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MSIS 3223 Exam 2 (Ch. 5, 8, 9) Training Exam Questions Fully Solved.
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it measures the uncertainty of a random variable. - Answer Which of the following is true about variance? characterizes outcomes of a continuous random variable. - Answer A probability density function: time-series - Answer Regression models of ________ data focus on predicting the f...

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  • October 31, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • a continuous random variable

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MSIS 3223 Exam 2 (Ch. 5, 8, 9) Training
Exam Questions Fully Solved.
it measures the uncertainty of a random variable. - Answer Which of the following is true about
variance?



characterizes outcomes of a continuous random variable. - Answer A probability density function:



time-series - Answer Regression models of ________ data focus on predicting the future.



uses a panel of experts, whose identities are typically kept confidential from one another, to respond to
a sequence of questionnaires. - Answer The Delphi method used for forecasting:



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. - Answer Before launching
a new line of toys, Toys Inc. used the method of historical analogy to obtain a forecast. In this scenario,
Toys Inc.:



classical - Answer If the process that generates the outcome is known, probabilities can be deduced
from theoretical arguments; this is the _____ definition of probability.



relative frequency - Answer 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.



subjective - Answer 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?



Random variable - Answer A _____ is a numerical description of the outcome of an

experiment. They can be continuous or discrete.

, discrete random variable - Answer A _____ is a random variable for which the number of possible
outcomes can be counted.



continuous random variable - Answer A _____ is a random variable that has outcomes over one or
more continuous intervals or real numbers.



expected value - Answer 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.



weighted average of the squared deviations - Answer The variance of a discrete random variable may
be computed as a _____ from the expected value. A common measure of dispersion.



variance - Answer _____ 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.



Bernoulli Distribution - Answer The probability distribution of a random variable with two possible
outcomes, each with a constant probability of occurrence is referred to as _____.



Binomial Distribution - Answer 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.



normal distribution - Answer Perhaps the most important distribution used in statistics, _____ is a
continuous distribution by the familiar bell shaped curve.



mean and the standard deviation - Answer Normal distribution is characterized by two parameters: the
_____ and the _____.



Zero - Answer Normal distribution is symmetric, so its measure of skewness is _____.



mean, median, mode - Answer In normal distribution, the _____, _____, & _____ are all equal. Thus,
half the area falls above the mean and half falls below it.

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