MSIS 3223 Exam 2 Review Questions
and Answers 100% Correct
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 can occur is the relative frequency associated with that outcome.
Subjective definition of probability - ANSWER-based on judgement and experience
Random Variable - ANSWER-a numerical description of the outcome of an experiment
Regression Analysis - ANSWER-A tool for building mathematical and statistical models
that characterize relationships between a dependent variable and one or more
independent, or explanatory, variables, all of which are numerical
Time-Series - ANSWER-regression models of ____ data focus on predicting the future
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
Discrete random variable - ANSWER-a variable for which the number of possible
outcomes can be counted
continuous random variable - ANSWER-has outcomes over one or more continuous
intervals or real numbers
Linear Functions - ANSWER-_____ show steady increase or decrease over the range
of x and is the simplest type of function used in predictive models
Logarithmic Function - ANSWER-used when the rate of change in a variable increases
or decreases quickly and then levels out
Polynomial Functions - ANSWER-Revenue models that incorporate price elasticity are
often
Expected Value - ANSWER-corresponds to the mean or average of a sample; can be
helpful in making a variety of decisions
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