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STATISTICS PROJECT - DOCUMENT

Decent Essays

STATISTICS PROJECT

The balance is a interval, numerical and continuous variable. The ATM is a ratio, numerical, discrete variable. Services is a ratio, numerical, discrete variable. Debit, interest and city are a categorical, nominal variable. As the graph, shows below, the balance of the typical customer, otherwise known as the mean is equal to 1499.87. 12 customers have more than $2,000 in their account. This number is relatively high because the account balances tend to cluster between $1,000 and $2,250. The standard deviation of the checking account balances 596905 and the range is 2525. The first quartile shows that 25 percent of the data are lower 1122.50 and the third quartile shows that 75 percent of the data are …show more content…

In fact there is a very slight, insignificant difference between the two. For example the mean is higher for customers that don’t have a debit card than for one’s who do, 10.35 against 10.23. We notice that the difference between these two numbers is very slight. In addition, the maximum and minimum of customers that use ATMs with or without debit cards, helps prove the same point. The minimum for customers that don’t have debit and do have them is the same, 2. However the maximum is different. Customers that do have debit cards is 20, whereas the maximum for customers that don’t is 18. Once again the difference is so small that it is not relevant or important. Secondly, there is a difference between ATM use by those with checking accounts that pay interest versus those that do not. Once again though the difference is not shockingly big. The mean of the group of customers that do not pay interest is 10.07 and therefore lower than the group of individuals who do pay interest, 10.94. Both medians are very close, 10.00 for the customers who don’t pay interest and 10.05 for the ones who do. However the variance for the customers that don’t pay interest is higher than the variance of the customers who do. This indicates that there is a more homogenous pattern in the use of ATM by customers that pay interest. 1. Develop a regression model to predict Checking Account Balances from the number

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