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MSIS 3223 Exam 2 Review Questions and Answers 100% Correct $11.49   Add to cart

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MSIS 3223 Exam 2 Review Questions and Answers 100% Correct

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MSIS 3223 Exam 2 Review Questions and Answers 100% CorrectMSIS 3223 Exam 2 Review Questions and Answers 100% CorrectMSIS 3223 Exam 2 Review Questions and Answers 100% CorrectMSIS 3223 Exam 2 Review Questions and Answers 100% Correct Classical Definition of Probability - ANSWER-If the process that ...

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  • October 29, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • MSIS 3223
  • MSIS 3223
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MSIS 3223 Exam 2 Review Questions
and Answers 100% Correct
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

Regression Analysis - ANSWER-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

Time-Series - ANSWER-regression models of ____ data focus on predicting the future

Simple Regression - ANSWER-a regression model that involves a single independent
variable

Multiple Regression - ANSWER-a regression model that involves two or more
independent variables

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

Linear Functions - ANSWER-_____ show steady increase or decrease over the range
of x and is the simplest type of function used in predictive models

Logarithmic Function - ANSWER-used when the rate of change in a variable increases
or decreases quickly and then levels out

Polynomial Functions - ANSWER-Revenue models that incorporate price elasticity are
often

Expected Value - ANSWER-corresponds to the mean or average of a sample; can be
helpful in making a variety of decisions

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