MSIS 3223 Data Analytics Okstate Exam Questions and Answers Fully Solved

Classical Definition of Probability - ANSWER-If the process that generates the outcome is known, probabilities can be deduced from theoretical arguments. Relative Frequency Definition - ANSWER-Based on empirical data. The probability that an outcome will occur is simply the relative frequency associated with that outcome. Subjective Definition - ANSWER-Based on judgement and experience as sport experts might predict at the start of the football season Random Variable - ANSWER-Numerical description of the outcome of an experiment Expected Value - ANSWER-random variable corresponds to the notion of the mean. How to compute the variance of the discrete random variable - ANSWER-weighted average of the squared deviations from the expected value. this is the common measure of dispersion Variance measure - ANSWER-the higher the variance, the higher the uncertainty of the outcome binomial distribution - ANSWER-the probability distribution of a random variable with two possible outcomes, each with a constant probability of occurrence is referred to Bernoulli distribution. Can assume different shapes and amounts of skewness. Normal distrubution - ANSWER-most important distribution in statistics. Continuous distribution that resembles the bell shaped curve. Features of normal distribution - ANSWER-Symmetric, skewness of zero, mean median and mode are all equal. Probability Density Functions - ANSWER-the distribution that characterizes outcomes of a continuous random variable. Continuous random variable - ANSWER-Outcomes of one or more continuous variables of real numbers. Properties of probability density functions - ANSWER-must lie at or above x-axis total area above the x-axis is 1 for continuous random variable there are infinite values P is the are under the density function Regression analysis - ANSWER-model that characterize relationships between dependent variables, and more than one independent variables. All of which are numerical. Simple regression - ANSWER-single independent variable Multiple regression - ANSWER-Regression model involving two or more independent variables linear functions - ANSWER-shows increases and decreases over a range of x. simplest type of function logarithmic function - ANSWER-used when the rate of change is a variable increases or decreases quickly and then levels out, such as diminishing returns to scale. Polynomial function - ANSWER-second order polynomial is parabolic in nature and only has one hill or valley. a third order polynomial has two hills or valleys. Revenue models utilize these. exponential functions - ANSWER-have the property that y rises or falls at a constantly increasing rate. remember exponential growth or decay Power functions - ANSWER-define phenomena that increase at a specific rate. y=ax^b Trendline Tool - ANSWER-convenient method for providing the best fitting functional relationship among a set of data. R-Squared - ANSWER-the measure of the "fit" along a line of data. the number will be between 0-1. the larger the value of R- squared the better the fit Standard Error - ANSWER-The variability of the observed Y-values fr