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Use of Statistics to Analyze the Motion Picture Industry Essay

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Report on the Motion Picture Industry
The motion picture industry is just like any other industry and to be successful it must turn a profit on the movies it creates and produces. Everyone loves movies and the motion picture industry does everything in its power to produce movies that will bring in millions of dollars in profits. The motion picture industry has created high grossing movies such as Spider-Man 3 with a total gross of $336,530,303 as well as flops such as Sea Monsters: A Prehistoric Adventure, which only brought in $23,746,066. Diving into descriptive statistics we are able to compare the 5-number summary, mean, mode, range, and standard deviation for the opening gross, total gross, theaters, and number of weeks for the 100 item sample taken from the 300-400 movies produced.
Descriptive Statistics (5-Number Summary, Mean, Mode, Range, and Standard Deviation)
When analyzing the descriptive statics for opening gross we are able to determine that the movie Sicko brought in the smallest opening gross with $68,969, while the largest opening gross of $151,116,516 was brought in by Super-Man 3. After calculating the Mean for the 100 movies sample in regards to opening gross it was determined that the mean was $24,862,477. It was also determined that the range was $151,047,547 and according to Anderson, Sweeney, and Williams, the range is calculated by subtracting the smallest value from the largest value (2012). Opening gross did not have a value for mode as no value occurred more than one time in the list of opening gross figures. The standard deviation for opening gross came out to $25,900,910, which is about one million dollars higher when comparing it to our opening gross mean of $24,862,477.
After analyzi...


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...f the movies appeared in. The mean, mode, and range were also beneficial so that I was able to see the average value, the values that appeared the most, and the difference between the largest and smallest values for each of the four variables. The standard deviation also gave me a value to compare to the mean using similar terms. Overall, several movies could be classified as motion picture high performers and several movies could be classified as motion picture poor performers and with descriptive statistics we would never have been able to perform an adequate analysis.





References
Anderson, D., Sweeney, D., & Williams, T. (2012) Essential of statistics for business and
economics. Mason, OH: South-Western Cengage Learning.
Free Dictionary. (2013). Correlation coefficient. Retrieved from. http://www.thefreedictionary
.com/correlation+coefficient



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