLES
      1. 18.9.1 - Acceptance Sampling
    15. 18.10 - SPECIFYING AN ACCEPTANCE SAMPLING PLAN
      1. 18.10.1 - Types of Acceptance Sampling Plans
    16. 18.11 - DETERMINING ERROR AND OC CURVE
      1. 18.11.1 - Producer and Consumer Risk
      2. 18.11.2 - Effect of Change in Sample Size n and Acceptance Number c
      3. 18.11.3 - Average Outgoing Quality (AOQ)
    17. 18.12 - ADVANTAGES AND LIMITATIONS OF STATISTICAL QUALITY CONTROL
    18. Conceptual Questions 18B
    19. Formulae Used
    20. Chapter Concepts Quiz
    21. Review Self-Practice Problems
    22. Hints and Answers
    23. Case Studies
  24. Chapter 19 - Statistical Decision Theory
    1. 19.1 - INTRODUCTION
    2. 19.2 - STEPS IN DECISION THEORY APPROACH
    3. 19.3 - TYPES OF DECISION-MAKING ENVIRONMENTS
    4. 19.4 - DECISION-MAKING UNDER UNCERTAINTY
      1. 19.4.1 - Criterion of Optimism (Maximax or Minimin)
      2. 19.4.2 - Criterion of Pessimism (Maximin or Minimax)
      3. 19.4.3 - Equally Likely Decision (Laplace) Criterion
      4. 19.4.4 - Criterion of Realism (Hurwicz Criterion)
      5. 19.4.5 - Criterion of Regret
    5. Self-Practice Problems 19A
    6. Hints and Answers
    7. 19.5 - DECISION-MAKING UNDER RISK
      1. 19.5.1 - Expected Monetary Value (EMV)
      2. 19.5.2 - Expected Opportunity Loss (EOL)
      3. 19.5.3 - Expected Value of Perfect Information (EVPI)
    8. 19.6 - POSTERIOR PROBABILITIES AND BAYESIAN ANALYSIS
    9. Self-Practice Problems 19B,
    10. Hints and Answers
    11. 19.7 - DECISION TREE ANALYSIS,
    12. Conceptual Questions 19A
    13. Self-Practice Problems 19C
    14. Hints and Answers
    15. Formulae Used
    16. Chapter Concepts Quiz
    17. Review Self-Practice Problems
    18. Hints and Answers
  25. Appendices
  26. Copyright