MSIS 3223 EXAM 2 CONTENT QUESTIONS AND
ANSWERS
/.Conditional probability is the probability of occurrence of one event 'A' given that
another event 'B' is known to be true or already occurred. - Answer-✅True
/.Which of the following is true of normal distributions? - Answer-✅The mean, median,
and mode are all equal.
/.Probability is the likelihood that an outcome occurs. - Answer-✅True
/.The union of two events contains all outcomes that belong to either of the two events. -
Answer-✅True
/.Conditional probability is the probability of occurrence of one event 'A' given that
another event 'B' is known to be true or has already occurred. - Answer-✅True
/.A probability distribution is the characterization of the possible values that a random
variable may assume along with the probability of assuming these values. - Answer-
✅True
/.A random variable is a numerical description of the outcome of an experiment. -
Answer-✅True
/.The expected value of a random variable corresponds to the notion of the median for a
sample. - Answer-✅False
/.The normal distribution is a continuous distribution that is described by the familiar
bell-shaped curve and is perhaps the most important distribution used in statistics. -
Answer-✅True
/.The triangular distribution is defined by three parameters: the mean, median, and
mode. - Answer-✅False
/.Higher variance implies low uncertainty. - Answer-✅False
/.Variance calculates the probability of a random variable lying within a certain interval. -
Answer-✅True
, /.Regression models of ______ data focus on predicting the future. - Answer-✅time-
series
/.Regression analysis is a tool for building mathematical and statistical models that
characterize relationships between a dependent variable and one or more independent,
or explanatory, variables. - Answer-✅True
/.In predictive analysis models, a second-order polynomial has only one hill or valley. -
Answer-✅True
/.Excel's Trendline feature cannot be used in modeling trends which include time
variables.
Group of answer choices - Answer-✅False
/.Creating a scatter chart with an added trendline is visually superior to the scatter chart
generated by line fit plots. - Answer-✅True
/.The standard error may be assumed to be large if the data are clustered close to the
regression line. - Answer-✅False
/.A good regression model has the fewest number of explanatory variables providing an
adequate interpretation of the dependent variable. - Answer-✅True
/.Regression analysis is a tool for building mathematical and statistical models that
characterize relationships between a dependent variable and one or more independent,
or explanatory, variables. - Answer-✅True
/.Simple linear regression involves finding a linear relationship between one
independent variable, X, and one dependent variable, Y. - Answer-✅True
/.Standard residuals (observed errors) are residuals divided by their standard deviation.
- Answer-✅True
/.Linear functions are used when the rate of change in a variable increases or
decreases quickly and then levels out, such as with diminishing returns to scale. -
Answer-✅False
/.Exponential functions have the property that y rises or falls at constantly increasing
rates. - Answer-✅True
/.Exponential function - Answer-✅y+abx
ANSWERS
/.Conditional probability is the probability of occurrence of one event 'A' given that
another event 'B' is known to be true or already occurred. - Answer-✅True
/.Which of the following is true of normal distributions? - Answer-✅The mean, median,
and mode are all equal.
/.Probability is the likelihood that an outcome occurs. - Answer-✅True
/.The union of two events contains all outcomes that belong to either of the two events. -
Answer-✅True
/.Conditional probability is the probability of occurrence of one event 'A' given that
another event 'B' is known to be true or has already occurred. - Answer-✅True
/.A probability distribution is the characterization of the possible values that a random
variable may assume along with the probability of assuming these values. - Answer-
✅True
/.A random variable is a numerical description of the outcome of an experiment. -
Answer-✅True
/.The expected value of a random variable corresponds to the notion of the median for a
sample. - Answer-✅False
/.The normal distribution is a continuous distribution that is described by the familiar
bell-shaped curve and is perhaps the most important distribution used in statistics. -
Answer-✅True
/.The triangular distribution is defined by three parameters: the mean, median, and
mode. - Answer-✅False
/.Higher variance implies low uncertainty. - Answer-✅False
/.Variance calculates the probability of a random variable lying within a certain interval. -
Answer-✅True
, /.Regression models of ______ data focus on predicting the future. - Answer-✅time-
series
/.Regression analysis is a tool for building mathematical and statistical models that
characterize relationships between a dependent variable and one or more independent,
or explanatory, variables. - Answer-✅True
/.In predictive analysis models, a second-order polynomial has only one hill or valley. -
Answer-✅True
/.Excel's Trendline feature cannot be used in modeling trends which include time
variables.
Group of answer choices - Answer-✅False
/.Creating a scatter chart with an added trendline is visually superior to the scatter chart
generated by line fit plots. - Answer-✅True
/.The standard error may be assumed to be large if the data are clustered close to the
regression line. - Answer-✅False
/.A good regression model has the fewest number of explanatory variables providing an
adequate interpretation of the dependent variable. - Answer-✅True
/.Regression analysis is a tool for building mathematical and statistical models that
characterize relationships between a dependent variable and one or more independent,
or explanatory, variables. - Answer-✅True
/.Simple linear regression involves finding a linear relationship between one
independent variable, X, and one dependent variable, Y. - Answer-✅True
/.Standard residuals (observed errors) are residuals divided by their standard deviation.
- Answer-✅True
/.Linear functions are used when the rate of change in a variable increases or
decreases quickly and then levels out, such as with diminishing returns to scale. -
Answer-✅False
/.Exponential functions have the property that y rises or falls at constantly increasing
rates. - Answer-✅True
/.Exponential function - Answer-✅y+abx
