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MN4063: To gain insights into the typical price consumers are willing to pay for a bag: Understanding and Managing Data Assignment, LMU, UK

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MN4063: To gain insights into the typical price consumers are willing to pay for a bag: Understanding and Managing Data Assignment, LMU, UK

UniversityLondon Metropolitan University (LMU)
SubjectUnderstanding and Managing Data

PART 1

Task 1: Sample Data

To gain insights into the typical price consumers are willing to pay for a bag, a bag designer randomly selected 42 designs from its summer collection. The data have been made available in the Excel file named “MN4063 Autumn CWK 1 Data” under the tab labeled Task 1.

Required for Task 1

1. Using the ungrouped data for Task 1 and the pivot table function in Excel, create an appropriately grouped frequency table (with six intervals) to summarise the price data. Both absolute and percentage frequencies should be presented on the same frequency table. Percentage frequencies should be rounded appropriately. Copy the table into your Word document.

2. Using the ungrouped data for Task 1, calculate relevant descriptive statistics to summarise the price data. Values should be rounded to a correct number of decimal places. At a minimum, you should calculate the mean, standard deviation, range, median and interquartile range. Present your statistics in a table. Copy the table into your Word document. The Excel formulae used
should also be shown, where applicable.

Task 2: Networking

A project consists of 9 activities, each with a specific duration stated in weeks. For example, Activity E takes 3 weeks to complete and can only be started after Activity C has been completed. Information on the 9 activities is outlined in the precedence table (Table 1) below.

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Required for Task 2

1. With reference to Table 1, construct a network diagram by going through the forward and backward passes. You may draw your network diagram in Excel or Word. NB: An image of a handdrawn network diagram will not be accepted and will not receive marks. The network diagram needs to be copied into your Word file.

2. With reference to the network diagram created under (1) above, identify the critical path and state the duration of the project.

Task 3: Probability

In a recent survey, 70% of respondents were male and 30% of all male respondents did not own a car. In total, 25% of respondents did not own a car.

Required for Task 3

1. Construct a contingency table by using the information above. All values in the contingency table should be shown as proportions and not percentages.
2. With reference to the contingency table prepared under (1) above, what is the chance that a respondent chosen at random is female and owns a car? Use the correct notation and state the problem in full. The probability should be shown as a proportion.

Task 4: Relationships
To operate more effectively, a retailer wants to better understand the relationship between sales revenue, total costs, average order value and gross profit. To this end, data for the past 12 months were made available. To complete task 4, refer to the data provided under the tab named “Task 4” in the “MN4063 Autumn CWK 1 Data” Excel file.

Required for Task 4

1. Using the data for Task 4, construct a correlation matrix in Excel to show the correlation coefficients between Sales Revenue (£’000) and Total Costs (£’000), Average Order Value (£) and Gross Profit (£’000). The correlation matrix needs to be copied into your Word file.
2. With reference to the correlation matrix, identify the ‘best’ predictor of Sales Revenue (£’000).

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