MSIS 3223 - EXAM 2 QUESTIONS AND
ANSWERS
Probability - Correct Answers -The likelihood that an outcome occurs
Experiment - Correct Answers -The process that results in an outcome
Outcome - Correct Answers -Result of an experiment that can be observed
Sample space - Correct Answers -The collection of all possible outcomes of an
experiment
Event - Correct Answers -A collection of one or more outcomes from a sample space
Complement of an event - Correct Answers -All possible outcomes that are not in the
event
Union of events - Correct Answers -If the notation (A and B) represents the intersection
of events A and B, the collection of all outcomes that belong to either A or B or to both A
and B
Non-mutually exclusive events - Correct Answers -If the notation (A and B) represents
the intersection of events A and B, the collection of all events that belong to both A and
B
Combinations - Correct Answers -Unique outcomes that must be counted when order
does not matter
Permutations - Correct Answers -The outcomes that are counted when order does
matter
Classical definition of probability - Correct Answers -If the process that generates the
outcome is known, probabilities can be deduced from theoretical arguments
Relative frequency definition of probability - Correct Answers -Probabilities are based on
empirical data; the probability is simply the relative frequency associated with that
outcome
, Subjective definition of probability - Correct Answers -Probabilities are based on
judgment and experience
Joint probability - Correct Answers -The probability of the intersection of two events
Marginal probability - Correct Answers -The probability of an event irrespective of the
outcome of the other joint event
Conditional probability - Correct Answers -The probability of occurrence of one event A,
given that another event B is known to be true or has already occurred
Independent events - Correct Answers -Two or more events in which the outcome of
one event does not affect the outcome of the other event(s)
Random variable - Correct Answers -A numerical description of the outcome of an
experiment
Discrete random variable - Correct Answers -Variable where the number of outcomes
can be counted and each outcome has a measurable and positive probability
Continuous random variable - Correct Answers -A random variable that may have
outcomes over one or more continuous intervals or real numbers
Dependent variable - Correct Answers -The outcome factor; the variable that may
change in response to manipulations of the independent variable.
Independent variable - Correct Answers -The experimental factor that is manipulated;
the variable whose effect is being studied.
Simple linear regression - Correct Answers -Regression analysis involving one
independent variable and one dependent variable in which the relationship between the
variables is approximated by a straight line
Probability distribution - Correct Answers -A characterization of the possible values that
a random variable may assume along with the probability of assuming these values
Empirical probability distributions - Correct Answers -Probability distribution calculated
from the relative frequencies of a data sample
Subjective distribution - Correct Answers -Probability distribution specified from
subjective values and expert judgment by creating decision models for phenomena for
which there is no historical data
Discrete distributions - Correct Answers -Probability distribution of the discrete
outcomes of a discrete random variable
ANSWERS
Probability - Correct Answers -The likelihood that an outcome occurs
Experiment - Correct Answers -The process that results in an outcome
Outcome - Correct Answers -Result of an experiment that can be observed
Sample space - Correct Answers -The collection of all possible outcomes of an
experiment
Event - Correct Answers -A collection of one or more outcomes from a sample space
Complement of an event - Correct Answers -All possible outcomes that are not in the
event
Union of events - Correct Answers -If the notation (A and B) represents the intersection
of events A and B, the collection of all outcomes that belong to either A or B or to both A
and B
Non-mutually exclusive events - Correct Answers -If the notation (A and B) represents
the intersection of events A and B, the collection of all events that belong to both A and
B
Combinations - Correct Answers -Unique outcomes that must be counted when order
does not matter
Permutations - Correct Answers -The outcomes that are counted when order does
matter
Classical definition of probability - Correct Answers -If the process that generates the
outcome is known, probabilities can be deduced from theoretical arguments
Relative frequency definition of probability - Correct Answers -Probabilities are based on
empirical data; the probability is simply the relative frequency associated with that
outcome
, Subjective definition of probability - Correct Answers -Probabilities are based on
judgment and experience
Joint probability - Correct Answers -The probability of the intersection of two events
Marginal probability - Correct Answers -The probability of an event irrespective of the
outcome of the other joint event
Conditional probability - Correct Answers -The probability of occurrence of one event A,
given that another event B is known to be true or has already occurred
Independent events - Correct Answers -Two or more events in which the outcome of
one event does not affect the outcome of the other event(s)
Random variable - Correct Answers -A numerical description of the outcome of an
experiment
Discrete random variable - Correct Answers -Variable where the number of outcomes
can be counted and each outcome has a measurable and positive probability
Continuous random variable - Correct Answers -A random variable that may have
outcomes over one or more continuous intervals or real numbers
Dependent variable - Correct Answers -The outcome factor; the variable that may
change in response to manipulations of the independent variable.
Independent variable - Correct Answers -The experimental factor that is manipulated;
the variable whose effect is being studied.
Simple linear regression - Correct Answers -Regression analysis involving one
independent variable and one dependent variable in which the relationship between the
variables is approximated by a straight line
Probability distribution - Correct Answers -A characterization of the possible values that
a random variable may assume along with the probability of assuming these values
Empirical probability distributions - Correct Answers -Probability distribution calculated
from the relative frequencies of a data sample
Subjective distribution - Correct Answers -Probability distribution specified from
subjective values and expert judgment by creating decision models for phenomena for
which there is no historical data
Discrete distributions - Correct Answers -Probability distribution of the discrete
outcomes of a discrete random variable
