Managing Data

This article covers topics related to managing data including quantitative and categorical variables, statistical tools, probability, confidence intervals, linear regression, and more.

Managing Data

Contents
TASK...............................................................................................................................................4
Question 1........................................................................................................................................4
A. List the examples of Quantitative variable and Categorical Variable....................................4
B. Calculate statistical tools explained under..............................................................................4
C. State the type of chart used for the purpose of showing prices of Tesco Stock Price............4
D. Is Abbi is correct, that the primary data is qualitative. If not, how would you explain to
Abbi.............................................................................................................................................5
Question 2....................................................................................................................................5
A. What is the probability that Mike has spent over £10 on journey to campus.........................5
B. Explain the frequency those living away more than 1 mile....................................................5
C. What is the modal group of category of amount spent...........................................................5
D. Assuming Mike is saving the same amount per month in the next 3 years. How much does
Mike get for his saving after 3 years, if his saving account pays simple interest rate 5% per
annum?.........................................................................................................................................6
E. Assuming Mike is saving the same amount per month in the next 3 years. How much does
Mike get for his saving after 3 years, if his saving account pays compound interest rate 5% per
annum?.........................................................................................................................................6
QUESTION 3..................................................................................................................................6
a) What mark must a candidate achieve in order to secure an interview?...................................6
b) How much is the 95% confidence interval for the test scores if the sample size is 90
applicants?...................................................................................................................................7
c) What is the probability of the blue area in the diagram?.........................................................7
QUESTION 4..................................................................................................................................7
a) Develop a scatter diagram for the two variables and display the linear regression equation
and R square value on the chart. What does the scatter diagram indicate about the relationship
between the two variables?..........................................................................................................7
b) Develop the estimated regression equation using the Excel tools pack. Interpret the
coefficients of the regression model............................................................................................8

c) Test for a significant relationship. Use a= .05.........................................................................9
d) Did the estimated regression equation provide a good fit?.....................................................9
REFERENCES..............................................................................................................................10

TASK
Question 1
A. List the examples of Quantitative variable and Categorical Variable.
Quantitative variables are measures characteristic of interest. For example, length,
volume, quantity or mass. Quantitative variable is represented by numbers.
Categorical variables do not measure the characteristic of interest. For example, colour,
marital status, sex or species.
B. Calculate statistical tools explained under.
Date
Tesco
Stock
Price percentage change
01-08-2021 255.15
01-09-2021 253.3 -1.85
01-10-2021 269.9 16.6
01-11-2021 276.75 6.85
01-12-2021 289.9 13.15
01-01-2022 297 7.1
01-02-2022 289.75 -7.25
01-03-2022 276 -13.75
01-04-2022 272 -4
01-05-2022 259 -13
01-06-2022 255.5 -3.5
01-07-2022 257.5 2
Mean 270.979
Median 270.95
C. State the type of chart used for the purpose of showing prices of Tesco Stock Price.
The best chart that shows the prices of Tesco stock price is line chart as it will show the increase
and decrease in the stock prices.

D. Is Abbi is correct, that the primary data is qualitative. If not, how would you explain to Abbi.
The primary data collected by Abbi is not qualitative data because it does not show the
qualitative attributes of the data. The data collected is the quantitative data as it is shown is
number.
Question 2
A. What is the probability that Mike has spent over £10 on journey to campus.
Probability of mike to spend over £10 = Number of favourable Outcomes / Total number
of observations
= 52 / 230
= 0.23
B. Explain the frequency those living away more than 1 mile.
Number of students living over 1 mile away = 64 students
C. What is the modal group of category of amount spent.
a. According to the amount spent the model group is the students whom resides within the
range of 0.26 to 1.0 mile from the campus that is 44.

D. Assuming Mike is saving the same amount per month in the next 3 years. How much does
Mike get for his saving after 3 years, if his saving account pays simple interest rate 5% per
annum?
The monthly rate is 5%/12 = 0.416 % = 0.00416
3 years = 36 months
According to Simple Interest formula
A = P (1 + r * t)
= P (1 + 0.05 * 3)
= P (1 + 0.15)
= 1.15P
E. Assuming Mike is saving the same amount per month in the next 3 years. How much does
Mike get for his saving after 3 years, if his saving account pays compound interest rate 5%
per annum?
The monthly rate is 5%/12 = 0.416 % = 0.00416
3 years = 36 months
According to compound interest formula
P = C (1+r) t
Here, C = m, r = 0.00416, t = 36
By applying the formula,
M (1+0.00416)36 = (1.00416)36 * m
QUESTION 3
a) What mark must a candidate achieve in order to secure an interview?
For qualifying the interview, the candidates must be top at 20 %.
That means it needs to gain 80% marks
Standard normal probability z-score = 0.842
Observed value = x
Z- score = (x – Mean) / Standard deviation
0.842 = (x – 75) / 15
x = 87.63

