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MSIS 3223 Okstate Shadbad Exam 2(100% Accurate)

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Classical Definition of Probability - ANSWERSIf the process that generates the outcome is known, probabilities can be deduced from theoretical arguments. Relative Frequency Definition of Probability - ANSWERSBased on empirical data. The probability that an outcome will occur is simply the relati...

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  • November 5, 2024
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MSIS 3223 Okstate Shadbad Exam
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Classical Definition of Probability - ANSWERSIf the process that generates the outcome is known,
probabilities can be deduced from theoretical arguments.



Relative Frequency Definition of Probability - 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. (Sports predictions)



Random Variable - ANSWERSa numerical description of the outcome of an experiment



Discrete random variable - ANSWERSRandom variable where the number of possible outcomes can be
counted.



Continuous random variable - ANSWERSRandom variable that has outcomes over one or more
continuous intervals of real numbers



Expected Value of a random variable - ANSWERSCorresponds to the notion of the mean, or average for a
sample.



Weighted Average of the squared deviations from the expected value - ANSWERSVariance of a discrete
random variable may be computed as this.



True - ANSWERSVariance measures uncertainty of the random variable; The higher the variance, the the
higher the uncertainty of the outcome.



Binomial Distribution - ANSWERSprobability distribution of a random variable with two possible
outcomes; can assume different shapes and amounts of skewness, depending on the parameters.

, Normal Distribution - ANSWERSContinuous distribution described by the familiar bell shaped curve.



Probability density function - ANSWERSThe distribution that characterizes outcomes of a continuous
random variable.



Properties of Probability density functions - ANSWERS-Graph of density must lit at or above the x axis

-Total area under the density function above the x axis is 1

-For continuous random variables, there are an infinite number of values

-Calculates probability of a random variable lying within a certain number

-P is the area under the density function between a and b



properties of normal distribution - ANSWERS-Symmetric

-Mean = median = mode

-Range of x is unbounded

-Empirical rules apply exactly for this.



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



Regression models of cross sectional data and Regression models of time series data - ANSWERSTwo
broad categories of regression models; focused on predicting the future.



Simple regression - ANSWERSRegression model that involves a single independent variable



Multiple regression - ANSWERSRegression model that involves two or more independent variables.



Linear functions - ANSWERSShow steady increase or decrease over the range of x and is the simplest
type of function used in predictive models.

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