MBA 601 DA Final Exam questions and
answers rated A
Sample Space - ANS ✔✔The set of all experimental outcomes
Probability - ANS ✔✔A numerical measure of the likelihood that an event will occur
Sample Point - ANS ✔✔An element of the sample space. A sample point represents an
experimental outcome.
Combinations - ANS ✔✔The number of ways n objects may be selected from among N objects
without regard to the order in which the n objects are selected. The total number of
combinations of N objects taken n at a time is CnN=(Nn)=N!n!(N-n)! for n = 0, 1, 2, ..., N.
Tree Diagram - ANS ✔✔a graphical representation that helps in visualizing a multiple-step
experiment
Experiment - ANS ✔✔A process that generates well-defined outcomes
Multiple-Step Experiments - ANS ✔✔An experiment that can be described as a sequence of
steps. If a multiple-step experiment has k steps with n1 possible outcomes on the first step, n2
possible outcomes on the second step, and so on, the total number of experimental outcomes
is given by (n1)(n2)...(nk).
Permutations - ANS ✔✔The number of ways n objects may be selected from among N objects
when the order in which the n objects are selected is important. The total number of
permutations of N objects taken n at a time is PnN=n!(Nn)=N!(N-n)! for n = 0, 1, 2, ..., N.
, Classical Method - ANS ✔✔A method of assigning probabilities that is appropriate when all the
experimental outcomes are equally likely.
Basic Requirements for Assigning Probabilities - ANS ✔✔Two requirements that restrict the
manner in which probability assignments can be made: (1) for each experimental outcome Ev,
we must have 0 <= P(E1i) <= 1; (2) Considering all experimental outcomes, we must have P(E1) +
P(E2) + ...... P(En) = 1
Venn Diagram - ANS ✔✔A graphical representation for showing symbolically the sample space
and operations involving events in which the sample space is represented by a rectangle and
events are represented as circles within the sample space.
Subjective Method - ANS ✔✔A method of assigning probabilities on the basis of judgment
Relative Frequency Method - ANS ✔✔A method of assigning probabilities that is appropriate
when data are available to estimate the proportion of the time the experimental outcome will
occur if the experiments repeated a large number of times.
Union of A and B - ANS ✔✔The event containing all sample points belonging to A or B or both.
The union is denoted A ∪ B.
Addition Law - ANS ✔✔A probability law used to compute the probability of the union of two
events. It is P(A ∩ B) = P(A) + P(B) − P(A ∪ B). For mutually exclusive events, P(A ∩ B) = 0; in this
case the addition law reduces to P(A ∪ B) = P(A) + P(B).
Intersection of A and B - ANS ✔✔The event containing the sample points belonging to both A
and B. Denoted as A ∩ B.
answers rated A
Sample Space - ANS ✔✔The set of all experimental outcomes
Probability - ANS ✔✔A numerical measure of the likelihood that an event will occur
Sample Point - ANS ✔✔An element of the sample space. A sample point represents an
experimental outcome.
Combinations - ANS ✔✔The number of ways n objects may be selected from among N objects
without regard to the order in which the n objects are selected. The total number of
combinations of N objects taken n at a time is CnN=(Nn)=N!n!(N-n)! for n = 0, 1, 2, ..., N.
Tree Diagram - ANS ✔✔a graphical representation that helps in visualizing a multiple-step
experiment
Experiment - ANS ✔✔A process that generates well-defined outcomes
Multiple-Step Experiments - ANS ✔✔An experiment that can be described as a sequence of
steps. If a multiple-step experiment has k steps with n1 possible outcomes on the first step, n2
possible outcomes on the second step, and so on, the total number of experimental outcomes
is given by (n1)(n2)...(nk).
Permutations - ANS ✔✔The number of ways n objects may be selected from among N objects
when the order in which the n objects are selected is important. The total number of
permutations of N objects taken n at a time is PnN=n!(Nn)=N!(N-n)! for n = 0, 1, 2, ..., N.
, Classical Method - ANS ✔✔A method of assigning probabilities that is appropriate when all the
experimental outcomes are equally likely.
Basic Requirements for Assigning Probabilities - ANS ✔✔Two requirements that restrict the
manner in which probability assignments can be made: (1) for each experimental outcome Ev,
we must have 0 <= P(E1i) <= 1; (2) Considering all experimental outcomes, we must have P(E1) +
P(E2) + ...... P(En) = 1
Venn Diagram - ANS ✔✔A graphical representation for showing symbolically the sample space
and operations involving events in which the sample space is represented by a rectangle and
events are represented as circles within the sample space.
Subjective Method - ANS ✔✔A method of assigning probabilities on the basis of judgment
Relative Frequency Method - ANS ✔✔A method of assigning probabilities that is appropriate
when data are available to estimate the proportion of the time the experimental outcome will
occur if the experiments repeated a large number of times.
Union of A and B - ANS ✔✔The event containing all sample points belonging to A or B or both.
The union is denoted A ∪ B.
Addition Law - ANS ✔✔A probability law used to compute the probability of the union of two
events. It is P(A ∩ B) = P(A) + P(B) − P(A ∪ B). For mutually exclusive events, P(A ∩ B) = 0; in this
case the addition law reduces to P(A ∪ B) = P(A) + P(B).
Intersection of A and B - ANS ✔✔The event containing the sample points belonging to both A
and B. Denoted as A ∩ B.
