1. Math
  2. Statistics And Probability
  3. i about 60 of small and mediumsized businesses are familyowned...

Question: i about 60 of small and mediumsized businesses are familyowned...

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I. About 60% of small and medium-sized businesses are family-owned. A TEC International Inc. survey asked the chief executive officers (CEOs) of family-owned businesses how they became the CEO (The Wall Street Journal, December 16, 2003) Responses were that a) the CEO inherited the business, b) the CEO built the business, or c) the CEO was hired by the family-owned firm. A sample of 26 CEOs of family-owned businesses provided the following data on how each became the CEO Built Inherited Inherited Built Inherited Built Built Built Built Built Hired Inherited Built Inherited Built Inherited Built Hired Inherited Built Inherited Built Built Hired Built Hired a. Provide a frequency distribution and a percent frequency distribution. Reason for CEO Frequency Percent Cumulative Percentage Frequency Built Hired Inherited Total 14 4 26 b. Describe how a business manager can construct a bar graph from the data provided above. A business manager can construct a bar graph by hand or with the use of Excel (and attach to this worksheet)Hired Inherited Total 26 b. Describe how a business manager can construct a bar graph from the data provided above. A business manager can construct a bar graph by hand or with the use of Excel (and attach to this worksheet) c. What interpretation might a manager obtain about this data using a bar graph? d. What percentage of CEOs of family-owned businesses became the CEO because they inherited the business? What is the primary reason a person becomes the CEO of a family-owned business?

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