MN4063QA

Understanding and Managing Data Coursework 1 for November 22 Intake

Weighted 100% of the module mark

Deadline: Friday, March 18^th, 2023 before 3 p.m. GMT

 

NB: Coursework 1 consists of 2 parts. Part 1 consists of Five (5) tasks. Part 2 comprises a substantial task on Correlation and Regression Analysis. All tasks in both parts need to be attempted.

 

Assessment Criteria

 

For all tasks, you are required to correctly calculate relevant statistics, analyse the data and provide/ demonstrate:

• Clear interpretations of all statistical analyses (do not just state the values but comment on what the values imply without speculating, where required).
• Graphs and tables with informative titles, appropriate labelling and units stated.
• Accurate calculations where required (equations are stated in the context of the data);
• Comments written in the context of the meaning of the data or analysis.
• Appropriate use of Excel functions, as evidenced by the output.
• You are advised not to use Safari or Explorer to upload your work to WebLearn. These browsers have known compatibility issues with WebLearn / Turnitin. Use Chrome or Firefox instead.

 

Coursework marks can range from 0% to 100%.

 

 

Note:

1. This is an individual assignment. Where Academic Misconduct, such as collusion, plagiarism or cheating, is suspected, your coursework mark will be reduced proportionate to the extent of the misconduct identified, however, more severe penalties are possible. Cases are referred to the Casework Office and substantiated Academic Misconduct will be recorded on the student’s record. To avoid misunderstanding, please familiarise yourself with Section 15 of the Academic Regulations covering Academic Misconduct Regulations and Procedure.

 

For full details of academic misconduct and how allegations are investigated, see the relevant section of the University’s academic regulations: https://student.londonmet.ac.uk/your-studies/student-administration/rules-and-regulations/academic-misconduct/.

 

 

 

 

PART 1 [70marks]

Task 1: Ungrouped 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.

 

1. State the value of the count and use it to calculate the mean [1+2 =3marks]
2. Calculate the range [1mark]
3. Calculate the Lower quartile [2marks]
4. Calculate the standard deviation of the sample [2marks]
5. Calculate the coefficient of variation, giving your answer as a percentage (%) to the nearest whole number [2marks]
6. Interpret the Standard deviation in the   context   of   the   scenario   [2marks]
7. Interpret the Interquartile range in the   context   of   the   scenario   [2marks]
8. Interpret the coefficient of variation [2marks]

(NB: You should not describe calculation methods).

 

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)

1. 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 [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)

1. 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

 

 

 

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)

1. With reference to examples relevant to the retailer’s information needs, discuss the differences between cross-sectional data and time series [4marks]
2. 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 credible 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 credible sources. The citation and reference must be credited using the Harvard  style).

 

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

 

 

 

 

Required for Task 4 (50 words Max)

With reference to the precedence table above, construct a network diagram by going through the:

1. Forward and backward. passes [4 +4 = 8marks]
2. Identify the critical path and duration of the [2+2= 4marks]
3. Comment on the difference between critical activities and non-critical [2 +2 =4marks]

Note: Draw your network diagram in Excel. The network diagram needs to be copied into your Word file.

 

 

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 “MN4063QANOVS22CWK1Data” Excel file.

 

 

Required for Task 6 (150 words Max)

1. 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]
2. With reference to the correlation matrix, identify the ‘best’ predictor of Sales Revenue and justify the reason for your choice. [2marks]
3. 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]
4. Interpret the correlation coefficient in context. [3mark]
5. Interpret the coefficient of determination in [3mark]
6. State the regression equation in [2mark]
7. Interpret the value of the intercept in context. [3mark]
8. Interpret the value of the gradient in context. [3mark]