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Read the following case study and answer ALL questions that follow. Royal bank is in the process of reviewing its saving accounts policy. It has extracted from its client database the savings data of a sample of 205 clients in the LSM 5 - 7 categories, which make up the bulk of the bank's clientele. For each client, the gender (1 = female, 2 = male); marital status (1 = married, 2 single, 3 = separated, 4 divorced, 5 = widowed); age (actual age in years) and the Average middle-of-the-month savings balance for 2018 (in Rands) were also extracted. The management of the bank suspects that gender, marital status and age have significant effects on the amount saved by clients. Table 3.1, below, shows only the first 10 records from the sample data of 205 clients. Note: LSM, Living Standard Measure, is a measure that defines the socio-economic status of a client. LSM1 is the lowest socio-economic status; while LSM10 is the highest. Table 5.1 Sample data – Client Savings (only the first 10 records are shown) # Client Gender Marital Age (years) Savings (R) 1 1 1 29 871 2 1 1 25 504 2 4 30 1321 2 54 128 2 1 40 439 1 2 30 813 7 1 60 1528 8 2 2 29 267 1 1 45 695 10 2 1 36 920 Required: answer the following questions independently: Identify each of the variables in this study and for each variable, state whether it is qualitative (categorical) or quantitative (numerical). For the numerical variables, determine whether they are discrete or continuous and for the categorical variables determine whether they are 3.1 measured on an ordinal or nominal scale. The Chief Operating Officer of Royal bank wants to know whether there are significant differences in clients' 'Savings' from the perspective of their 'Marital status'. What statistical test would you recommend to be used? Substantiate your answer. 3.2

Read the following case study and answer ALL questions that follow. Royal bank is in the process of reviewing its saving accounts policy. It has extracted from its client database the savings data of a sample of 205 clients in the LSM 5 - 7 categories, which make up the bulk of the bank's clientele. For each client, the gender (1 = female, 2 = male); marital status (1 = married, 2 single, 3 = separated, 4 divorced, 5 = widowed); age (actual age in years) and the Average middle-of-the-month savings balance for 2018 (in Rands) were also extracted. The management of the bank suspects that gender, marital status and age have significant effects on the amount saved by clients. Table 3.1, below, shows only the first 10 records from the sample data of 205 clients. Note: LSM, Living Standard Measure, is a measure that defines the socio-economic status of a client. LSM1 is the lowest socio-economic status; while LSM10 is the highest. Table 5.1 Sample data – Client Savings (only the first 10 records are shown) # Client Gender Marital Age (years) Savings (R) 1 1 1 29 871 2 1 1 25 504 2 4 30 1321 2 54 128 2 1 40 439 1 2 30 813 7 1 60 1528 8 2 2 29 267 1 1 45 695 10 2 1 36 920 Required: answer the following questions independently: Identify each of the variables in this study and for each variable, state whether it is qualitative (categorical) or quantitative (numerical). For the numerical variables, determine whether they are discrete or continuous and for the categorical variables determine whether they are 3.1 measured on an ordinal or nominal scale. The Chief Operating Officer of Royal bank wants to know whether there are significant differences in clients' 'Savings' from the perspective of their 'Marital status'. What statistical test would you recommend to be used? Substantiate your answer. 3.2

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.2: Representing Data
Problem 22PFA
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Read the following case study and answer ALL questions that follow. Royal bank is in the process of reviewing its saving accounts policy. It has extracted from its client database the savings data of a sample of 205 clients in the LSM5 - 7 categories, which make up the bulk of the bank's clientele. For each client, the gender (1 = female, 2 = male); marital status (1 = married, 2 = single, 3 = separated, 4 divorced, 5 = widowed); age (actual age in years) and the Average middle-of-the-month savings balance for 2018 (in Rands) were also extracted. The management of the bank suspects that gender, marital status and age have significant effects on the amount saved by clients. Table 3.1, below, shows only the first 10 records from the sample data of 205 clients. Note: LSM, Living Standard Measure, is a measure that defines the socio-economic status of a client. LSM1 is the lowest socio-economic status; while LSM10 is the highest. Table 5.1 Sample data - Client Savings (only the first 10 records are shown) # Client Gender Marital Age (years) Savings (R) 1 1 1 29 871 2 1 25 504 2 4 30 1321 4 2 54 128 2 1 40 439 1 30 813 7 1 60 1528 8 2 29 267 9. 1 1 45 695 10 2 1 36 920 Required: answer the following questions independently: Identify each of the variables in this study and for each variable, state whether it is qualitative (categorical) or quantitative (numerical). For the numerical variables, determine whether they are discrete or continuous and for the categorical variables determine whether they are 3.1 measured on an ordinal or nominal scale. The Chief Operating Officer of Royal bank wants to know whether there are significant differences in clients' 'Savings' from the perspective of their 'Marital status'. What statistical test would you recommend to be used? Substantiate your answer. 3.2
Transcribed Image Text:Read the following case study and answer ALL questions that follow. Royal bank is in the process of reviewing its saving accounts policy. It has extracted from its client database the savings data of a sample of 205 clients in the LSM5 - 7 categories, which make up the bulk of the bank's clientele. For each client, the gender (1 = female, 2 = male); marital status (1 = married, 2 = single, 3 = separated, 4 divorced, 5 = widowed); age (actual age in years) and the Average middle-of-the-month savings balance for 2018 (in Rands) were also extracted. The management of the bank suspects that gender, marital status and age have significant effects on the amount saved by clients. Table 3.1, below, shows only the first 10 records from the sample data of 205 clients. Note: LSM, Living Standard Measure, is a measure that defines the socio-economic status of a client. LSM1 is the lowest socio-economic status; while LSM10 is the highest. Table 5.1 Sample data - Client Savings (only the first 10 records are shown) # Client Gender Marital Age (years) Savings (R) 1 1 1 29 871 2 1 25 504 2 4 30 1321 4 2 54 128 2 1 40 439 1 30 813 7 1 60 1528 8 2 29 267 9. 1 1 45 695 10 2 1 36 920 Required: answer the following questions independently: Identify each of the variables in this study and for each variable, state whether it is qualitative (categorical) or quantitative (numerical). For the numerical variables, determine whether they are discrete or continuous and for the categorical variables determine whether they are 3.1 measured on an ordinal or nominal scale. The Chief Operating Officer of Royal bank wants to know whether there are significant differences in clients' 'Savings' from the perspective of their 'Marital status'. What statistical test would you recommend to be used? Substantiate your answer. 3.2
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