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MSIS 3223 EXAM 2 CONTENT QUESTIONS & ANSWERS
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MSIS 3223 EXAM 2 CONTENT QUESTIONS & ANSWERS
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MSIS 3223 EXAM 2 CONTENT QUESTIONS &ANSWERS
Conditional probability is the probability of occurrence of one event 'A' given that
another event 'B' is known to be true or already occurred. - Answers- True
Which of the following is true of normal distributions? - Answers- The mean, median,
and mode are all equal.
Probability is the likelihood that an outcome occurs. - Answers- True
The union of two events contains all outcomes that belong to either of the two events. -
Answers- True
Conditional probability is the probability of occurrence of one event 'A' given that
another event 'B' is known to be true or has already occurred. - Answers- True
A probability distribution is the characterization of the possible values that a random
variable may assume along with the probability of assuming these values. - Answers-
True
A random variable is a numerical description of the outcome of an experiment. -
Answers- True
The expected value of a random variable corresponds to the notion of the median for a
sample. - Answers- False
The normal distribution is a continuous distribution that is described by the familiar bell-
shaped curve and is perhaps the most important distribution used in statistics. -
Answers- True
The triangular distribution is defined by three parameters: the mean, median, and mode.
- Answers- False
Higher variance implies low uncertainty. - Answers- False
Variance calculates the probability of a random variable lying within a certain interval. -
Answers- True
Regression models of ______ data focus on predicting the future. - Answers- time-
series
Regression analysis is a tool for building mathematical and statistical models that
characterize relationships between a dependent variable and one or more independent,
or explanatory, variables. - Answers- True
, In predictive analysis models, a second-order polynomial has only one hill or valley. -
Answers- True
Excel's Trendline feature cannot be used in modeling trends which include time
variables.
Group of answer choices - Answers- False
Creating a scatter chart with an added trendline is visually superior to the scatter chart
generated by line fit plots. - Answers- True
The standard error may be assumed to be large if the data are clustered close to the
regression line. - Answers- False
A good regression model has the fewest number of explanatory variables providing an
adequate interpretation of the dependent variable. - Answers- True
Regression analysis is a tool for building mathematical and statistical models that
characterize relationships between a dependent variable and one or more independent,
or explanatory, variables. - Answers- True
Simple linear regression involves finding a linear relationship between one independent
variable, X, and one dependent variable, Y. - Answers- True
Standard residuals (observed errors) are residuals divided by their standard deviation. -
Answers- True
Linear functions are used when the rate of change in a variable increases or decreases
quickly and then levels out, such as with diminishing returns to scale. - Answers- False
Exponential functions have the property that y rises or falls at constantly increasing
rates. - Answers- True
Exponential function - Answers- y+abx
Logarithmic Functions - Answers- are used when the rate of change in a variable
increases or decreases quickly and then levels out, such as with diminishing returns to
scale. y=ln(x)
One judgmental approach for forecasting is historical analogy, in which a forecast is
obtained through a comparative analysis with a previous situation. - Answers- True
The Delphi method is a popular forecasting approach which uses a panel of experts to
respond to a series of questionnaires. - Answers- True
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