MSIS 3223 - EXAM 2 (CHAPTERS 5-9)
QUESTIONS AND ANSWERS
T/F: Probability is the likelihood that an outcome occurs. - Correct Answers -True.
T/F: The union of two events contains all outcomes that belong to either the two events.
- Correct Answers -True.
T/F: Conditional probability is the probability of occurrence of one event 'A' given that
another event 'B' is known to be true or has already occurred. - Correct Answers -True.
T/F: A probability distribution is the characterization of the possible values that a
random variable may assume along with the probability of assuming these values. -
Correct Answers -True.
T/F: A random variable is a numerical description of the outcome of an experiment. -
Correct Answers -True.
T/F: One judgmental approach for forecasting is historical analogy, in which a forecast
is obtained through a comparative analysis with a previous situation. - Correct Answers
-True.
T/F: The Delphi method is a popular forecasting approach which uses a panel of
experts to respond to a series of questionnaires. - Correct Answers -True.
T/F: Time series that do not have trend, season, or cyclical effects but are relatively
constant and exhibit only random behavior are called stationary time series. - Correct
Answers -True.
T/F: The expected value of a random variable corresponds to the notion of the median
for a sample. - Correct Answers -False.
T/F: The normal distribution is a continuous distribution that is described by the familiar
bell-shaped curve and is perhaps the most important distribution used in statistics. -
Correct Answers -True.
T/F: The triangular distribution is defined by the three parameters: the mean, median,
and mode. - Correct Answers -False.
QUESTIONS AND ANSWERS
T/F: Probability is the likelihood that an outcome occurs. - Correct Answers -True.
T/F: The union of two events contains all outcomes that belong to either the two events.
- Correct Answers -True.
T/F: Conditional probability is the probability of occurrence of one event 'A' given that
another event 'B' is known to be true or has already occurred. - Correct Answers -True.
T/F: A probability distribution is the characterization of the possible values that a
random variable may assume along with the probability of assuming these values. -
Correct Answers -True.
T/F: A random variable is a numerical description of the outcome of an experiment. -
Correct Answers -True.
T/F: One judgmental approach for forecasting is historical analogy, in which a forecast
is obtained through a comparative analysis with a previous situation. - Correct Answers
-True.
T/F: The Delphi method is a popular forecasting approach which uses a panel of
experts to respond to a series of questionnaires. - Correct Answers -True.
T/F: Time series that do not have trend, season, or cyclical effects but are relatively
constant and exhibit only random behavior are called stationary time series. - Correct
Answers -True.
T/F: The expected value of a random variable corresponds to the notion of the median
for a sample. - Correct Answers -False.
T/F: The normal distribution is a continuous distribution that is described by the familiar
bell-shaped curve and is perhaps the most important distribution used in statistics. -
Correct Answers -True.
T/F: The triangular distribution is defined by the three parameters: the mean, median,
and mode. - Correct Answers -False.
