Motion picture industry case problem 2
The motion picture industry is a competitive business. More than 50 studios produce a total of 300 to 400 new motion pictures each year, and the financial success of each motion picture varies considerably. The opening weekend gross sales, the total gross sales, the number of theaters the movie was shown in, and the number of weeks the motion picture was open are common variables used to measure the success of a motion picture. Data collected for a sample of 100 motion pictures produced in 20XX are contained in the file named Movies. Use all 100 data points.
Prepare a report (see below) using the numerical methods of descriptive statistics presented in this module to learn how the variables contribute to the success of a motion picture. Be sure to include the following three (3) items in your report.
Descriptive statistics (5-number summary, mean, mode, range and standard deviation) for each of the four variables along with an explanation of what the descriptive statistics tell us about the motion picture industry.
What motion pictures, if any, should be considered high-performance outliers in each of the four variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to determine if there were or not.
Descriptive statistics (correlation coefficient) showing the relationship between total gross sales and each of the other three variables. Please provide an explanation of the relationships.