Which of the following is true about variance? - ANSWERSit measures the uncertainty of a random variable.
A probability density function: - ANSWERScharacterizes outcomes of a continuous random variable.
Regression models of ________ data focus on predicting the future. - ANSWERStime-series
...
Which of the following is true about variance? - ANSWERSit measures the uncertainty of a random
variable.
A probability density function: - ANSWERScharacterizes outcomes of a continuous random variable.
Regression models of ________ data focus on predicting the future. - ANSWERStime-series
The Delphi method used for forecasting: - ANSWERSuses a panel of experts, whose identities are
typically kept confidential from one another, to respond to a sequence of questionnaires.
Before launching a new line of toys, Toys Inc. used the method of historical analogy to obtain a forecast.
In this scenario, Toys Inc.: - ANSWERSnoted 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.
If the process that generates the outcome is known, probabilities can be deduced from theoretical
arguments; this is the _____ definition of probability. - ANSWERSclassical
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. - ANSWERSrelative frequency
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? - ANSWERSsubjective
A _____ is a numerical description of the outcome of an
experiment. They can be continuous or discrete. - ANSWERSRandom variable
, A _____ is a random variable for which the number of possible outcomes can be counted. -
ANSWERSdiscrete random variable
A _____ is a random variable that has outcomes over one or more continuous intervals or real numbers.
- ANSWERScontinuous random variable
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. - ANSWERSexpected value
The variance of a discrete random variable may be computed as a _____ from the expected value. A
common measure of dispersion. - ANSWERSweighted average of the squared deviations
_____ 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. - ANSWERSvariance
The probability distribution of a random variable with two possible outcomes, each with a constant
probability of occurrence is referred to as _____. - ANSWERSBernoulli 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. - ANSWERSBinomial Distribution
Perhaps the most important distribution used in statistics, _____ is a continuous distribution by the
familiar bell shaped curve. - ANSWERSnormal distribution
In normal distribution, the range of X is _____, meaning that the tails of the distribution extend to
negative & positive infinity. - ANSWERSunbounded
In normal distribution, the _____ apply exactly for it. - ANSWERSempirical rules
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 papersmaster01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
