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MSIS 3223 Exam 2 Review Questions with Solutions
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MSIS 3223 Exam 2 Review Questions with Solutions
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MSIS 3223 Exam 2 ReviewQuestions with Solutions
Classical Definition of Probability - -If the process that generates the
outcome is known, probabilities can be deduced from theoretical arguments
- Relative Frequency definition - -Based on empirical data; The probability
that an outcome can occur is the relative frequency associated with that
outcome.
- Subjective definition of probability - -based on judgement and experience
- Random Variable - -a numerical description of the outcome of an
experiment
- Discrete random variable - -a variable for which the number of possible
outcomes can be counted
- continuous random variable - -has outcomes over one or more continuous
intervals or real numbers
- Expected Value - -corresponds to the mean or average of a sample; can
be helpful in making a variety of decisions
- Weighted average of the squared deviations from the expected value - -
the variance of a discrete random variable may be computed as a(an); is a
common measure of dispersion
- Variance - -Measures the uncertainty of a random variable; the higher the
_______, the higher the uncertainty of an outcome
- binomial distribution - -can assume differences in the amount of skewness
depending on the parameters
- Normal Distribution - -The most important distribution used in statistics,
_______ is a continuous distribution described by the familiar bell shaped
curve
- True - -T/F, The Normal distribution is characterized by two parameters:
the mean and standard deviation
- True - -T/F The distribution is symmetric, so it's measure of skewness is
zero
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