Exam (elaborations)
MSIS 3223 Exam 2 (Ch. 5, 8, 9)
- Course
- Institution
MSIS 3223 Exam 2 (Ch. 5, 8, 9)
[Show more]
Content preview
MSIS 3223 Exam 2 (Ch. 5, 8, 9)it measures the uncertainty of a random variable. - -Which of the following is
true about variance?
- characterizes outcomes of a continuous random variable. - -A probability
density function:
- time-series - -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. - -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. - -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 - -If the process that generates the outcome is known,
probabilities can be deduced from theoretical arguments; this is the _____
definition of probability.
- relative frequency - -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 - -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 - -A _____ is a numerical description of the outcome of an
experiment. They can be continuous or discrete.
- discrete random variable - -A _____ is a random variable for which the
number of possible outcomes can be counted.
- continuous random variable - -A _____ is a random variable that has
outcomes over one or more continuous intervals or real numbers.
, - expected value - -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 - -The variance of a discrete
random variable may be computed as a _____ from the expected value. A
common measure of dispersion.
- variance - -_____ 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 - -The probability distribution of a random variable
with two possible outcomes, each with a constant probability of occurrence is
referred to as _____.
- Binomial Distribution - -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.
- normal distribution - -Perhaps the most important distribution used in
statistics, _____ is a continuous distribution by the familiar bell shaped curve.
- mean and the standard deviation - -Normal distribution is characterized by
two parameters: the _____ and the _____.
- Zero - -Normal distribution is symmetric, so its measure of skewness is
_____.
- mean, median, mode - -In normal distribution, the _____, _____, & _____ are
all equal. Thus, half the area falls above the mean and half falls below it.
- unbounded - -In normal distribution, the range of X is _____, meaning that
the tails of the distribution extend to negative & positive infinity.
- empirical rules - -In normal distribution, the _____ apply exactly for it.
- probability density functions - -The distribution that characterizes
outcomes of a continuous random variable.
- x - -Probability Density Functions:
A graph of the density function must lie at or above the _____-axis.
- 1 - -Probability Density Functions:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82191 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now