MSIS 3223 MIDTERM AND FINAL ACTUAL EXAM
2026 SOLVED QUESTIONS 100% CORRECT
◉ characterizes outcomes of a continuous random variable. Answer: A
probability density function:
◉ time-series. Answer: Regression models of ________ data focus on
predicting the future.
◉ uses a panel of experts, whose identities are typically kept
confidential from one another, to respond to a sequence of
questionnaires. Answer: The Delphi method used for forecasting:
◉ noted the consumer response to similar previous products to
marketing campaigns and used the responses as a basis to predict how
the new marketing campaign might fare. Answer: Before launching a
new line of toys, Toys Inc. used the method of historical analogy to
obtain a forecast. In this scenario, Toys Inc.:
◉ classical. Answer: If the process that generates the outcome is known,
probabilities can be deduced from theoretical arguments; this is the
_____ definition of probability.
, ◉ relative frequency. Answer: The _____ definition of probability is
based on empirical data. The probability that an outcome will occur is
simply the relative frequency associated with that outcome.
◉ subjective. Answer: The _____ definition of probability is based 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. Answer: A _____ is a numerical description of the
outcome of an
experiment. They can be continuous or discrete.
◉ discrete random variable. Answer: A _____ is a random variable for
which the number of possible outcomes can be counted.
◉ continuous random variable. Answer: A _____ is a random variable
that has outcomes over one or more continuous intervals or real
numbers.
◉ expected value. Answer: The _____ of a random variable corresponds
to the notion of the mean, or average for a sample. It can be helpful in
making a variety of decisions.
2026 SOLVED QUESTIONS 100% CORRECT
◉ characterizes outcomes of a continuous random variable. Answer: A
probability density function:
◉ time-series. Answer: Regression models of ________ data focus on
predicting the future.
◉ uses a panel of experts, whose identities are typically kept
confidential from one another, to respond to a sequence of
questionnaires. Answer: The Delphi method used for forecasting:
◉ noted the consumer response to similar previous products to
marketing campaigns and used the responses as a basis to predict how
the new marketing campaign might fare. Answer: Before launching a
new line of toys, Toys Inc. used the method of historical analogy to
obtain a forecast. In this scenario, Toys Inc.:
◉ classical. Answer: If the process that generates the outcome is known,
probabilities can be deduced from theoretical arguments; this is the
_____ definition of probability.
, ◉ relative frequency. Answer: The _____ definition of probability is
based on empirical data. The probability that an outcome will occur is
simply the relative frequency associated with that outcome.
◉ subjective. Answer: The _____ definition of probability is based 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. Answer: A _____ is a numerical description of the
outcome of an
experiment. They can be continuous or discrete.
◉ discrete random variable. Answer: A _____ is a random variable for
which the number of possible outcomes can be counted.
◉ continuous random variable. Answer: A _____ is a random variable
that has outcomes over one or more continuous intervals or real
numbers.
◉ expected value. Answer: The _____ of a random variable corresponds
to the notion of the mean, or average for a sample. It can be helpful in
making a variety of decisions.
