classical definition of probability - ANSWERSIf the process that generates the outcome is known, probabilities can be deduced from theoretical arguments, this is the ______
Relative Frequency - ANSWERSbased on empirical data. The probability that an outcome will occur is simply the relative freq...
classical definition of probability - ANSWERSIf the process that generates the outcome is known,
probabilities can be deduced from theoretical arguments, this is the ______
Relative Frequency - ANSWERSbased on empirical data. The probability that an outcome will occur is
simply the relative frequency associated with that outcome.
subjective definition of probability - ANSWERSbased 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 - ANSWERSa numerical description of the outcome of an experiment
discrete random variable - ANSWERSwhen the number of possible outcomes can be counted
continuous random variable - ANSWERShas 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 -
ANSWERSexpected value
Joint Probability - ANSWERSthe probability of the intersection of two events
Conditional Probability - ANSWERSthe probability that one event happens given that another event is
already known to have happened
, How is the variance of a discrete random variable computed? - ANSWERSas a weighted average of the
squared deviations from the expected value
What does high variance mean in a random variable - ANSWERShigh uncertainty of the outcome
Bernoulli Distribution - ANSWERSThe probability distribution of a random variable with two possible
outcomes, each with a constant probability of occurrence.
Poisson distribution - ANSWERSa discrete probability distribution describing the likelihood of a particular
number of independent events within a particular interval
Normal Distribution - ANSWERSa bell-shaped curve, describing the spread of a characteristic throughout
a population
When does mean=median=mode? - ANSWERSFor normally distributed data
Regression Analysis - ANSWERStool 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 - ANSWERSA regression model that involves a single independent variable
Multiple Regression - ANSWERSA 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? - ANSWERSLinear Functions
Logarithmic Functions - ANSWERSare used when the rate of change in a variable increases or decrease
quickly and then levels out, such as diminishing returns to scale.
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