Skewness: indicator used in distribution analysis as a sign of asymmetry and deviation from a normal distribution.
Skewness > 0 - Right skewed distribution - most values are concentrated on left of the mean, with extreme values to the right. Skewness < 0 - Left skewed distribution - most values are concentrated on the right of the mean, with extreme values to the left. Skewness = 0 - mean = median, the distribution is symmetrical around the mean.
Kurtosis - indicator used in distribution analysis as a sign of flattening or "peakedness" of a distribution.
Kurtosis > 3 - Leptokurtic distribution, sharper than a normal distribution, with values concentrated around the mean and thicker tails. This means high probability for extreme values. Kurtosis < 3 - Platykurtic distribution, flatter than a normal distribution with a wider peak. The probability for extreme values is less than for a normal distribution, and the values are wider spread around the mean. Kurtosis = 3 - Mesokurtic distribution - normal distribution for example.
Case 1 – Motion Picture Industry
1. Descriptive statistics for each of the four variables along with a discussion of what the descriptive statistics tells us about the motion picture industry. In the motion picture industry, it is important to measure the opening gross, total gross, number of theaters displaying the movie, and the weeks the movie stayed in the top 60. Opening Gross- this variable informs movie makers how anticipated and well received a movie is and it is a good indication of how much money the movie will earn overall. Total Gross- this variable demonstrates how much money a movie earned overall. A movie that earns a lot of money and produces a good profit for movie makers can guide movie makers as to what types of movies are popular and may earn money in the future. Also, a movie with a high Total Gross may even encourage movie...
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