Douglas A. Lind - Basic Statistics in Business and Economics (ISE HED IRWIN STATISTICS)

page i

Basic Statistics for
BUSINESS & ECONOMICS

page ii

SUPPLY CHAIN MANAGEMENT

Bowersox, Closs, Cooper, and Bowersox

Supply Chain Logistics Management

Fifth Edition

Johnson

Purchasing and Supply Management

Sixteenth Edition

Simchi-Levi, Kaminsky, and Simchi-Levi

Designing and Managing the Supply Chain: Concepts, Strategies, Case Studies

Fourth Edition

Stock and Manrodt

Fundamentals of Supply Chain Management

PROJECT MANAGEMENT

Larson and Gray

Project Management: The Managerial Process

Eighth Edition

SERVICE OPERATIONS MANAGEMENT

Bordoloi, Fitzsimmons, and Fitzsimmons

Service Management: Operations, Strategy, Information Technology

Ninth Edition

MANAGEMENT SCIENCE

Hillier and Hillier

Introduction to Management Science: A Modeling and Case Studies Approach with Spreadsheets

Sixth Edition

BUSINESS RESEARCH METHODS

Schindler

Business Research Methods

Fourteenth Edition

BUSINESS FORECASTING

Keating and Wilson

Forecasting and Predictive Analytics

Seventh Edition

BUSINESS SYSTEMS DYNAMICS

Sterman

Business Dynamics: Systems Thinking and Modeling for a Complex World

OPERATIONS MANAGEMENT

Cachon and Terwiesch

Operations Management

Second Edition

Cachon and Terwiesch

Matching Supply with Demand: An Introduction to Operations Management

Fourth Edition

Jacobs and Chase

Operations and Supply Chain Management

Sixteenth Edition

Jacobs and Chase

Operations and Supply Chain Management: The Core

Fifth Edition

Schroeder and Goldstein

Operations Management in the Supply Chain: Decisions and Cases

Eighth Edition

Stevenson

Operations Management

Fourteenth Edition

Swink, Melnyk, and Hartley

Managing Operations Across the Supply Chain

Fourth Edition

BUSINESS STATISTICS

Bowerman, Drougas, Duckworth, Froelich, Hummel, Moninger, and Schur

Business Statistics and Analytics in Practice

Ninth Edition

Doane and Seward

Applied Statistics in Business and Economics

Seventh Edition

Doane and Seward

Essential Statistics in Business and Economics

Third Edition

Lind, Marchal, and Wathen

Basic Statistics for Business and Economics

Tenth Edition

Lind, Marchal, and Wathen

Statistical Techniques in Business and Economics

Eighteenth Edition

Jaggia and Kelly

Business Statistics: Communicating with Numbers

Fourth Edition

Jaggia and Kelly

Essentials of Business Statistics: Communicating with Numbers

Second Edition

BUSINESS ANALYTICS

Jaggia, Kelly, Lertwachara, and Chen

Business Analytics: Communicating with Numbers

BUSINESS MATH

Slater and Wittry

Practical Business Math Procedures

Thirteenth Edition

Slater and Wittry

Math for Business and Finance: An Algebraic Approach

Second Edition

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Basic Statistics for
BUSINESS & ECONOMICS

TENTH EDITION

DOUGLAS A. LIND

Coastal Carolina University and The University of Toledo

WILLIAM G. MARCHAL

The University of Toledo

SAMUEL A. WATHEN

Coastal Carolina University

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BASIC STATISTICS FOR BUSINESS AND ECONOMICS

Published by McGraw Hill LLC, 1325 Avenue of the Americas, New York, NY 10121. Copyright 2022 by McGraw Hill LLC. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw Hill LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.

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This book is printed on acid-free paper.

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ISBN 978-1-260-59757-8

MHID 1-260-59757-1

Cover Image: kwan nuttapol/Shutterstock

All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.

The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw Hill LLC, and McGraw Hill LLC does not guarantee the accuracy of the information presented at these sites.

mheducation.com/highered

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To Jane, my wife and best friend, and our sons, their wives, and our grandchildren: Mike and Sue (Steve and Courtney), Steve and Kathryn (Kennedy, Jake, and Brady), and Mark and Sarah (Jared, Drew, and Nate).

Douglas A. Lind

To Margaret Marchal Nicholson and Andrea.

William G. Marchal

To my wonderful family: Barb, Hannah, and Isaac.

Samuel A. Wathen

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Over the years, we received many compliments on this text and understand that its a favorite among students. We accept that as the highest compliment and continue to work very hard to maintain that status.

The objective of Basic Statistics for Business & Economics is to provide students majoring in management, marketing, finance, accounting, economics, and other fields of business administration with an introductory survey of descriptive and inferential statistics. To illustrate the application of statistics, we use many examples and exercises that focus on business applications, but also relate to the current world of the college student. A previous course in statistics is not necessary, and the mathematical requirement is first-year algebra.

In this text, we show beginning students every step needed to be successful in a basic statistics course. This step-by-step approach enhances performance, accelerates preparedness, and significantly improves motivation. Understanding the concepts, seeing and doing plenty of examples and exercises, and comprehending the application of statistical methods in business and economics are the focus of this book.

The first edition of this text was published in 1967. At that time, locating relevant business data was difficult. That has changed! Today, locating data is not a problem. The number of items you purchase at the grocery store is automatically recorded at the checkout counter. Phone companies track the time of our calls, the length of calls, and the identity of the person called. Credit card companies maintain information on the number, time and date, and amount of our purchases. Medical devices automatically monitor our heart rate, blood pressure, and temperature from remote locations. A large amount of business information is recorded and reported almost instantly. CNN,