Question

9.
The HRD manager of a company wants to find a measure which he can use to fix the
monthly income of persons applying for a job in the production department. As an
experimental project, he collected data on 7 persons from that department referring to years
of service and their monthly income.
Year of service:
11
7
9
5
8
6
10
Income (1000 Rs):
10
8
6 5 9 7 11
(a) Calculate Rank correlation coefficient and interpret result.​

Answer 1

Answer:

9

5

8

Calculate Rank correlation coefficient and interpret result.

hope it helps you

Answer 2

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From the table, we have

n = 7, ∑ xi = 56, ∑ yi = 56, xi∑xi2 = 476,

∑ xi yi = 469

xxinx¯=∑xin=567=8

yyiny¯=∑yin=567=8

Now, bYXxiyinxyxinxbYX=∑xiyi-nx¯y¯∑xi2-nx¯2

∴ bYXbYX=469-7×8×8476-7×(8)2=469-448476-448=2128=34

∴ bYXbYX = 0.75

Also, a = ybYXxy¯-bYX x¯=8-0.75×8=8-6=2

∴ The regression equation of income (Y) on years of service (X) is

Y = a + bYX X

∴ Y = 2 + 0.75 X

(ii) Given, years of service (X) = 13

∴ Substituting X = 13 in regression equation, we get

Y = 2 + 0.75 (13)

∴ Y = 2 + 9.75

∴ Y = 11.75 (₹ in 1000’s)

∴ I would recommend an initial start of ₹ 11,750 for a person who has served in similar capacity in another company for 13 years.