b) How much is the 95% confidence interval for the test scores if the sample size is 90
applicants?
t = (m - μ) / S/ √n
= (45 – 75) / (15 / √90)
= -30 / 1.5811
= - 12.6
c) What is the probability of the blue area in the diagram?
Probability of the blue area = Favourable outcomes / Total outcomes
= 3 / 22
= 0.14
QUESTION 4
a) Develop a scatter diagram for the two variables and display the linear regression equation and
R square value on the chart. What does the scatter diagram indicate about the relationship
between the two variables?
The linear equation that is determined by the help of the scatter diagram for Advertisement
Expenditure is

y = -0.2044x + 419.83
and the value of R2 is 0.0556
The linear equation that is determined by the help of the scatter diagram for Sales figure is
y = -0.3297x + 692.84
R2 = 0.0558
The above diagram shows that both the variable varies a lot in its figures.
b) Develop the estimated regression equation using the Excel tools pack. Interpret the
coefficients of the regression model.
SUMMARY
OUTPUT
Regression Statistics
Multiple R 0.98239
R Square 0.96509
Adjusted R Square 0.962181
Standard Error 0.705165
Observations 14
ANOVA
df SS MS F
Significance
F
Regression 1 164.9615 164.9615 331.7422 4.15E-10
Residual 12 5.967097 0.497258
Total 13 170.9286
Coefficients
Standard
Error t Stat P-value Lower 95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept -9.45355 0.980465 -9.6419 5.3E-07 -11.5898 -7.3173 -11.5898 -7.3173
X Variable 1 0.610323 0.033509 18.21379 4.15E-10 0.537313 0.683332 0.537313 0.683332
The coefficient of regression model defines the correlation and determination.
The value of Multiple R represents the value of coefficients of correlation and the value is
0.98239 and it is positive but less than and close to 1. It defines that both the variables have the
positive relationship between them.

c) Test for a significant relationship. Use a= .05.
The significant value of the two variable in the regression equation shows that the p value
is 0.68 which is more than the value of 0.05. It means that there is a significant relation in both
the factors and these factors could influence the other factor.
d) Did the estimated regression equation provide a good fit?
The good fit is the value of coefficient of determination which is depicted as the value of R2.
From the above scenario it can be identified that in this the Coefficient is 0.965. It shows that the
value is positive which means that both the variables named advertisement expenditure and sales
figures are highly significant and will impact each other. It means that advertisement variable is
the dependent factor and sales is the independent factor.

REFERENCES
Books and Journals
Awano, H. and Tsujimoto, M., 2021. The creation and capture of value through open platform:
the business model utilising two-sided markets by managing
standardisation. International Journal of Services Technology and Management, 27(4-
6), pp.280-306.
Dougados, M., 2021. Managing patients with rheumatic diseases treated with rituximab during
the COVID-19 pandemic. The Lancet Rheumatology, 3(6), pp.e395-e396.
Fothergill Bourbonnais, F. and Ford Tousignant, K., 2020. Experiences of Nephrology Nurses in
Assessing and Managing Pain in Patients Receiving Maintenance
Hemodialysis. Nephrology Nursing Journal, 47(1).
Mikkonen, H.G., Clarke, B.O., Dasika, R., Wallis, C.J. and Reichman, S.M., 2018. Evaluation of
methods for managing censored results when calculating the geometric
mean. Chemosphere, 191, pp.412-416.
Papageorgiou, G., Efstathiades, A., Poullou, M. and Ness, A.N., 2020. Managing household
electricity consumption: a correlational, regression analysis. International Journal of
Sustainable Energy, 39(5), pp.486-496.
Jiang, Y., Ritchie, B.W. and Verreynne, M.L., 2022. A resource-based typology of dynamic
capability: managing tourism in a turbulent environment. Journal of Travel
Research, 61(5), pp.1006-1023.
Dibley, L., Khoshaba, B., Artom, M., Van Loo, V., Sweeney, L., Syred, J., Windgassen, S.,
Moffatt, G. and Norton, C., 2021. Patient strategies for managing the vicious cycle of
fatigue, pain and urgency in inflammatory bowel disease: impact, planning and
support. Digestive Diseases and Sciences, 66(10), pp.3330-3342.
Dinh Dung, N. and Rohacs, J., 2018, August. Smart City Total Transport-Managing System.
In International Conference on Industrial Networks and Intelligent Systems (pp. 74-85).
Springer, Cham.
Zabala Torres, A., Masó Pau, J. and Pons, X., 2020, May. Managing the knowledge created by
the users trough Geospatial User Feedback system. The NEXTGEOSS use case.
In EGU General Assembly Conference Abstracts (p. 18976).