Insights into the typical price consumers are willing to pay for a LED selfie ring light - MN4063 Au

Task 1 - Computing mean and standard deviation

To gain some insights into the typical price consumers are willing to pay for a LED selfie ring light, an online  retailer  randomly  selected  58 relevant  invoices  for transactions  completed  in October  2021. Descriptive  statistics,  computed  to  summarise  the data,  are  presented  in 
Table  1 below.  NB: Some values are missing. This table has been made available in the Excel file named “MN4063 Autumn CWK 1 Data” under the tab labelled Task 1.

Required for Task 1  (Comments for task 1 should not exceed 50 words in total.)

1.  With reference  to Table 1 above  and using a calculator,  find the mean and standard  deviation. Insert your values on the table and copy into your Word document.

2.  Interpret   the   mean   and   standard   deviation   in   the   context   of   the   scenario   provided. NB: You should not describe the calculation methods or the formulae used.

It was suggested to the retailer that the 58 transaction values could also be summarised in a grouped table (see Table 2 below). Two table templates based on Table 2 have been made available in the Excel file named “MN4063 Autumn CWK 1 Data” under the tab labelled Task 2.

Required for Task 2  (Comments for task 2 should not exceed 250 words in total.) 1.Using the three table templates provided in the Excel data file as a starting point, construct three tables in Excel.
Table 2A: The first table should show the frequencies and percentage frequencies.
Table 2B: The second table should show the ‘less than’ cumulative  frequencies  and cumulative percentage frequencies.
Table 2C: Complete  the third table to estimate the mean,  variance, standard deviation and the coefficient of variation.
Transfer the three Excel tables into your Word document in a clear and professional manner. Construct the network diagram using the standard node layout (see below) introduced in the lecture.

Required for Task 3  (Comments for task 3 should not exceed 50 words in total.)
1. With  reference  to  Table  3,  construct  a  network  diagram  by  going  through  the  forward  and backward passes.  You may draw your network  diagram in Excel or Word. The network diagram needs to be copied into your Word file.

2. Identify the critical path and duration of the project.

3. Comment on the distinction between critical and non-critical activities. In a recent survey, 60% of respondents were female and 20% of all female respondents  were working part-time. In total, just 18% of respondents  work part-time.

Required for Task 4  (Comments for task 4 should not exceed 50 words in total.)
1. Construct a contingency table by using the information above.

2.  With reference  to the contingency  table  prepared  under  (1) above,  what  is the chance  that a respondent  chosen at random  is male and works full-time?  Use the correct  notation  and state the problem in full.