Essentials of Statistics for Business and Economics ch 5 Exam Questions with Answers

Essentials of Statistics for Business and Economics ch 5 Exam Questions with Answers Random Variable - Correct Answers: A numerical description of the outcome of an experiment. Discrete random variable - Correct Answers: A random variable that may assume either a finite number of values or an infinite sequence of values Continuous Random variable - Correct Answers: A random variable that may assume any numerical value in an interval or collection of intervals Probability distribution - Correct Answers: a description of how the probabilities are distributed over the values of the random variable Probability function - Correct Answers: a function, denoted by f(x) that provides the probability that x assumes a particular value for a discrete random variable Discrete uniform probability distribution - Correct Answers: a probability distribution for which each possible value of the random variable has the same probability Expected Value - Correct Answers: a measure of the central location of a random variable Variance - Correct Answers: a measure of the variability or dispersion of a random variable standard deviation - Correct Answers: the positive square root of the variance binomial experiment - Correct Answers: an experiment having special properties binomial probability distribution - Correct Answers: a probability distribution showing the probability of x successes in n trials of a binomial experiment. Hypergeometric probability distribution - Correct Answers: a probability distribution showing the probability of x successes in n trials from a population with r successes and N-r trials. Hypergeometric probability function - Correct Answers: the function used to compute hypergeometric probabilities