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MGSC 291 Exam 1 (Walters) Questions and answers
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MGSC 291 Exam 1 (Walters) Questions and answers
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MGSC 291 Exam 1 (Walters)Bar Graph - questions and answers-Use for qualitative data
Can be horizontal or vertical
can display parts of a whole or separate values
For nominal data: put in ascending/descending order
For ordinal data: put in order of categories
Bayes' Theorem - questions and answers-A theorem that enables the use of sample information
to revise prior probabilities.
Big Data - questions and answers-Data warehouses that have grown enormously in size, with
the use of powerful computers, the information contained in them is accessible and used to help
make decisions
Binomial Experiment - questions and answers-A fixed number, "n", of trials:
1. Each trial is independent and indentical of the others.
2. There are only two outcomes.
3. The probability of each outcome remains constant from trial to trial.
Binomial random variable: mean and variance formulas: - questions and answers-mean = n*p
variance = n*p(1-p)
boxplots - questions and answers-For quantitative data
works for small to large datasets
plots the five number summary
great for side-by-side comparisons
Census - questions and answers-When a survey attempts to use the entire population as the
sample
Central Limit Theorem (CLT) - questions and answers-The sampling distribution of a sum or
percentage will become approximately normal as the sample size gets larger
Chebyshev's Inequality - questions and answers-1-1/k^2
Checking for Independence - questions and answers-Is P(A|B) = P(A) ?
Is P(B|A) = P(B) ?
Is P(A and B) = P(A) P(B) ?
Classical Probability - questions and answers-based on logical analysis rather than on
observation or personal judgment.
, Coefficient of Variation - questions and answers-Standard deviation expressed as a percent of
the mean (( sd/mean) x 100)
Complement Rule - questions and answers-P(A^c) = 1 - P(A)
Confidence interval when σ is known: - questions and answers-sample mean +/- (Z*a/2) *
(σ/sqrt(n)
Confidence interval when σ is unknown: - questions and answers-sample mean +/- (t*a/2) *
(s/sqrt(n))
continuous variable` - questions and answers-another possible value between any two values
Cross-Sectional Data - questions and answers-several variables are all measured at the same
time point (or time frame)
Descriptive Statistics - questions and answers-Collecting, summarizing, and presenting data
Discrete Random variable (probability mass function and cumulative distribution function) -
questions and answers-f(x) = P(X=x)
F(x) = P(X=<x)
Discrete variables - questions and answers-jumps between possible values
empirical probability - questions and answers-when the probability comes from the frequency of
the event's occurrence
Empirical Rule - questions and answers-The rules gives the approximate % of observations w/in
1 standard deviation (68%), 2 standard deviations (95%) and 3 standard deviations (99.7%) of
the mean when the histogram is well approx. by a normal curve
experiment study - questions and answers-A study where treatments are applied. The goal is to
make a statement regarding cause and effect
Exponential Distribution - questions and answers-A probability distribution associated with the
time between arrivals
Formula for Poisson Distribution: - questions and answers-((mean^x * e^-mean) / x!)
Formula for probability distribution for a binomial experiment - questions and
answers-(n!/x!(n-x)!) * p^x * (1-p)^n-x
Formula(s) for an Exponential Distribution: - questions and answers-mean = 1/ʎ
sd = 1/ʎ
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