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38 Cards in this Set
- Front
- Back
What determines the location and shape of the normal probability distribution?
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Two parameters:
1) mean (location) 2) standard deviation (shape) |
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What is the probability of any particular value for a continuous random variable?
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0
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What is the highest point on the normal probability distribution curve?
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The mean, which is also the median and the mode.
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What random variable can take on any value in a range?
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Continuous random variable
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What are the 4 discrete probability distributions most commonly used in business applications?
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1) Discrete uniform
2) Binomial 3) Poisson 4) Hypergeometric |
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What determines the spread or width of the normal probability distribution?
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The standard deviation
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A numerical description of the outcome of an experiment:
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Random variable
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What is the area under the normal probability distribution curve?
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1.0
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Graphical respresentation of how probabilities are allocated to potential values of a random variable:
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Probability distribution curve
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Probability and height are the same for what kind of variables?
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Discrete random variables
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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,...:
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Discrete random variable
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Continuous probability distribution in which all potential values of a random variable X are equally likely:
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Continuous uniform (ex: )
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Description of how probabilities are allocated to potential values of a random variable:
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Probability distribution
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Discrete probability distribution in which all potential values of a random variable X are equally likely:
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Discrete uniform (ex: lottery)
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Mathematical expression for assigning probabilities to potential values of a random variable:
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Probability distribution function
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A numerical description of the outcome of an experiment whose outcome can assume any numerical value in an interval or collection of intervals:
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Continuous random variable
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The probability distribution associated with any normal random variable that has a mean of 0 and a standard deviation of 1:
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Standard Normal Probability Distribution
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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:
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z-Transformation
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A numerical description of the outcome of an experiment:
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Random Variable
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Discrete probability distribution that describes the probability of a given number of occurrences of some relatively rare event over time or space:
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Poisson
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List 4 discrete probability distributions:
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1. Discrete Uniform
2. Binomial 3. Poisson 4. Hypergeometric |
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The product of every value of random variable X and the corresponding value of f(x) over all possible values of X:
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Expected Value of a Random variable
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Continuous probability distribution that describes the probability A GIVEN AMOUNT OF TIME will pass b/t consecutive occurrences of some relatively rare (Poisson) event:
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Exponential
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Discrete probability distribution in which all potential values of random variable X are equally likely:
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Discrete Uniform
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Continuous probability distribution that describes the likelihoods of outcomes for a random variable X with a particular symmetric and unimodal distribution:
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Normal
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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, ....:
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Discrete Random Variable
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The description of how probabilities are allocated to potential values of a random variable:
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Probability Distribution
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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:
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Binomial
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Continuous probability distribution in which all potential values of random variable X are equally likely:
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(Continuous) Uniform
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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:
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Hypergeometric
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A numerical description of the outcome of an experiment whose outcome can assume any numerical value in an interval or collection of intervals:
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Continuous Random Variable
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Which discrete probability distribution should you use if all outcomes are equally likely?
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Discrete Uniform Distribution
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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:
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Variance of a Random variable
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Which continuous probability distribution should you use if you are measuring the time b/t occurrences of a relatively rare (Poisson) event?
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Exponential Distribution
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Classify the following random variables as discrete or continuous:
The length of time you stay in a class. |
Continuous
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Which probability disttribution would best describe the number of cars passing the freeway in a 5 minute interval?
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Poisson (discrete)
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Which continuous probability should you use if all outcomes are equally likely?
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(Continuous) Uniform Distribution
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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:
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Probability distribution curve
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