Section A
Jenkins and Jenkins Bank wishes to stream-line the recruitment process in their large London offices. To determine the best criteria for recruitment, It has assembled the data given in the first set For the last thirty employees recruited this gives the value of the business generated by that employee in their first year (given in tens of thousands of pounds) plus their psychometric test score, previous, experience (given in years) and their qualification (given as an index created by the bank for this purpose).
Using Excel Regression software you are required to:
1. Find the correlation coefficients for business generated and psychometric test score, business generated and experience, and business generate and qualifications.
2. Based on these findings, which one criteria would you recommend to use in selecting employees?
3. How effective do you consider your recommendation in (2) to be as a recruitment nit.,
4. Find the regression lines (by least squares) for business generated and psychometric test score, business generated end experience, and business generated and qualifications.
5. For your chosen criteria plain inwards exactly what the line implies.
6. Use the regression lines to estimate the value of business generated first year by:
a. Anew employee with a psychometric test score of 97.
b. A new employee with 4.3 year of previous experience.
c. A new employee with a qualification index of 40.2.
7. In which of the estimates in do you have the most confidence? Why?
Section B
Fred's Fabrications is reviewing use of spare parts by its Maintenance department. The second set of data shows parts used in the first week of each of three months.
Using Excel and Laspeyres Method, you are required to calculate quantity indices for April and July, taking January as the base and the prices as weights.
|
Jenkins and Jenkins Bank
|
|
Employee
|
Business
Generated
|
Psychometric Test
Score
|
Previous
Experience
|
Qualifications
|
|
1
|
15.74
|
43
|
7.3
|
18.2
|
|
2
|
25.31
|
59
|
10.2
|
22.3
|
|
3
|
11.01
|
47
|
3.6
|
14.7
|
|
4
|
47.51
|
92
|
20.8
|
32.8
|
|
5
|
32.78
|
87
|
13.7
|
35.4
|
|
6
|
16.02
|
93
|
5.3
|
19.4
|
|
7
|
20.48
|
54
|
7.3
|
10.4
|
|
8
|
22.54
|
44
|
11.3
|
17.9
|
|
9
|
32.81
|
71
|
15.2
|
41.7
|
|
10
|
4.12
|
25
|
0.9
|
0.8
|
|
11
|
27.43
|
74
|
15.3
|
25.1
|
|
12
|
39.47
|
33
|
17.3
|
40.8
|
|
13
|
18.23
|
63
|
2.7
|
40.7
|
|
14
|
26.49
|
84
|
8.2
|
27.9
|
|
15
|
14.55
|
77
|
5.4
|
13.4
|
|
16
|
33.44
|
41
|
21.3
|
37.8
|
|
17
|
19.55
|
49
|
9.7
|
28.4
|
|
18
|
57.44
|
94
|
22.5
|
43.7
|
|
19
|
19.44
|
71
|
6.5
|
19.6
|
|
20
|
32.59
|
71
|
11.7
|
27.3
|
|
21
|
40.25
|
60
|
18.3
|
34.1
|
|
22
|
12.57
|
28
|
2.6
|
9.4
|
|
23
|
7.56
|
21
|
0 |
12.7
|
|
24
|
4.83
|
66
|
0.9
|
6.3
|
|
25
|
24.15
|
61
|
9.8
|
27.3
|
|
26
|
34.73
|
73
|
10.2
|
20.1
|
|
27
|
20.76
|
60
|
0 |
25.7
|
|
28
|
22.48
|
27
|
5.9
|
31.7
|
|
29
|
23.96
|
74
|
18.7
|
24.5
|
|
30
|
35.81
|
81
|
15.4
|
27.8
|
Fred's Fabrications
| Part |
Cost |
Number used in first week
|
| Jan |
April |
July |
| A |
£4.68 each |
42 |
43 |
38 |
| B |
£23.70 per 100 |
367 |
298 |
351 |
| C |
£10.67 each |
6 |
12 |
14 |
| D |
£84.21 each |
0 |
2 |
1 |
| E |
£7.63 per 1000 |
6230 |
5642 |
1256 |
| F |
£5.99 each |
58 |
75 |
45 |
| G |
£17.77 per 100 |
89 |
147 |
178 |
| H |
£7.99 each |
21 |
10 |
14 |
| I |
£50.75 each |
2 |
0 |
1 |
| J |
£15.40 each |
15 |
35 |
13 |
| K |
£3.22 per 100 |
564 |
784 |
986 |
| L |
77.24 each |
3 |
6 |
7 |