Final Exam ECO701 2201 1

ECO 701 DATA ANALYSIS FOR MANAGERS
Final Examination for Section 701-2201–1

April 2022
Page 1 of 6
PLEASE READ THESE INSTRUCTIONS CAREFULLY
OPEN-BOOK EXAM - This is an open-book essay-type examination that must

be completed at a safe location approved by the University in view of current
pandemic situation at your pre-selected time slot.
EXAM DURATION - The maximum time period allowed for this exam is 3 hours
that starts as soon as you download the paper.
INTERNET ACCESS – Internet access is required and you must be logged in to

the university learning platform in order to access some of the links.
PREPARING YOUR ANSWER - Be sure to draw on the concepts and analytical

tools you have learnt during the course, making direct references to the
subject materials (i.e., the prescribed text, courseware and other resources).
MARKING GUIDELINES – In general, high marks will be awarded for critical

analysis, relevance, and clarity of articulation.
REFERENCING – Please reference in the normal way, using an internationally

recognised referencing system.
ACADEMIC INTEGRITY - Do not simply cut-and-paste from websites and other

sources – this is in violation of the university academic integrity policy.
CONFIDENTIALITY - This examination material is purely confidential and remains

the property of GlobalNxt University. By taking this examination, you
acknowledge this and agree not to disclose, publish or disseminate the
examination materials or make infringing copies, either in whole or in part.
April 2022
Page 2 of 6
UPLOADING YOUR ANSWER
FINAL EXAM OPTION - You should upload your answer script via the Final Exam
option before the 3 hours.
ONE FILE - You are allowed to upload only ONE file. If you need to upload more
than one document, use WinZip to zip up your documents as a single file.
LATE SUBMISSION - Exam scripts submitted after the 3-hour period will be
accepted but late submission will be marked in your answer script and subject
to penalty.
WHAT TO DO IN CASE OF LATE SUBMISSION - Immediately send an email to the

university ([email protected]) with a copy to your Professor,
giving reasons for late submission with documentary evidence (if any) and
attach a copy of your answer script. Otherwise, you will be awarded zero
mark for the Final Exam and an “FI” grade for the subject.
April 2022
Page 3 of 6
ANSWER ALL QUESTIONS

(Total of 100 marks)
NOTE: Show all calculations along with the statistics formulae used, when
and where appropriate.
A. Topic: Introduction to Statistics
1. Using relevant examples describe the various scales of measurement.

(5)
B. Topic: Probability and Sampling
Read the following hypothetical case and answer the questions below.
The Indiana Inc. a lead denim manufacturer in New Orleans has productions
sites in four different counties with production ratio at 8:5:3:4. Their key products
are skinny jeans (50%), straight leg jeans (35%) and jeggings (15%). Each of
these products come in two styles – stone washed (60%) and plain (40%). Their
monthly production cost is about $0.95 mn. All products in both styles are
produced at all the four sites, while the manufacture proportion is maintained
across the production sites.
2. The analysts at Indiana Inc intend to draw a sample for a quick analysis.
Propose a probability sampling technique elucidating the steps clearly.
(5)
3. The following table shows the sale price for each product:
Straight Leg
Sales Prices Skinny Jeans Jeggings
Jeans
Stone Washed $210 $185 $170
Plain $185 $90 $110
April 2022
Page 4 of 6
Given that 5,000 units were produced last month what is the revenue
generated for each product line? Comment about the status of business at
Indiana Inc.
(13)
4. If it is known that the product is stone washed jeans what are the chances
that it is skinny jeans?
(7)
C. Topic: Probability Distributions and confidence interval estimation
Read the following (hypothetical) note and answer the questions as listed
BusinessWeek conducted a survey of graduates from 30 top MBA programs

(BusinessWeek, September 22, 2003). The sample of 1,800 respondents had
987 female graduates. On the basis of the survey, assume that the mean
annual salary for male and female graduates 10 years after graduation is
$1.68mn and $1.17mn, respectively. Assume the standard deviation for the
male graduates is $0.4 mn, and for the female graduates it is $0.25 mn
5. Construct the 95% confidence interval for proportion of males in the

population.
(10)
6. Assuming a normal distribution, what is the probability that a female

graduate will earn more than $ 1.75mn 10 years after graduation?
(10)
7. If the top 10% of the earners among males have to be identified, what
should the annual salary cut off be?
(10)
April 2022
Page 5 of 6
D. Topic: Hypothesis Testing
8. The Sales Manager at Hybrid Industries a high-tech farming agency claims

that there has been a drop in the sales from the target of $2,800 per week.
Data was collected for the last 48 weeks and the sample mean was
computed as $ 2,435 with a standard deviation of $351. Verify at 5% level
of significance if the manager’s claim can be accepted based on the
sample observations.
(10)
9. Guests travelling on two different airlines (West Fly Airlines and Air Cosmos)
were surveyed for their satisfaction levels of the services offered. 123 of 180
guests travelling by West Fly and 157 of the 200 guests travelling by Air
Cosmos rates the respective airlines high on service quality. Do the data
provide enough evidence to infer that there is no significant difference
between the service qualities of the two airline companies? (Use 5% level of
significance)
(10)
April 2022
Page 6 of 6
E. Topic: Regression and Correlation
10. Eight (8) tourists were asked about the airfare expenses and their total
budgeted amount in their last travel/holiday.
Air fare (in $) 200 300 250 100 150 170 180 230
Total Budget (in $) 2500 2800 2100 1200 1800 1900 2000 2700
(a) Draw the scatter plot and the line of best fit. What is the expected budget
for an individual of this group if the airfare to a certain city of her choice is
$140? And what is the expected airfare if her budget is $2,200?
(10)
(b) Determine if there is a correlation between the two variables with the
assumption that all travel costs are determined by the travellers’ economic
status. Describe the correlation strength, provide your conclusion, and a
practical recommendation for the airline industry.
(10)
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ECO 701 DATA ANALYSIS FOR MANAGERS

Final Examination for Section 701-2201–1

PLEASE READ THESE INSTRUCTIONS CAREFULLY

OPEN-BOOK EXAM - This is an open-book essay-type examination that must

INTERNET ACCESS – Internet access is required and you must be logged in to

PREPARING YOUR ANSWER - Be sure to draw on the concepts and analytical

MARKING GUIDELINES – In general, high marks will be awarded for critical

REFERENCING – Please reference in the normal way, using an internationally

ACADEMIC INTEGRITY - Do not simply cut-and-paste from websites and other

CONFIDENTIALITY - This examination material is purely confidential and remains

UPLOADING YOUR ANSWER

WHAT TO DO IN CASE OF LATE SUBMISSION - Immediately send an email to the

ANSWER ALL QUESTIONS

A. Topic: Introduction to Statistics

1. Using relevant examples describe the various scales of measurement.

B. Topic: Probability and Sampling

C. Topic: Probability Distributions and confidence interval estimation

BusinessWeek conducted a survey of graduates from 30 top MBA programs

5. Construct the 95% confidence interval for proportion of males in the

6. Assuming a normal distribution, what is the probability that a female

D. Topic: Hypothesis Testing

8. The Sales Manager at Hybrid Industries a high-tech farming agency claims

E. Topic: Regression and Correlation

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