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Graphs, Bars, and Histogram Questions

1. In constructing a histogram for given data set (let say age data of your community people), how many class intervals will you consider in the graph. Would you tell us the rules to determine the number of class intervals in constructing a frequency table of a continuous outcome measure data?
2. Would you please tell us with an example how charts and graphs can help to improve management's discussion of a company. What types of charts and graphs are commonly used in business management decisions
3. What would be the most appropriate graphical representation to show the dispersion of new home prices in a particular area? Why?
4. Would you please tell us what graphs are used in your company to examine patterns in rental rates and leasing velocity and the relationship between the two, and why.
5. Would you please tell us what are the basic requirements for the two graphical methods.

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There are no exact rules that I know for this, but I can help you understand how to go about picking a reasonable number of intervals.
The key here is to keep in mind that a histogram is used to give you a good idea of what the distribution looks like. Therefore, it is usually best to go with more intervals when you are unsure because if you go with less the picture you get could lose a lot of detail related to the distributions shape.
How many intervals in enough? Consider the following:
If the range is small and the number of points is small than use a lot of small intervals because it will not be much work to do so. However do not choose ridiculously small intervals and cause there to be lots of empty intervals.
ex: temperature in a 20 degree range with 30 points might only us intervals of length ...

Solution Summary

This solution includes a discussion of the given statistics problem.