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MSIS 3223 EXAM 2 QUESTIONS WITH ACTUAL ANSWERS.
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MSIS 3223 EXAM 2 QUESTIONS WITH ACTUAL ANSWERS.
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MSIS 3223 EXAM 2 QUESTIONS WITHACTUAL ANSWERS
Probability rr- rrAnswer rr-likelihood rrthat rran rroutcome rroccurs. rr
-expressed rras rrvalues rrbetween rr0 rrand rr1.
experiment rr- rrAnswer rrthe rrprocess rrthat rrresults rrin rran rroutcome.
outcome rr- rrAnswer rra rrresult rrthat rrwe rrobserve rrfrom rran rrexperiment.
sample rrspace rr- rrAnswer rrthe rrcollection rrof rrall rrpossible rroutcomes rrof rran
rrexperiment.
combinations rr- rrAnswer rrEnumerating rrand rrcounting rrthe rroutcomes rrfor rran
rrexperiment rrcan rrsometimes rrbe rrdifficult, rrparticularly rrwhen rrthe rrexperiment
rrconsists rrof rrmultiple rrsteps.
classical rrprobability rr- rrAnswer rrprobabilities rrcan rrbe rrdeduced rrfrom rrtheoretical
rrarguments
Relative rrfrequency rrprobability rr- rrAnswer rrprobabilities rrare rrbased rron rrempirical
rrdata
subjective rrprobability rr- rrAnswer rrprobabilities rrare rrbased rron rrjudgment rrand
rrexperience
event rr- rrAnswer rra rrcollection rrof rrone rror rrmore rroutcomes rrfrom rra rrsample rrspace
probabilities rrassociated rrwith rrevents rr- rrAnswer rr- rrThe rrprobability rrof rrany rrevent rris
rrthe rrsum rrof rrthe rrprobabilities rrof rrthe rroutcomes rrthat rrcomprise rrthat rrevent.
union rrof rrevents rr- rrAnswer rr-contains rrall rroutcomes rrthat rrbelong rrto rreither rrof rrthe
rrtwo rrevents.
-If rrA rrand rrB rrare rrtwo rrevents, rrthe rrprobability rrthat rrsome rroutcome rrin rreither rrA rror
rrB rr(that rris, rrthe rrunion rrof rrA rrand rrB)occurs rris rrdenoted rras rrP(A rror rrB)
-Two rrevents rrare rrmutually rrexclusive rrif rrthey rrhave rrno rroutcomes rrin rrcommon.
-If rrevents rrA rrand rrB rrare rrmutually rrexclusive, rrthen rrP(A rror rrB)= rrP(A)+P(B)
, Non-mutually rrexclusive rrevents rr- rrAnswer rr-The rrnotation rr(A rrand rrB)represents rrthe
rrintersection rrof rrevents rrA rrand rrB, rrthat rris, rrall rroutcomes rrbelonging rrto rrboth rrA rrand
rrB.
-If rrtwo rrevents rrA rrand rrB rrare rrnot rrmutually rrexclusive, rrthen rrP(A rror rrB)= rrP(A)
+P(B)-P(A rrand rrB).
joint rrprobablility rr- rrAnswer rrThe rrprobability rrof rrthe rrintersection rrof rrtwo rrevents
marginal rrprobability rr- rrAnswer rrThe rrprobability rrof rran rrevent, rrirrespective rrof rrthe
rroutcome rrof rrthe rrother rrjoint rrevent
Conditional rrprobablitiy rr- rrAnswer rrthe rrprobability rrof rroccurrence rrof rrone rrevent rrA,
rrgiven rrthat rranother rrevent rrB rris rrknown rrto rrbe rrtrue rror rrhas rralready rroccurred.
random rrvariable rr- rrAnswer rra rrnumerical rrdescription rrof rrthe rroutcome rrof rran
rrexperiment.
discrete rrrandom rrvariable rr- rrAnswer rrone rrfor rrwhich rrthe rrnumber rrof rrpossible
rroutcomes rrcan rrbe rrcounted.
continuous rrrandom rrvariable rr- rrAnswer rrHas rroutcomes rrover rrone rror rrmore
rrcontinuous rrintervals rrof rrreal rrnumbers.
Examples rrof rrdiscrete rrrandom rrvariables rr- rrAnswer rr-outcomes rrof rrdice rrrolls
-whether rra rrcustomer rrlikes rror rrdislikes rra rrproduct
-number rrof rrhits rron rra rrWeb rrsite rrlink rrtoday
Examples rrof rrcontinuous rrrandom rrvariables rr- rrAnswer rr•weekly rrchange rrin rrDJIA
•daily rrtemperature
•time rrbetween rrmachine rrfailures
probability rrdistribution rr- rrAnswer rr-A rrcharacterization rrof rrthe rrpossible rrvalues rrthat
rra rrrandom rrvariable rrmay rrassume rralong rrwith rrthe rrprobability rrof rrassuming rrthese
rrvalues.
-We rrmay rrdevelop rrit rrusing rrany rrone rrof rrthe rrthree rrperspectives rrof rrprobability:
rrclassical, rrrelative rrfrequency, rrand rrsubjective.
Empirical rrprobability rrdistirbution rr- rrAnswer rran rrapproximation rrof rrthe rrprobability
rrdistribution rrof rrthe rrassociated rrrandom rrvariable, rrwhereas rrthe rrprobability
rrdistribution rrof rra rrrandom rrvariable, rrsuch rras rrone rrderived rrfrom rrcounting
rrarguments, rris rra rrtheoretical rrmodel rrof rrthe rrrandom rrvariable.
Subjective rrProbability rrDistribution rr- rrAnswer rr-probability rrdistribution rrusing
rrsubjective rrvalues rrand rrexpert rrjudgment.
-This rris rroften rrdone rrin rrcreating rrdecision rrmodels rrfor rrphenomena rrfor rrwhich rrwe
rrhave rrno rrhistorical rrdata
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