MSIS 3223 exam 2 -Ch. 5, 8, 9 Questions With 100 % Correct Answers | latest

_____ are residuals divided by their standard deviation and describe how far each residual is from its mean in units of standard deviations. - standard residuals _____ assumes that the errors for each individual value of X are normally distributed, with a mean of 0. This can be verified by examining a histogram of the standard residuals & inspecting for a bell-shaped distribution or by using more formal goodness of fit tests. *It is usually difficult to evaluate normality with small sample sizes.* - regression analysis _____ describe ups and downs over a much longer time frame, such as several years. - cyclical effects _____ in the excel output is the variability of the observed Y-values from the predicted values. This is formally called the _____ of the estimate. If the data are clustered close to the regression line, then the _____ will be small; *the more scattered the data, the larger it is.* - standard error _____ is a tool for building mathematical and statistical models that characterize relationships between a dependent variable and one or more independent, or explanatory, variables, all of which are numerical. - Regression analysis _____ is the average of the squared deviations of the observations from the mean, a common measure of dispersion. It measures the uncertainty of the random variable; the higher it is, the higher the uncertainty of the outcome. - variance *If a new product is being introduced, the response of consumers to marketing campaigns to similar, previous products can be used as a basis to predict how the new marketing campaign might fare.* A great deal of insight can often be gained through an analysis of _____. - past experiences *Qualitative and judgmental techniques rely on experience and intuition,* they are necessary when historical data are not available or when the decision maker needs to forecast far into the future. _____ is one judgmental approach in which a forecast is obtained through a comparative analysis with a previous situation. - Historical analogyA _____ effect is one that repeats at fixed intervals of time, typically a year, month, week, or day. - seasonal effect A _____ is a numerical description of the outcome of an experiment. They can be continuous or discrete. - Random variable A _____ is a random variable for which the number of possible outcomes can be counted. - discrete random variable A _____ is a random variable that has outcomes over one or more continuous intervals or real numbers. - continuous random variable A linear regression model with more than one independent variable is called a _____. - multiple linear regression A probability density function: - characterizes outcomes of a continuous random variable. A regression model that involves a single independent variable is called _____. - simple regression A regression model that involves two or more independent variables is called _____. - multiple regression An _____ is an extreme value that is different from the rest of the data. - outlier Before launching a new line of toys, Toys Inc. used the method of historical analogy to obtain a forecast. In this scenario, Toys Inc.: - 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. Excel's Trendline Tool:_____ is a measure of the "fit" of the line to the data and will have a value between 0 & 1. The larger the value of _____, the better the fit. - R-squared