MSIS 3223 Exam 2 Review with Complete Questions and Answers
10 views 0 purchase
Course
MSIS 3223
Institution
MSIS 3223
MSIS 3223 Exam 2 Review with Complete Questions and AnswersMSIS 3223 Exam 2 Review with Complete Questions and AnswersMSIS 3223 Exam 2 Review with Complete Questions and AnswersMSIS 3223 Exam 2 Review with Complete Questions and Answersclassical definition of probability - ANSWER-If the process tha...
MSIS 3223 Exam 2 Review with
Complete Questions and Answers
classical definition of probability - ANSWER-If the process that generates the outcome
is known, probabilities can be deduced from theoretical arguments, this is the ______
Relative Frequency - ANSWER-based on empirical data. The probability that an
outcome will occur is simply the relative frequency associated with that outcome.
subjective definition of probability - ANSWER-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?
Random Variable - ANSWER-a numerical description of the outcome of an experiment
discrete random variable - ANSWER-when the number of possible outcomes can be
counted
continuous random variable - ANSWER-has outcomes over one or more continuous
intervals or real numbers
The ____ of a random variable corresponds to the notion of the mean or average for a
sample - ANSWER-expected value
Joint Probability - ANSWER-the probability of the intersection of two events
Conditional Probability - ANSWER-the probability that one event happens given that
another event is already known to have happened
What is the range of X in a normal distribution? - ANSWER-it is unbounded, meaning
that the tails of the distribution extend to negative and positive infinity.
The empirical rules apply exactly for _______ - ANSWER-Normal Distribution
Probability density functions - ANSWER-The distribution that characterizes outcomes of
a continuous random variable.
How is the variance of a discrete random variable computed? - ANSWER-as a weighted
average of the squared deviations from the expected value
What does high variance mean in a random variable - ANSWER-high uncertainty of the
outcome
, Bernoulli Distribution - ANSWER-The probability distribution of a random variable with
two possible outcomes, each with a constant probability of occurrence.
Poisson distribution - ANSWER-a discrete probability distribution describing the
likelihood of a particular number of independent events within a particular interval
Normal Distribution - ANSWER-a bell-shaped curve, describing the spread of a
characteristic throughout a population
When does mean=median=mode? - ANSWER-For normally distributed data
Properties of Probability Density Functions: - ANSWER-• A graph of the density function
must lie at or above the x-axis.
• The total area under the density function above the x-axis is 1.
• For continuous random variables, there are an infinite number of values.
• Calculates the probability of a random variable lying within a certain interval such as
between two numbers, or to the left or right of a number.
• P is the area under the density function between a and b.
Regression Analysis - ANSWER-tool for building mathematical and statistical models
that characterize relationships between a dependent variable (ratio) and one or more
independent, or explanatory, variables (ratio or categorical), all of which are numerical.
Simple regression - ANSWER-A regression model that involves a single independent
variable
Multiple Regression - ANSWER-A regression model that involves two or more
independent variables
What shows steady increase or decrease over the range of x and is the simplest type of
function used in predictive models? - ANSWER-Linear Functions
Logarithmic Functions - ANSWER-are used when the rate of change in a variable
increases or decrease quickly and then levels out, such as diminishing returns to scale.
Polynomial Function - ANSWER-A second-order polynomial is parabolic in nature and
has only one hill or valley, a third-order polynomial has one or two hills or valleys.
Revenue models that incorporate price elasticity are often polynomial functions.
________ have the property that y rises or falls at constantly increasing rates. -
ANSWER-Exponential Functions
_____ define phenomena that increase at a specific rate - ANSWER-Power Functions
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NursingTutor1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
