MSIS 3223 Exam 2 Review Correct Complete Solutions!/Newest Version
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Course
MSIS 3223
Institution
MSIS 3223
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 ...
MSIS 3223 Exam 2 Review Correct Complete
Solutions!/Newest Version
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
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
Expected Value - ANSWER-corresponds to the mean or average of a sample; can be
helpful in making a variety of decisions
Weighted average of the squared deviations from the expected value - ANSWER-the
variance of a discrete random variable may be computed as a(an); is a common
measure of dispersion
Variance - ANSWER-Measures the uncertainty of a random variable; the higher the
_______, the higher the uncertainty of an outcome
binomial distribution - ANSWER-can assume differences in the amount of skewness
depending on the parameters
Normal Distribution - ANSWER-The most important distribution used in statistics,
_______ is a continuous distribution described by the familiar bell shaped curve
True - ANSWER-T/F, The Normal distribution is characterized by two parameters: the
mean and standard deviation
True - ANSWER-T/F The distribution is symmetric, so it's measure of skewness is zero
False - ANSWER-in a normal distribution, the mean, median, and mode are not equal
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