MSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions
With Correct Answers
Which of the following is true about variance? - answerit measures the uncertainty of a
random variable.
A probability density function: - answercharacterizes outcomes of a continuous random
variable.
Regression models of ________ ...
Which of the following is true about variance? - answer✔✔it measures the uncertainty of a
random variable.
A probability density function: - answer✔✔characterizes outcomes of a continuous random
variable.
Regression models of ________ data focus on predicting the future. - answer✔✔time-series
The Delphi method used for forecasting: - answer✔✔uses a panel of experts, whose identities
are typically kept confidential from one another, to respond to a sequence of questionnaires.
Before launching a new line of toys, Toys Inc. used the method of historical analogy to obtain a
forecast. In this scenario, Toys Inc.: - answer✔✔noted the consumer response to similar previous
products to marketing campaigns and used the responses as a basis to predict how the new
marketing campaign might fare.
If the process that generates the outcome is known, probabilities can be deduced from theoretical
arguments; this is the _____ definition of probability. - answer✔✔classical
The _____ definition of probability is based on empirical data. The probability that an outcome
will occur is simply the relative frequency associated with that outcome. - answer✔✔relative
frequency
The _____ definition of probability is based on judgment and experience as sports experts might
predict at the start of the football season—what is the probability of a specific team winning the
national championship? - answer✔✔subjective
A _____ is a numerical description of the outcome of an
experiment. They can be continuous or discrete. - answer✔✔Random variable
A _____ is a random variable for which the number of possible outcomes can be counted. -
answer✔✔discrete random variable
A _____ is a random variable that has outcomes over one or more continuous intervals or real
numbers. - answer✔✔continuous random variable
The _____ of a random variable corresponds to the notion of the mean, or average for a sample.
It can be helpful in making a variety of decisions. - answer✔✔expected value
EXAM STUDY MATERIALS July 26, 2024 9:30 AM
, The variance of a discrete random variable may be computed as a _____ from the expected
value. A common measure of dispersion. - answer✔✔weighted average of the squared deviations
_____ is the average of the squared deviations of the observations from the mean, a common
measure of dispersion. It measures the uncertainty of the random variable; the higher it is, the
higher the uncertainty of the outcome. - answer✔✔variance
The probability distribution of a random variable with two possible outcomes, each with a
constant probability of occurrence is referred to as _____. - answer✔✔Bernoulli Distribution
The _____ models n independent replications of a Bernoulli experiment, each with a probability
p of success. The _____ can assume different shapes and amounts of skewness, depending on the
parameters. - answer✔✔Binomial Distribution
Perhaps the most important distribution used in statistics, _____ is a continuous distribution by
the familiar bell shaped curve. - answer✔✔normal distribution
Normal distribution is characterized by two parameters: the _____ and the _____. -
answer✔✔mean and the standard deviation
Normal distribution is symmetric, so its measure of skewness is _____. - answer✔✔Zero
In normal distribution, the _____, _____, & _____ are all equal. Thus, half the area falls above
the mean and half falls below it. - answer✔✔mean, median, mode
In normal distribution, the range of X is _____, meaning that the tails of the distribution extend
to negative & positive infinity. - answer✔✔unbounded
In normal distribution, the _____ apply exactly for it. - answer✔✔empirical rules
The distribution that characterizes outcomes of a continuous random variable. -
answer✔✔probability density functions
Probability Density Functions:
A graph of the density function must lie at or above the _____-axis. - answer✔✔x
Probability Density Functions:
The total area under the density function above the x-axis is _____. - answer✔✔1
Probability Density Functions:
For _____, there are an infinite number of values. - answer✔✔continuous random variables
Probability Density Functions:
Calculates the _____ of a random variable lying within a certain interval, such as between two
numbers, or to the left or right of a number. - answer✔✔probability
EXAM STUDY MATERIALS July 26, 2024 9:30 AM
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