Preface

Customization

Introductory Business Statistics 2e is licensed under a Creative Commons Attribution 4.0 International (CC BY) license, which means that you can distribute, remix, and build upon the content, as long as you provide attribution to OpenStax and its content contributors.

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Art Attribution

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Errata

All OpenStax textbooks undergo a rigorous review process. However, like any professional-grade textbook, errors sometimes occur. Since our books are web based, we can make updates periodically when deemed pedagogically necessary. If you have a correction to suggest, submit it through the link on your book page on OpenStax.org. Subject matter experts review all errata suggestions. OpenStax is committed to remaining transparent about all updates, so you will also find a list of past errata changes on your book page on OpenStax.org.

Format

You can access this textbook for free in web view or PDF through OpenStax.org, and for a low cost in print.

Coverage and scope

Introductory Business Statistics 2e began as a customized version of OpenStax Introductory Statistics by Barbara Illowsky and Susan Dean. Statistics faculty at The University of Oklahoma have used the business statistics adaptation for several years, and the author has continually refined it based on student success and faculty feedback.

The book is structured in a similar manner to most traditional statistics textbooks. The most significant topical changes occur in the latter chapters on regression analysis. Discrete probability density functions have been reordered to provide a logical progression from simple counting formulas to more complex continuous distributions. Many additional homework assignments have been added, as well as new, more mathematical examples.

Introductory Business Statistics 2e places a significant emphasis on the development and practical application of formulas so that students have a deeper understanding of their interpretation and application of data. To achieve this unique approach, the author included a wealth of additional material and purposely de-emphasized the use of the scientific calculator. Specific changes regarding formula use include:

• Expanded discussions of the combinatorial formulas, factorials, and sigma notation
• Adjustments to explanations of the acceptance/rejection rule for hypothesis testing, as well as a focus on terminology regarding confidence intervals
• Deep reliance on statistical tables for the process of finding probabilities (which would not be required if probabilities relied on scientific calculators)
• Continual and emphasized links to the Central Limit Theorem throughout the book; Introductory Business Statistics 2e consistently links each test statistic back to this fundamental theorem in inferential statistics

Another fundamental focus of the book is the link between statistical inference and the scientific method. Business and economics models are fundamentally grounded in assumed relationships of cause and effect. They are developed to both test hypotheses and to predict from such models. This comes from the belief that statistics is the gatekeeper that allows some theories to remain and others to be cast aside for a new perspective of the world around us. This philosophical view is presented in detail throughout and informs the method of presenting the regression model, in particular.

The correlation and regression chapter includes confidence intervals for predictions, alternative mathematical forms to allow for testing categorical variables, and the presentation of the multiple regression model.

Pedagogical features

• Examples are placed strategically throughout the text to show students the step-by-step process of interpreting and solving statistical problems. To keep the text relevant for students, the examples are drawn from a broad spectrum of practical topics; these include examples about college life and learning, health and medicine, retail and business, and sports and entertainment.
• Practice, Homework, and Bringing It Together give the students problems at various degrees of difficulty while also including real-world scenarios to engage students.
• Try It practice problems immediately follow many examples and give students the opportunity to practice as they read the text.

Changes to the Second Edition

The revision of Introductory Business Statistics has been undertaken with the support of many faculty adopters and student users. Most of the edits are focused on currency, clarity, accuracy, and belonging. The author made a number of additions in order to provide more support and practice opportunities for students; these include conceptual explanations, introductory text, new Try It exercises, and more detailed example solution steps. Also, dozens of examples and references have been changed in order to align with contemporary contexts and uses. Accuracy checking and errata resolutions resulted in corrections and clarifications, both in the main text and in the answers/solutions. Finally, the second edition includes several hundred edits related to gender, race, ethnicity, age, academic status, and societal issues, designed to present the most informed and inclusive material.

OpenStax only undertakes revisions when pedagogically necessary, and we work to ensure that the text maintains its organization in order to ease transition for instructors. Many of the above changes have been made within problems and examples. However, in nearly all cases, the problems retain their original numbering, so that instructors and online homework providers can move to the new edition with minimal impact on their assignment structures. (This will not be the case for Try It exercises in many chapters, due to the addition of new exercises.) A detailed transition guide is available on the instructor resource page for this textbook.

Answers to Questions in the Book

Answers to Examples are provided directly under the question. Answers to Try it Questions are provided at the Student Resources page. Answers to an assortment of Practice, Homework, and Bringing it Together questions are available to students in the solutions section at the end of each chapter. All other answers to these questions are provided only to instructors in the Instructor Answer Guide via the Instructor Resources page.

Student and instructor resources

We’ve compiled additional resources for both students and instructors, including Getting Started Guides, an instructor solution manual, and PowerPoint slides. Instructor resources require a verified instructor account, which you can apply for when you log in or create your account on OpenStax.org. Take advantage of these resources to supplement your OpenStax book.

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Reviewers

Birgit Aquilonius, West Valley College
Charles Ashbacher, Upper Iowa University - Cedar Rapids
Abraham Biggs, Broward Community College
Daniel Birmajer, Nazareth College
Roberta Bloom, De Anza College
Bryan Blount, Kentucky Wesleyan College
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