A management institute was established on January 1, 2000 with 3, 4, 5, and 6 faculty members in the Marketing, Organisational Behaviour (OB), Finance, and Operations Management (OM) areas respectively, to start with. No faculty member retired or joined the institute in the first three months of the year 2000. In the next four years, the institute recruited one faculty member in each of the four areas. All these new faculty members, who joined the institute subsequently over the years, were 25 years old at the time of their joining the institute. All of them joined the institute on April a) During these four years, one of the faculty members retired at the age of 60. The following diagram gives the area-wise average age (in terms of number of completed years) of faculty members as on April 1 of 2000, 2001, 2002, and 2003.
The average age in the Finance area dropped twice - once due to the retirement of a member and once due to the joining of a new member. We see that the average age of the faculty is around 45-50. This number is closer to the retirement age of 60 than to the joining age of 25. Hence, the new joining will produce a greater drop in average age than the retirement. Hence, the new faculty member must have joined in 2002 and the old faculty member must have retired in 2001. Hence option C.
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