MSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions and Answers 100% Correct it measures the uncertainty of a random variable. - ANSWER-Which of the following is true about variance?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.empirical rules - ANSWER-In normal distribution, the _____ apply exactly for it. 1 / 2
probability density functions - ANSWER-The distribution that characterizes outcomes of a continuous random variable.
x - ANSWER-Probability Density Functions:
A graph of the density function must lie at or above the _____-axis.
1 - ANSWER-Probability Density Functions:
The total area under the density function above the x-axis is _____.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.weighted average of the squared deviations - ANSWER-The variance of a discrete random variable may be computed as a _____ from the expected value. A common measure of dispersion.variance - ANSWER-_____ 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.Bernoulli Distribution - ANSWER-The probability distribution of a random variable with two possible outcomes, each with a constant probability of occurrence is referred to as
_____.
Binomial Distribution - ANSWER-The _____ models n independent replications of a Bernoulli experiment, each with a probability p of success. The _____ can assume different shapes and amounts of skewness, depending on the parameters.Regression analysis - ANSWER-_____ 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.Cross-sectional, time-series - ANSWER-Two broad categories of regression models are regression models of _____ data and regression models of _____ data, in which the independent variables are time or some function of time and the focus is on predicting the future.simple regression - ANSWER-A regression model that involves a single independent variable is called _____.normal distribution - ANSWER-Perhaps the most important distribution used in statistics, _____ is a continuous distribution by the familiar bell shaped curve.mean and the standard deviation - ANSWER-Normal distribution is characterized by two
parameters: the _____ and the _____.
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