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38 Cards in this Set

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What determines the location and shape of the normal probability distribution?
Two parameters:
1) mean (location)
2) standard deviation (shape)
What is the probability of any particular value for a continuous random variable?
0
What is the highest point on the normal probability distribution curve?
The mean, which is also the median and the mode.
What random variable can take on any value in a range?
Continuous random variable
What are the 4 discrete probability distributions most commonly used in business applications?
1) Discrete uniform
2) Binomial
3) Poisson
4) Hypergeometric
What determines the spread or width of the normal probability distribution?
The standard deviation
A numerical description of the outcome of an experiment:
Random variable
What is the area under the normal probability distribution curve?
1.0
Graphical respresentation of how probabilities are allocated to potential values of a random variable:
Probability distribution curve
Probability and height are the same for what kind of variables?
Discrete random variables
A numerical description of the outcome of an experiment that can yield only a finite number of values or an infinite sequence such as 0, 1, 2,...:
Discrete random variable
Continuous probability distribution in which all potential values of a random variable X are equally likely:
Continuous uniform (ex: )
Description of how probabilities are allocated to potential values of a random variable:
Probability distribution
Discrete probability distribution in which all potential values of a random variable X are equally likely:
Discrete uniform (ex: lottery)
Mathematical expression for assigning probabilities to potential values of a random variable:
Probability distribution function
A numerical description of the outcome of an experiment whose outcome can assume any numerical value in an interval or collection of intervals:
Continuous random variable
The probability distribution associated with any normal random variable that has a mean of 0 and a standard deviation of 1:
Standard Normal Probability Distribution
The means by which any normal random variable with a mean of 0 and a standard deviation of 1 and can be converted into a standard normal random variable:
z-Transformation
A numerical description of the outcome of an experiment:
Random Variable
Discrete probability distribution that describes the probability of a given number of occurrences of some relatively rare event over time or space:
Poisson
List 4 discrete probability distributions:
1. Discrete Uniform
2. Binomial
3. Poisson
4. Hypergeometric
The product of every value of random variable X and the corresponding value of f(x) over all possible values of X:
Expected Value of a Random variable
Continuous probability distribution that describes the probability A GIVEN AMOUNT OF TIME will pass b/t consecutive occurrences of some relatively rare (Poisson) event:
Exponential
Discrete probability distribution in which all potential values of random variable X are equally likely:
Discrete Uniform
Continuous probability distribution that describes the likelihoods of outcomes for a random variable X with a particular symmetric and unimodal distribution:
Normal
A numerical description of the outcome of an experiment that can yield only a finite number of values or an infinite sequence such as 0, 1, 2, ....:
Discrete Random Variable
The description of how probabilities are allocated to potential values of a random variable:
Probability Distribution
Discrete probability distribution that describes the probability of a given number of successes (the random variable X) over n identical and independent trials where the probability of success p is constant across trials for an infinite population:
Binomial
Continuous probability distribution in which all potential values of random variable X are equally likely:
(Continuous) Uniform
Discrete probability distribution that describes the probability of a given number of successes (the random variable X) over n identical and independent trials where the probability of success p is constant across trials for a finite population of N elements with r successes:
Hypergeometric
A numerical description of the outcome of an experiment whose outcome can assume any numerical value in an interval or collection of intervals:
Continuous Random Variable
Which discrete probability distribution should you use if all outcomes are equally likely?
Discrete Uniform Distribution
The product of the squared difference b/t every value of random variable X & the mean of X & the corresponding value of f(x) over all possible values of X:
Variance of a Random variable
Which continuous probability distribution should you use if you are measuring the time b/t occurrences of a relatively rare (Poisson) event?
Exponential Distribution
Classify the following random variables as discrete or continuous:

The length of time you stay in a class.
Continuous
Which probability disttribution would best describe the number of cars passing the freeway in a 5 minute interval?
Poisson (discrete)
Which continuous probability should you use if all outcomes are equally likely?
(Continuous) Uniform Distribution
Graphical representation of how probabilities are allocated to potential values of a random variable where f(x) represents the height of the curve (on the y-axis) at the corresponding value of the random variable:
Probability distribution curve