3P-EBK: BUSINESS ANALYTICS DATA ANALYSIS/DEC MAKINGCopyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN XXXXXXXXXXBUSINESS...

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3P-EBK: BUSINESS ANALYTICS DATA ANALYSIS/DEC MAKING Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202 BUSINESS ANALYTICS Data Analysis and Decision Making SEVENTH EDITION S. Christian Albright Kelly School of Business, Indiana University, Emeritus Wayne L. Winston Kelly School of Business, Indiana University, Emeritus Australia • Brazil • Mexico • Singapore • United Kingdom • United States 09953_fm_ptg01_i-xxiv.indd 1 04/03/19 5:53 PM Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202 This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Important Notice: Media content referenced within the product description or the product text may not be available in the eBook version. Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202 © 2020, 2017 Cengage Learning, Inc. Unless otherwise noted, all content is © Cengage ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced or distributed in any form or by any means, except as permitted by U.S. copyright law, without the prior written permission of the copyright owner. For product information and technology assistance, contact us at Cengage Customer & Sales Support, 1-800-354-9706 or support.cengage.com. For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions. Library of Congress Control Number: 2019935644 Student Edition: ISBN: 978-0-357-10995-3 Loose-leaf Edition: ISBN: 978-0-357-10996-0 Cengage 20 Channel Center Street Boston, MA 02210 USA Cengage is a leading provider of customized learning solutions with employees residing in nearly 40 different countries and sales in more than 125 countries around the world. Find your local representative at www. cengage.com. Cengage products are represented in Canada by Nelson Education, Ltd. To learn more about Cengage platforms and services, register or access your online learning solution, or purchase materials for your course, visit www.cengage.com. Business Analytics: Data Analysis and Decision Making, 7e S. Christian Albright and Wayne L. Winston Senior Vice President, Higher Ed Product, Content, and Market Development: Erin Joyner Product Director: Jason Fremder Senior Product Manager: Aaron Arnsparger Senior Learning Designer: Brandon Foltz Content Manager: Conor Allen Digital Delivery Lead: Mark Hopkinson Product Assistant: Christian Wood Marketing Manager: Chris Walz Production Service: Lumina Datamatics Ltd. Designer, Creative Studio: Erin Griffin Text Designer: Erin Griffin Cover Designer: Erin Griffin Cover Image(s): Ron Dale/ShutterStock.com Intellectual Property Analyst: Reba Frederics Intellectual Property Project Manager: Nick Barrows Printed in the United States of America Print Number: 01 Print Year: 2019 09953_fm_ptg01_i-xxiv.indd 2 05/03/19 9:35 PM Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202 To my wonderful wife Mary—my best friend and companion; and to Sam, Lindsay, Teddy, and Archie S.C.A To my wonderful family W.L.W. 09953_fm_ptg01_i-xxiv.indd 3 04/03/19 5:53 PM Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202 S. Christian Albright got his B.S. degree in Mathematics from Stanford in 1968 and his PhD in Operations Research from Stanford in 1972. He taught in the Operations & Decision Technologies Department in the Kelley School of Business at Indiana University (IU) for close to 40 years, before retiring from teaching in 2011. While at IU, he taught courses in management science,  computer simulation, statistics, and computer programming to all levels of business students, including undergraduates, MBAs, and doctoral students. In addition, he taught simula- tion modeling at General Motors and Whirlpool, and he taught database analysis for the Army. He published over 20 articles in leading operations research journals in the area of applied probabil- ity, and he has authored the books Statistics for Business and Economics, Practical Management Science, Spreadsheet Modeling and Applications, Data Analysis for Managers, and VBA for Mod- elers. He worked for several years after “retirement” with the Palisade Corporation developing training materials for its software products, he has developed a commercial version of his Excel® tutorial, called ExcelNow!, and he continues to revise his textbooks. On the personal side, Chris has been married for 47 years to his wonderful wife, Mary, who retired several years ago after teaching 7th grade English for 30 years. They have one son, Sam, who lives in Philadelphia with his wife Lindsay and their two sons, Teddy and Archie. Chris has many interests outside the academic area. They include activities with his family, traveling with Mary, going to cultural events, power walking while listening to books on his iPod, and reading. And although he earns his livelihood from quantitative methods, his real passion is for playing classical piano music. Wayne L. Winston taught in the Operations & Decision Technologies Department in the Kelley School of Business at Indiana University for close to 40 before retiring a few years ago. Wayne received his B.S. degree in Mathematics from MIT and his PhD in Operations Research from Yale. He has written the successful textbooks Operations Research: Applications and Algorithms, Mathematical Programming: Applications and Algorithms, Simulation Modeling Using @RISK, Practical Management Science, Data Analysis and Decision Making, Financial Models Using Simulation and Optimization, and Mathletics. Wayne has published more than 20 articles in lead- ing journals and has won many teaching awards, including the school-wide MBA award four times. He has taught classes at Microsoft, GM, Ford, Eli Lilly, Bristol-Myers Squibb, Arthur Andersen, Roche, PricewaterhouseCoopers, and NCR, and in “retirement,” he is currently teach- ing several courses at the University of Houston. His current interest is showing how spread- sheet models can be used to solve business problems in all disciplines, particularly in finance and marketing. Wayne enjoys swimming and basketball, and his passion for trivia won him an appearance several years ago on the television game show Jeopardy!, where he won two games. He is married to the lovely and talented Vivian. They have two children, Gregory and Jennifer. ABOUT THE AUTHORS 09953_fm_ptg01_i-xxiv.indd 4 04/03/19 5:53 PM Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202 BRIEF CONTENTS Preface xvi 1 Introduction to Business Analytics 1 PART 1 Data Analysis 37 2 Describing the Distribution of a Variable 38 3 Finding Relationships among Variables 84 4 Business Intelligence (BI) Tools for Data Analysis 132 PART 2 Probability and Decision Making under Uncertainty 183 5 Probability and Probability Distributions 184 6 Decision Making under Uncertainty 242 PART 3 Statistical Inference 293 7 Sampling and Sampling Distributions 294 8 Confidence Interval Estimation 323 9 Hypothesis Testing 368 PART 4 Regression Analysis and Time Series Forecasting 411 10 Regression Analysis: Estimating Relationships 412 11 Regression Analysis: Statistical Inference 472 12 Time Series Analysis and Forecasting 523 PART 5 Optimization and Simulation Modeling 575 13 Introduction to Optimization Modeling 576 14 Optimization Models 630 15 Introduction to Simulation Modeling 717 16 Simulation Models 779 PART 6 Advanced Data Analysis 837 17 Data Mining 838 18 Analysis of Variance and Experimental Design (MindTap Reader only) 19 Statistical Process Control (MindTap Reader only) APPENDIX A: Quantitative Reporting (MindTap Reader only) References 873 Index 875 09953_fm_ptg01_i-xxiv.indd 5 04/03/19 5:54 PM Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202 CONTENTS Preface xvi 1 Introduction to Business Analytics 1 1-1 Introduction 3 1-2 Overview of the Book 4 1-2a The Methods 4 1-2b The Software 6 1-3 Introduction to Spreadsheet Modeling 8 1-3a Basic Spreadsheet Modeling: Concepts and Best Practices 9 1-3b Cost Projections 12 1-3c Breakeven Analysis 15 1-3d Ordering with Quantity Discounts and Demand Uncertainty 20 1-3e Estimating the Relationship between Price and Demand 24 1-3f Decisions Involving the Time Value of Money 29 1-4 Conclusion 33 PART 1 Data Analysis 37 2 Describing the Distribution of a Variable 38 2-1 Introduction 39 2-2 Basic Concepts 41 2-2a Populations and Samples 41 2-2b Data Sets, Variables, and Observations 41 2-2c Data Types 42 2-3 Summarizing Categorical Variables 45 2-4 Summarizing Numeric Variables 49 2-4a Numeric Summary Measures 49 2-4b Charts for Numeric Variables 57 2-5 Time Series Data 62 2-6 Outliers and Missing Values 69 2-7 Excel Tables for Filtering, Sorting, and Summarizing 71 2-8 Conclusion 77 Appendix: Introduction to StatTools 83 3 Finding Relationships among Variables 84 3-1 Introduction 85 3-2 Relationships among Categorical Variables 86 09953_fm_ptg01_i-xxiv.indd 6 04/03/19 5:54 PM Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202 C O N T E N T S     v i i 3-3 Relationships among Categorical Variables and a Numeric Variable 89 3-4 Relationships among Numeric Variables 96 3-4a Scatterplots 96 3-4b Correlation and Covariance 101 3-5 Pivot Tables 106 3-6 Conclusion 126 Appendix: Using StatTools to Find Relationships 131 4 Business Intelligence (BI) Tools for Data Analysis 132 4-1 Introduction 133 4-2 Importing Data into Excel with Power Query 134 4-2a Introduction to Relational Databases 134 4-2b Excel’s Data Model 139 4-2c Creating and Editing Queries 146 4-3 Data Analysis with Power Pivot 152 4-3a Basing Pivot Tables on a Data Model 154 4-3b Calculated Columns, Measures, and the DAX Language 154 4-4 Data Visualization with Tableau Public 162 4-5 Data Cleansing 172 4-6 Conclusion 178 PART 2 Probability and Decision Making under Uncertainty 183
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Answer To: 3P-EBK: BUSINESS ANALYTICS DATA ANALYSIS/DEC MAKINGCopyright 2020 Cengage Learning. All Rights...

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