Practical Business Statistics Sixth Edition

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Practical Business StatisticsSixth Edition

• by Andrew F. Siegel
• Published by Elsevier / Academic Press

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(No Transcript)
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Outline

• Why I chose to write this book
• My background
• General themes
• Selected examples
• Chapter projects and the writing chapter
• Conclusion and Summary

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Outline

• Why I chose to write this book
• My background
• General themes
• Selected examples
• Chapter projects and the writing chapter
• Conclusion and Summary

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Why did I Write this Book?

• For the students!
• To make statistical methods more accessible to
  them by using many real data examples
• Student motivation is everything (almost)
• My goal to make statistics as simple as possible
  without sacrificing technical correctness

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Outline

• Why I chose to write this book
• My background
• General themes
• Selected examples
• Chapter projects and the writing chapter
• Conclusion and Summary

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My Academic Background

• Now at University of Washingtons Foster School
  of Business and Statistics Department
• Ph.D. in Statistics from Stanford while studying
  both theory and data analysis
• Also University of Wisconsin and Harvard
• Worked with John Tukey at Princeton (he created
  exploratory data analysis)
• Published extensively in statistics,
  biotechnology, and finance

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My Business Background

• Shoveling snow as a child
• Consultant in advertising, portfolios,
  biotechnology, elections, and manufacturing
• Serve on a corporate board
• Maintain a sole proprietorship
• Helps me understand why business people need
  probability and statistics!

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Outline

• Why I chose to write this book
• My background
• General themes
• Selected examples
• Chapter projects and the writing chapter
• Conclusion and Summary

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General Themes

• Lots of examples!
• Real business data from finance, accounting,
  advertising, ...
• Writing style how to think about a topic, how it
  works, what it implies, how it is useful
• Traditional methods and new insights
• Extra material to help the student
• Chapter summaries, key words, glossary, extensive
  index, PowerPoint slides, Excel Guide

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Outline

• Why I chose to write this book
• My background
• General themes
• Selected examples
• Chapter projects and the writing chapter
• Conclusion and Summary

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Histograms and Bar Charts
To help students distinguish the histogram from
the simple bar chart, for the data here is the
example from page 39 of the Histograms
Chapter (Chapter 3) which also mentions
the advantage of the histogram for larger data
sets.
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Histogram, Box Plot, and CDF
To compare and contrast these three basic
exploratory charts, here is the example from
page 83 of Chapter 4 on Landmark Summaries.
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Probability Trees
Probability is less mysterious to students when
there is a visual framework, as shown here in the
example from page 144 of Chapter 6.
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PowerPoint Slides for Your Teaching
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PowerPoint Slides for Your Teaching
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PowerPoint Slides for Your Teaching
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Hypothesis Testing
Hypothesis testing is more intuitive when the
confidence interval method is used (as shown here
from pages 253-254 of Chapter 10). The
traditional t-statistic is also presented in
detail.
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Bivariate Data Examples
Relationships and regression are powerful
business concepts. Here are a couple of the
examples from Chapter 11 on Bivariate Data (pages
295 and 308).
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Magazine Ads and Multiple Regression
The cost of advertising can be explained, in
part, by magazine characteristics such as
audience size and income level in this example
that is used to illustrate the power of multiple
regression in business, from Chapter 12.
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Excel Guide
The Excel Guide goes step-by-step through,
chapter by chapter, to show students how Excel
can be used to obtain statistical results. Here
is the scatterplot example from page 82 of the
Excel Guide.
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Outline

• Why I chose to write this book
• My background
• General themes
• Selected examples
• Chapter projects and the writing chapter
• Conclusion and Summary

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Chapter Projects

• The project, in most chapters, gives students a
  chance to apply the lesson to a business area of
  their own choosing.
• Data might come from the Internet or from their
  own company
• Helps with motivation
• Helps with communications skills

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The Writing Chapter (Chapter 13)

• Explains how to communicate
• the results of a multiple regression
• In business, analysis is not enough.
• The ability to communicate is a key skill!
• The writing process is explained step-by-step
• with a full example of a sample report
• The chapter project might be used as the
  end-of-semester assignment

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Outline

• Why I chose to write this book
• My background
• General themes
• Selected examples
• Chapter projects and the writing chapter
• Conclusion and Summary

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Conclusion and Summary

• A book that helps and motivates students
• Many real business examples with illustrations
• Clear, direct explanations of how and why
• Intuition, methods, and foundations
• Extra resources
• Chapter summaries, key words, glossary, extensive
  index
• Questions, problems, database exercises, cases,
  projects
• PowerPoint slides, Excel Guide, and Instructors
  Manual

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Thank you!

• Wishing you a successful teaching experience,
• Practical Business Statistics, Sixth Edition,
• Andrew F. Siegel (Andy) and Elsevier, Inc.