Chapter 3: Describing Data from a Single Variable 77 Nominal data can be numerically summarized by frequency counts and relative frequencies per nominal category. In a nominal frequency histogram, the horizontal axis represents outcome categories. Relative frequencies stress the proportional occurrence of each nominal category. Relative frequency can be graphed in a mosaic plot or a pie chart. A good graph has all axes labeled and does not contain unnecessary information. A good graph has easily distinguishable marker symbols. A good graph has properly spaced axes. 3.7 Problems 1. The owners of a small business are concerned about the balance they maintain in their checking account. They wish to avoid bank fees when their balance falls below the account minimum set by the bank. In addition, maintaining too much cash in the account prevents them from obtaining a higher rate of return in a different investment. The bookkeeper has analyzed the last 100 weekly account balances with the intention of including the following information in a presentation for a staff meeting. Review the information, making whatever changes you feel appropriate to improve the effectiveness of the data presentation. 0.15 0.10 0.05 10000 15000 20000 25000 30000 35000 Observations 100 Mean 19762.876 Median 19864 Probability 0.20 Variance 25093282 Minimum 10480 Maximum 33708 2. Use the Web site of the U.S. Department of Commerce's Bureau of Economic Analysis to download the Total Gross State Product for the state in which you reside. Obtain the annual data back as far in history as available. Review any Web site explanations or cautionary notes that are given for this data series. Prepare a Schmee, Josef, and Jane Oppenlander. JMP® Means Business: Statistical Models for Management. Copyright © 2010, SAS Institute Inc., Cary, North Carolina, USA. ALL RIGHTS RESERVED. For additional SAS resources, visit support.sas.com/publishing.