Statistics for Business & Economics, Global Edition, 14th edition

For courses in Introductory Business Statistics.

Real data. Real decisions. Real business.

Statistics for Business and Economics by McClave, Benson,and Sincich introduces statistics in the context of contemporary business. Inference is emphasized, with extensive coverage of data collection and analysis as needed to evaluate the reported results of statistical studies and make good decisions. The authors apply concepts with real data. Technology is used to help students develop statistical thinking and understand the assessment of credibility and the value of the inferences made from data — both by those who consume and by those who produce them. The 14th Edition continues to highlight the discussion of ethical, data driven decision making.

Hallmark Features

• Data-based applications and examples introduce and illustrate new ideas, helping students understand definitions, generalizations, and theoretical concepts. All examples have three components: "Problem,” "Solution,” and "Look Back" (or "Look Ahead"). This step-by-step process provides students with a defined structure by which to approach problems and enhances their problem-solving skills. The "Look Back/Look Ahead" feature often gives helpful hints for solving the problem and/or provides a further reflection or insight into the concept or procedure that is covered. Now Work exercise suggestions follow each example. The Now Work exercise (marked with the NW icon in the exercise sets) is similar in style and concept to the text example, providing students with an opportunity to immediately test and confirm their understanding.
• Applet Exercises are available on the student resource site and in MyLab Statistics. These point-and-click applets allow students to easily run simulations that visually demonstrate some of the more difficult statistical concepts (e.g. sampling distributions and confidence intervals). Each chapter contains several optional applet exercise sets denoted with an applet icon.
• Applet Correlation Guide illustrating how applets align with text chapters can be accessed in the Tools for Success tab in MyLab Statistics, and also appears in the front of the book as a reference tool.
• Profiles of Statisticians in History provide brief descriptions of famous statisticians, with their achievements presented in side boxes, allowing students to develop an appreciation for the statistician's efforts and the discipline of statistics as a whole.
• Real-world Business Cases, with real data and assignments for the student, serve as capstones and review for the material that precedes them. Typically, these cases follow a group of two or three chapters and require the student to apply the methods presented in these chapters.
• Hands-On Activities at the end of each chapter provide students with an opportunity to participate in hands-on classroom activities, ranging from real data collection to formal statistical analysis. These activities are designed to be performed by students individually or as a class.

New and updated features of this title

• Revisions and updates to 30% of the more than 1,200 exercises include many based on current business-related studies and real data.
• Updated Statistics in Action case studies begin each chapter and are based on an actual current issue in business; 3 of the 14 cases are updated in the 14th Edition.
• Technology is updated throughout:  All screenshots from statistical software and corresponding instructions for use reflect the latest versions of the software. 
• Data-informed development of exercises: The authors analyzed aggregated student usage and performance data for the previous edition to improve the quality and quantity of exercises. All exercise sections are divided into at least 4 parts:
  • Learning the Mechanics are straightforward applications of new concepts, allowing students to test their ability to comprehend a mathematical concept or a definition. Applying the Concepts: Basic are based on applications taken from a wide variety of business journals, newspapers, and other sources. 
  • Applying the Concepts: Intermediate exercises require students to apply their knowledge of the technique presented in the section. Applying the Concepts: Advanced are more difficult real-data exercises that require students to utilize critical-thinking skills.