QUESTION THREE [25]

3.1 Discuss the components of time series data and how managers can use time series data to extract meaningful statistics and characteristics about the data. (8)

3.2 A random sample of eight students were selected from a business degree programme and asked how many hours they generally studied each week in their market research module. This information, along with their final examination mark (out of 100), is recorded in the table below. Marks Hours

87 10

65 6

32 2

96 12

50 5

56 5

25 1

77 7

For the data above:

3.2.1 Identify the dependent and the independent variable. (2)

3.2.2 Compute the coefficient of correlation and interpret your findings. (9)

3.2.3 Use the least-squares method to determine the regression equation.