Exam (elaborations)
MSIS 3223 - EXAM 2/QUESTIONS AND ANSWERS A+ GRADED
- Course
- Institution
MSIS 3223 - EXAM 2/QUESTIONS AND ANSWERS A+ GRADED
[Show more]
Content preview
MSIS 3223 - EXAM 2/QUESTIONS ANDANSWERS A+ GRADED
Probability - -The likelihood that an outcome occurs
- Experiment - -The process that results in an outcome
- Outcome - -Result of an experiment that can be observed
- Sample space - -The collection of all possible outcomes of an experiment
- Event - -A collection of one or more outcomes from a sample space
- Complement of an event - -All possible outcomes that are not in the event
- Union of events - -If the notation (A and B) represents the intersection of
events A and B, the collection of all outcomes that belong to either A or B or
to both A and B
- Non-mutually exclusive events - -If the notation (A and B) represents the
intersection of events A and B, the collection of all events that belong to both
A and B
- Combinations - -Unique outcomes that must be counted when order does
not matter
- Permutations - -The outcomes that are counted when order does matter
- Classical definition of probability - -If the process that generates the
outcome is known, probabilities can be deduced from theoretical arguments
- Relative frequency definition of probability - -Probabilities are based on
empirical data; the probability is simply the relative frequency associated
with that outcome
- Subjective definition of probability - -Probabilities are based on judgment
and experience
- Joint probability - -The probability of the intersection of two events
- Marginal probability - -The probability of an event irrespective of the
outcome of the other joint event
, - Conditional probability - -The probability of occurrence of one event A,
given that another event B is known to be true or has already occurred
- Independent events - -Two or more events in which the outcome of one
event does not affect the outcome of the other event(s)
- Random variable - -A numerical description of the outcome of an
experiment
- Discrete random variable - -Variable where the number of outcomes can
be counted and each outcome has a measurable and positive probability
- Continuous random variable - -A random variable that may have outcomes
over one or more continuous intervals or real numbers
- Probability distribution - -A characterization of the possible values that a
random variable may assume along with the probability of assuming these
values
- Empirical probability distributions - -Probability distribution calculated
from the relative frequencies of a data sample
- Subjective distribution - -Probability distribution specified from subjective
values and expert judgment by creating decision models for phenomena for
which there is no historical data
- Discrete distributions - -Probability distribution of the discrete outcomes of
a discrete random variable
- Cumulative distribution function - -A function that specifies the probability
that a random variable is less than or equal to a specified value
- Expected value - -The average of each possible outcome of a future event,
weighted by its probability of occurring
- Variance of a random variable - -The weighted average of the squared
deviation of the values of the variable X from its mean
- Probability density function - -The function that describes the probability
distribution of a continuous random variable
- Standard normal distribution - -A normal distribution with a mean of 0 and
a standard deviation of 1.
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 $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now