Question: Integrative Application Exercise
This text introduced you to the basics of descriptive statistics. Many of the business application problems, advanced business application problems, and cases will give you practice in performing descriptive statistical analysis. However, too often you are told which procedure you should use, or you can surmise which to use by the location of the exercise. It is important that you learn to identify the appropriate procedure on your own in order to solve problems for test purposes. But more important, this ability is essential throughout your career when you are required to select procedures for the tasks you will undertake. The following exercises will provide you with identification practice.
The State Industrial Development Council is currently working on a financial services brochure to send to out-of-state companies. It is hoped that the brochure will be helpful in attracting companies to relocateto your state. You are given the following frequency distribution on banks in your state:
a. Does this frequency distribution violate any of the rules of construction for frequency distributions? If so, reconstruct the frequency distribution to remedy this violation.
b. The Council wishes to target companies that would require financial support from banks that have at least $25 million in deposits. Reconstruct the frequency distribution to attract such companies to relocate to your state. Do this by considering different classes that would accomplish such a goal.
c. Reconstruct the frequency distribution to attract companies that require financial support from banks that have between $5 million and $25 million in deposits.
d. Present an eye-catching, two-paragraph summary of what the data would mean to a company that is considering moving to the state. Your boss has said you need to include relative frequencies in this presentation.