MSIS 3223 Exam 2 Review Questions &
Answers 100% Correct!!
classical definition of probability - ANSWERIf the process that generates the outcome is known,
probabilities can be deduced from theoretical arguments, this is the ______
Relative Frequency - ANSWERbased on empirical data. The probability that an outcome will occur is
simply the relative frequency associated with that outcome.
subjective definition of probability - ANSWERbased 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 - ANSWERa numerical description of the outcome of an experiment
continuous random variable - ANSWERhas 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 -
ANSWERexpected value
Joint Probability - ANSWERthe probability of the intersection of two events
discrete random variable - ANSWERwhen the number of possible outcomes can be counted
Conditional Probability - ANSWERthe 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? - ANSWERas a weighted average of the
squared deviations from the expected value
What does high variance mean in a random variable - ANSWERhigh uncertainty of the outcome
, Bernoulli Distribution - ANSWERThe probability distribution of a random variable with two possible
outcomes, each with a constant probability of occurrence.
Poisson distribution - ANSWERa discrete probability distribution describing the likelihood of a
particular number of independent events within a particular interval
Normal Distribution - ANSWERa bell-shaped curve, describing the spread of a characteristic
throughout a population
When does mean=median=mode? - ANSWERFor normally distributed data
What is the range of X in a normal distribution? - ANSWERit is unbounded, meaning that the tails of
the distribution extend to negative and positive infinity.
The empirical rules apply exactly for _______ - ANSWERNormal Distribution
Probability density functions - ANSWERThe distribution that characterizes outcomes of a continuous
random variable.
________ have the property that y rises or falls at constantly increasing rates. - ANSWERExponential
Functions
_____ define phenomena that increase at a specific rate - ANSWERPower Functions
R-Squared - ANSWERis a measure of the "fit" of the line to the data and will have a value between 0
and 1. The larger the value, the better the fit.
Properties of Probability Density Functions: - ANSWER• A graph of the density function must lie at or
above the x-axis.
• The total area under the density function above the x-axis is 1.
• For continuous random variables, there are an infinite number of values.
• Calculates the probability of a random variable lying within a certain interval such as between two
numbers, or to the left or right of a number.
Answers 100% Correct!!
classical definition of probability - ANSWERIf the process that generates the outcome is known,
probabilities can be deduced from theoretical arguments, this is the ______
Relative Frequency - ANSWERbased on empirical data. The probability that an outcome will occur is
simply the relative frequency associated with that outcome.
subjective definition of probability - ANSWERbased 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 - ANSWERa numerical description of the outcome of an experiment
continuous random variable - ANSWERhas 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 -
ANSWERexpected value
Joint Probability - ANSWERthe probability of the intersection of two events
discrete random variable - ANSWERwhen the number of possible outcomes can be counted
Conditional Probability - ANSWERthe 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? - ANSWERas a weighted average of the
squared deviations from the expected value
What does high variance mean in a random variable - ANSWERhigh uncertainty of the outcome
, Bernoulli Distribution - ANSWERThe probability distribution of a random variable with two possible
outcomes, each with a constant probability of occurrence.
Poisson distribution - ANSWERa discrete probability distribution describing the likelihood of a
particular number of independent events within a particular interval
Normal Distribution - ANSWERa bell-shaped curve, describing the spread of a characteristic
throughout a population
When does mean=median=mode? - ANSWERFor normally distributed data
What is the range of X in a normal distribution? - ANSWERit is unbounded, meaning that the tails of
the distribution extend to negative and positive infinity.
The empirical rules apply exactly for _______ - ANSWERNormal Distribution
Probability density functions - ANSWERThe distribution that characterizes outcomes of a continuous
random variable.
________ have the property that y rises or falls at constantly increasing rates. - ANSWERExponential
Functions
_____ define phenomena that increase at a specific rate - ANSWERPower Functions
R-Squared - ANSWERis a measure of the "fit" of the line to the data and will have a value between 0
and 1. The larger the value, the better the fit.
Properties of Probability Density Functions: - ANSWER• A graph of the density function must lie at or
above the x-axis.
• The total area under the density function above the x-axis is 1.
• For continuous random variables, there are an infinite number of values.
• Calculates the probability of a random variable lying within a certain interval such as between two
numbers, or to the left or right of a number.
