Essentials of Modern Business Statistics- Chapter 5 Exam Questions and Answers Latest Update 2024
Random Variable - Answers Numerical description of an experiment outcome
Discrete Random Variable - Answers Assumes finite or infinite sequence of values
Continuous Random Variable - Answers Assumes any numerical value in an interval
Finite Number of Values - Answers Example: Number of parts passed in CPA examination
Infinite Number of Values - Answers Example: Number of cars arriving at a toll booth
Discrete Probability Distribution - Answers Describes how probabilities are distributed over values
Two Types of Discrete Probability Distributions - Answers First type uses rules of assigning probabilities,
second type uses a formula
Probability Distribution - Answers Defined by a probability function that provides probability for each
value
Methods for Assigning Probabilities - Answers Classical, Subjective, Relative Frequency
Empirical Discrete Distribution - Answers Developed using relative frequency method
Probability Distribution Formula - Answers Used to describe probability distributions
Discrete Uniform Probability Distribution - Answers Simplest example of a discrete probability
distribution
Expected Value - Answers Measure of central location, weighted average of values
Variance - Answers Summarizes variability in values of a random variable
Standard Deviation - Answers Positive square root of the variance
Bivariate Probability Distribution - Answers Involves two random variables, describes relationship
between them
Covariance - Answers Measure of how two random variables vary together
Correlation - Answers Measure of the strength and direction of the linear relationship
Binomial Experiment - Answers Sequence of trials with two outcomes, success and failure
Number of Successes in Binomial Experiment - Answers Denoted by x, interest in the number of
successes
Binomial Probability Function - Answers Calculates probability of x successes in n trials
Random Variable - Answers Numerical description of an experiment outcome
Discrete Random Variable - Answers Assumes finite or infinite sequence of values
Continuous Random Variable - Answers Assumes any numerical value in an interval
Finite Number of Values - Answers Example: Number of parts passed in CPA examination
Infinite Number of Values - Answers Example: Number of cars arriving at a toll booth
Discrete Probability Distribution - Answers Describes how probabilities are distributed over values
Two Types of Discrete Probability Distributions - Answers First type uses rules of assigning probabilities,
second type uses a formula
Probability Distribution - Answers Defined by a probability function that provides probability for each
value
Methods for Assigning Probabilities - Answers Classical, Subjective, Relative Frequency
Empirical Discrete Distribution - Answers Developed using relative frequency method
Probability Distribution Formula - Answers Used to describe probability distributions
Discrete Uniform Probability Distribution - Answers Simplest example of a discrete probability
distribution
Expected Value - Answers Measure of central location, weighted average of values
Variance - Answers Summarizes variability in values of a random variable
Standard Deviation - Answers Positive square root of the variance
Bivariate Probability Distribution - Answers Involves two random variables, describes relationship
between them
Covariance - Answers Measure of how two random variables vary together
Correlation - Answers Measure of the strength and direction of the linear relationship
Binomial Experiment - Answers Sequence of trials with two outcomes, success and failure
Number of Successes in Binomial Experiment - Answers Denoted by x, interest in the number of
successes
Binomial Probability Function - Answers Calculates probability of x successes in n trials
