State the value of the count and use it to calculate the mean

Task 1: Un grouped Descriptive Statistics [16 marks]
To gain some insights into the typical price consumers are willing to pay for a stand mixer, a retailer
of kitchen
appliances randomly selected 200 relevant invoices for transactions completed in October
2022. Descriptive
statistics, computed to summarise the data, are presented in Table 1 below.

Table
1.
Expenditure (£) on Stand Mixers

Mean

Median
224.00
Mode
220.00
Standard Deviation

Sample Variance
5041.00
Range

Minimum
68.00
Maximum
369.00
Sum
46400.00
Count

Lower Quartile

Upper Quartile
336.00
Inter-quartile range (IQR)
241.00
Coefficient of Variation

Required
for Task 1 (50 words Max)
With
reference to Table 1, copy and fill in the table. Note: you must use a calculator and show all your workings
for this task.

a.
State the value of the count and use it to calculate the mean [1+2 =3marks]
b.
Calculate the range [1mark]
c.
Calculate the Lower quartile [2marks]
d.
Calculate the standard deviation of the sample [2marks]
e.
Calculate the coefficient of variation, giving your answer as a percentage (%) to the nearest
whole number [2marks]

f.
Interpret the Standard deviation in the context of the scenario provided. [2marks]
g.
Interpret the Interquartile range in the context of the scenario provided. [2marks]
h.
Interpret the coefficient of variation [2marks]
(NB: You
should not describe calculation methods).

Page 3 of 8

MN4063QA Understanding and Managing Data November22 Intake
Task
2: Grouped Descriptive Statistics [22marks]
It
was suggested to the retailer that the 200 transaction values could also be summarised in a grouped table (see
Table 2 below). Table 2 have been made available in the
Excel file named “MN4063QANOVS22CWK1 Data”
under
the worksheet named Task 2.
Required
for Task 2 (50 words Max)
a.
Using the two table templates provided in the Excel data file named “MN4063QANOVS22CWK1Data”
under the tab labelled Task 2:

Complete table 2a to show the percentage frequencies, cumulative frequencies and cumulative
percentage
frequencies columns. [1+1+1 = 3marks]. Round all answers to the nearest whole
number

Complete table 2b and use your results to estimate the mean and the standard deviation. [10 +2+2 =
14marks]. Round all answers to the nearest whole number

(Copy
the Excel output (2 tables) and paste it into your Word document)
b.
From table 2 estimate the median expenditure of the consumers using the interpolation method. Show all
your working using a calculator.
[2 + 3 = 5marks]. Round your answer to the nearest whole number

Page 4 of 8

MN4063QA Understanding and Managing Data November22 Intake
Task
3: Data Types [8 marks]
To better understand its target consumers and strengthen its position in the market, the kitchen appliances

retailer seeks to survey its customers to gain insights into key consumer
characteristics, such as demographic
profiles and lifestyle preferences.
However, before outsourcing the data collection fieldwork, the retailer seeks
clarification on data
types, as outlined in the requirements below.
Required
for Task 3 (100 words Max)
a.
With reference to examples relevant to the retailer’s information needs, discuss the differences between
cross-sectional
data and time series data. [4marks]
b.
State whether cross-sectional data, time series data or both types of data should be collected to gain
insights into the demographic
profile and lifestyle preferences of its customers. Justify your answer
[4mark]

(Use
c r e d i b l e sources. The citation and reference must be credited using the Harvard method).
Task
4: Sampling [8marks] [max 120 words]
Explain how the kitchen appliances retailer can apply the stratified sampling technique to select the required 200 relevant

invoices to make the right decision in task 3 above.

(Use
c r e d i b l e sources. The citation and reference must be credited using the Harvard style).

Page 5 of 8
MN4063QA Understanding and Managing Data November22 Intake

Task 5: Networking [16 marks]
The
retailer has seen a shift in the way in which consumers purchase items, such as kitchen appliances. Online
retailing now accounts for over 80% of their sales and, to reflect this change, the retailer has
decided to convert
some of its retail space into warehouse space. This conversion project consists of
10 activities. For example,
Activity C takes 3 weeks to complete and can only be started after Activity
A has been completed. Information
on
the 10 activities is outlined in Table 3 below.
Precedence Table

Activity Preceding Activity Duration (Weeks)
A ……… 6
B ……… 4
C A 4
D B 2
E C 6
F C,D 5
G D 3
H …….. 8
I E,F,G 5
J H,I 2

Required
for Task 4 (50 words Max)
With reference to the precedence table above, construct a network diagram by going through the:

a.
Forward and backward. passes [4 +4 = 8marks]
b.
Identify the critical path and duration of the project. [2+2= 4marks]
c.
Comment on the difference between critical activities and non-critical activities. [2 +2 =4marks]
Note: Draw your network diagram in Excel. The network diagram
needs to be copied into your Word file.

Page 6 of 8
MN4063QA Understanding and Managing Data November22 Intake

PART 2 [30marks]
Task
6: Correlation and Regression [30 marks]
To allocate resources effectively, the retailer wants to better understand the reason why sales revenue may

increase or decrease. To this end,
refer to the data provided under the worksheet named Task6 in the
“MN4063QA
NOVS22CWK1Data” Excel file.
Required
for Task 6 (150 words Max)
a.
Construct a correlation matrix using Excel to show the correlation coefficients between Sales Revenue,
Total Costs, Average Order value and Gross Profit.
Copy and paste the correlation matrix into your Word
file
. [4marks]
b.
With reference to the correlation matrix, identify the ‘best’ predictor of Sales Revenue and justify the
reason
for your choice. [2marks]
c.
Create a scatter graph, plotting Sales Revenue against the ‘best’ predictor selected under part (b) above.
The trend line, regression equation and coefficient of determination
should be shown on the graph. Copy
the correctly labelled graph, with the correct units of
measurement, into your Word file. [10marks]
d.
Interpret the correlation coefficient in context. [3mark]
e.
Interpret the coefficient of determination in context. [3mark]
f.
State the regression equation in context. [2mark]
g.
Interpret the value of the intercept in context. [3mark]
h.
Interpret the value of the gradient in context. [3mark]