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MSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions and Answers 100% Correct.
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MSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions and Answers 100- Correct.
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MSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions andAnswers 100% Correct
it measures the uncertainty of a random variable. - (correct answer) -Which of the following is true
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about variance?
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characterizes outcomes of a continuous random variable. - (correct answer) -A probability density
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function:
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time-series - (correct answer) -Regression models of ________ data focus on predicting the future.
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uses a panel of experts, whose identities are typically kept confidential from one another, to respond
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to a sequence of questionnaires. - (correct answer) -The Delphi method used for forecasting:
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noted the consumer response to similar previous products to marketing campaigns and used the
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responses as a basis to predict how the new marketing campaign might fare. - (correct answer) -
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Before launching a new line of toys, Toys Inc. used the method of historical analogy to obtain a
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forecast. In this scenario, Toys Inc.:
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classical - (correct answer) -If the process that generates the outcome is known, probabilities can be
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deduced from theoretical arguments; this is the _____ definition of probability.
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relative frequency - (correct answer) -The _____ definition of probability is based on empirical data.
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The probability that an outcome will occur is simply the relative frequency associated with that
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outcome.
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subjective - (correct answer) -The _____ definition of probability is based on judgment and experience
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as sports experts might predict at the start of the football season—what is the probability of a specific
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team winning the national championship?
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Random variable - (correct answer) -A _____ is a numerical description of the outcome of an
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discrete random variable - (correct answer) -A _____ is a random variable for which the number of
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possible outcomes can be counted.
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, continuous random variable - (correct answer) -A _____ is a random variable that has outcomes over
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one or more continuous intervals or real numbers.
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expected value - (correct answer) -The _____ of a random variable corresponds to the notion of the
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mean, or average for a sample. It can be helpful in making a variety of decisions.
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weighted average of the squared deviations - (correct answer) -The variance of a discrete random
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variable may be computed as a _____ from the expected value. A common measure of dispersion.
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variance - (correct answer) -_____ is the average of the squared deviations of the observations from
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the mean, a common measure of dispersion. It measures the uncertainty of the random variable; the
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higher it is, the higher the uncertainty of the outcome.
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Bernoulli Distribution - (correct answer) -The probability distribution of a random variable with two
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possible outcomes, each with a constant probability of occurrence is referred to as _____.
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Binomial Distribution - (correct answer) -The _____ models n independent replications of a Bernoulli
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experiment, each with a probability p of success. The _____ can assume different shapes and amounts
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of skewness, depending on the parameters.
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normal distribution - (correct answer) -Perhaps the most important distribution used in statistics,
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_____ is a continuous distribution by the familiar bell shaped curve.
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mean and the standard deviation - (correct answer) -Normal distribution is characterized by two
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parameters: the _____ and the _____.
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Zero - (correct answer) -Normal distribution is symmetric, so its measure of skewness is _____.
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mean, median, mode - (correct answer) -In normal distribution, the _____, _____, & _____ are all
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equal. Thus, half the area falls above the mean and half falls below it.
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unbounded - (correct answer) -In normal distribution, the range of X is _____, meaning that the tails of
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the distribution extend to negative & positive infinity.
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empirical rules - (correct answer) -In normal distribution, the _____ apply exactly for it.
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probability density functions - (correct answer) -The distribution that characterizes outcomes of a
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continuous random variable.
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x - (correct answer) -Probability Density Functions:
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A graph of the density function must lie at or above the _____-axis.
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1 - (correct answer) -Probability Density Functions:
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The total area under the density function above the x-axis is _____.
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continuous random variables - (correct answer) -Probability Density Functions:
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