MSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions and Answers 100% CorrectMSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions and Answers 100% CorrectMSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions and Answers 100% Correct
it measures the uncertainty of a random variable. - ANSWER-Which of the following is true about vari...
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.
empirical rules - ANSWER-In normal distribution, the _____ apply exactly for it.
, probability density functions - ANSWER-The distribution that characterizes outcomes of
a continuous random variable.
x - ANSWER-Probability Density Functions:
A graph of the density function must lie at or above the _____-axis.
1 - ANSWER-Probability Density Functions:
The total area under the density function above the x-axis is _____.
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.
Regression analysis - ANSWER-_____ is 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.
Cross-sectional, time-series - ANSWER-Two broad categories of regression models are
regression models of _____ data and regression models of _____ data, in which the
independent variables are time or some function of time and the focus is on predicting
the future.
simple regression - ANSWER-A regression model that involves a single independent
variable is called _____.
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 _____.
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