Exploring Data on Small Firm CEOs
Forbes Magazine Data on Small Firms CEOs
Forbes magazine published data on the best small firms in 2012. These were firms which had been publicly traded for at least a year, have a stock price of at least $5 per share, and have reported annual revenue between $5 million and $1 billion. The table below shows the ages of the chief executive officers for the first 60 ranked firms.
| Age | Frequency | Relative Frequency | Cumulative Relative Frequency |
|---|---|---|---|
| 40-44 | 3 | .05 | .05 |
| 45-49 | 11 | .183333 | .23333333 |
| 50-54 | 13 | .216667 | .45 |
| 55-59 | 16 | .266667 | .716666667 |
| 60-64 | 10 | .16667 | .883333333 |
| 65-69 | 6 | .1 | .983333333 |
| 70-74 | 1 | .016667 | 1 |
Questions
A. What is the population in this case and what is the sample in this case? Is it 60 and 34?
B. If you found the mean for this data, would it be a statistic or a parameter?
C. Construct a histogram for this data. I have the histogram.
D. Give an example of a qualitative variable, a quantitative discrete variable, and a quantitative continuous variable.
Answers
A. The population in this case refers to all the CEOs of small publicly-traded firms, while the sample is the 60 CEOs ranked.
B. The mean of this data would be a statistic.
C. A histogram can be constructed for this data.
D. Examples of variables include gender as a qualitative variable, years of work as a quantitative discrete variable, and age as a quantitative continuous variable.