UCF QMB3200 Midterm Study Latest Update

UCF QMB3200 Midterm Study Latest Update - with 100 Questions and Verified Correct Answers Golden Ticket to Guaranteed A+ Verified by Professor

Addition Law - CORRECT ANSWER: a probability law used to compute the probability of the union of two events.P(A ∩ B)= P(a)+P(B) - P(A u B)

Analytics - CORRECT ANSWER: the scientific process of transforming data into insight for making better decisions

Bar Chart - CORRECT ANSWER: A graphical device for depicting categorical data that have been summarized in a frequency, relative frequency, or percent frequency distribution.

Basic requirements for assigning probabilities: - CORRECT ANSWER: 1. The probability assigned to each experimental outcome must be between 0 and 1

• The sum of the probabilities for all experimental outcomes must equal 1

Big Data - CORRECT ANSWER: A set of data that cannot be managed, processed, or

analyzed with commonly available software in a reasonable amount of time. Big Data

are characterized by 4 v's: volume, velocity, variety, and veracity.

Binomial Experiment - CORRECT ANSWER: An experiment with the following

characteristics:

(1) The experiment consists of a fixed number of trials denoted by n (2) each trial has only two possible outcomes, a success or a failure (3) the probability of success and the probability of failure are constant throughout the experiment 1 / 2

(4) each trial is independent of any other trial in the experiment.

Binomial Probability Function - CORRECT ANSWER: the function used to compute

binomial probabilities

bivariate probability distribution - CORRECT ANSWER: A probability distribution

involving two random variables. A discrete bivariate probability distribution provides a probability for each pair of values that may occur for the two random variables.

Chebyshev's Theorem - CORRECT ANSWER: A theorem that can be used to make

statements about the proportion of data values that must be within a specified number of standard deviations of the mean.~ At least 75% of the data values must be within z=2 SD's of the mean ~ At least 89% of the data values must be within z=3 SD's of the mean ~ At least 94% of the data values must be within z=4 SD's of the mean

Class Midpoint - CORRECT ANSWER: the value halfway between the lower and upper

class limits

Classical Method - CORRECT ANSWER: a method of assigning probabilities that is

appropriate when all the experimental outcomes are equally likely. If n experimental outcomes are possible, a probability of 1/n is assigned to each experimental outcome.

Coefficient of Variation - CORRECT ANSWER: A measure of relative variability

computed by dividing the standard deviation by the mean and multiplying by 100.

Combinations - CORRECT ANSWER: In an experiment we may be interested in

determining the number of ways n objects may be selected from among N objects without regard to the order in which the n objects are selected.

Complement of A - CORRECT ANSWER: the event consisting of all sample points that are not in A; denoted as Ac

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