33-Using pie chart and histogram
a.Illustrate the difference between the frequency and the relative frequency of all firms in the “low”, “medium” and “high” risk industries as well as the “low”, “medium”, and “high” importance of analytics categories.
b.Compare your results of the frequency distributions between the categories of RISKand ANALYSIS.
Describe the bivariate relationship between cost and size by graphing it. Interpret the graph.
Create joint probability and relative joint probability tables describing the two qualitative variables and answer the following questions:
a.What is the relationship between the two marginal probability tables you have created?
b.What is the probability of selecting a firm that places a low importance on analytics?
c.What is the probability of selecting a firm that operates in a medium risk industry and places a high importance on the use of analytics?
d.Given that you have selected a firm operating in a high-risk industry, what is the probability that the firm place a high importance on the use of analytics?
e.What is the probability of selecting a firm that places a medium importance on analytics or operates in a low risk industry? Use a Venn diagram to illustrate this problem.
f.Are the categories high RISK and medium ANALYSIS dependent or independent of each other? Explain and justify your response.
Is there a relationship between Cost and Size of firms? If yes explain the relationship strength.
Is it possible to find relationships between COST and RISK?If your answer is Yes, explain how you manage to find a relationship. If your answer is No, justify your answer.
