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MSIS 3223 Exam 2 Review with Complete Questions and Answers $11.99   Add to cart

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MSIS 3223 Exam 2 Review with Complete Questions and Answers

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MSIS 3223 Exam 2 Review with Complete Questions and AnswersMSIS 3223 Exam 2 Review with Complete Questions and AnswersMSIS 3223 Exam 2 Review with Complete Questions and AnswersMSIS 3223 Exam 2 Review with Complete Questions and Answersclassical definition of probability - ANSWER-If the process tha...

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  • October 29, 2024
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  • Exam (elaborations)
  • Questions & answers
  • MSIS 3223
  • MSIS 3223
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NursingTutor1
MSIS 3223 Exam 2 Review with
Complete Questions and Answers
classical definition of probability - ANSWER-If the process that generates the outcome
is known, probabilities can be deduced from theoretical arguments, this is the ______

Relative Frequency - ANSWER-based on empirical data. The probability that an
outcome will occur is simply the relative frequency associated with that outcome.

subjective definition of probability - ANSWER-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 numerical description of the outcome of an experiment

discrete random variable - ANSWER-when the number of possible outcomes can be
counted

continuous random variable - ANSWER-has outcomes over one or more continuous
intervals or real numbers

The ____ of a random variable corresponds to the notion of the mean or average for a
sample - ANSWER-expected value

Joint Probability - ANSWER-the probability of the intersection of two events

Conditional Probability - ANSWER-the probability that one event happens given that
another event is already known to have happened


What is the range of X in a normal distribution? - ANSWER-it is unbounded, meaning
that the tails of the distribution extend to negative and positive infinity.

The empirical rules apply exactly for _______ - ANSWER-Normal Distribution

Probability density functions - ANSWER-The distribution that characterizes outcomes of
a continuous random variable.

How is the variance of a discrete random variable computed? - ANSWER-as a weighted
average of the squared deviations from the expected value

What does high variance mean in a random variable - ANSWER-high 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.

Poisson distribution - ANSWER-a discrete probability distribution describing the
likelihood of a particular number of independent events within a particular interval

Normal Distribution - ANSWER-a bell-shaped curve, describing the spread of a
characteristic throughout a population

When does mean=median=mode? - ANSWER-For normally distributed data

Properties of Probability Density Functions: - ANSWER-• A graph of the density function
must lie at or above the x-axis.
• The total area under the density function above the x-axis is 1.
• For continuous random variables, there are an infinite number of values.
• Calculates the probability of a random variable lying within a certain interval such as
between two numbers, or to the left or right of a number.
• P is the area under the density function between a and b.

Regression Analysis - ANSWER-tool for building mathematical and statistical models
that characterize relationships between a dependent variable (ratio) and one or more
independent, or explanatory, variables (ratio or categorical), all of which are numerical.

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

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

Logarithmic Functions - ANSWER-are used when the rate of change in a variable
increases or decrease quickly and then levels out, such as diminishing returns to scale.

Polynomial Function - ANSWER-A second-order polynomial is parabolic in nature and
has only one hill or valley, a third-order polynomial has one or two hills or valleys.
Revenue models that incorporate price elasticity are often polynomial functions.

________ have the property that y rises or falls at constantly increasing rates. -
ANSWER-Exponential Functions

_____ define phenomena that increase at a specific rate - ANSWER-Power Functions

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