Business stats exam 1

what is the purpose of a measure of location?

To indicate the center of a distribution of data.

The standard deviation is the square root of the ____

...variance

What is another term for the "average" value of a distribution?

A measure of location

The mean, median, and mode are all the same for which type of distribution?

A symmetrical distribution

Which measure of dispersion results in units that are different from the data?

Mean deviation

what is joint probability?

P(A and B)

Formula for the special rule of multiplication

P(A and B)=P(A)P(B)

The special rule of addition describes how to calculate which of the following probabilities?

P(A or B)

variance

The arithmetic average of the squared deviations from the mean

in a probability experiment, what is an outcome?

a particular result of the experiment

What is the best definition of "event" in the context of a probability experiment?

a set of one or more outcomes of an experiment

A scatter diagram requires that both of the variables be what kind of data?

at least interval level

The relationship between two variables when one or both are nominal or ordinal is shown using a _______________ table.

contingency

If the fraction of times an event happened in the past is used as the basis for assigning a probability to the event, this is _______ probability.

empirical

If the set of events from an experiment are mutually exclusive and collectively exhausted, the sum or the probabilities is...

one

The interquartile range is a measure of dispersion usually used along with the median. What is the definition of interquartile range?

the distance between the first and third quartile

how do you calculate classical probability?

the number of favorable outcomes divided by the number of possible outcomes

independent events

the occurrence of one event has no effect on the probability the other will occur

the value given for an empirical probability is based on...

the past history of outcomes from an experiment

what is the function of quartiles?

to divide a set of observations into four equal parts

Which of the following is NOT a measure of position?

standard deviation

what kind of variables are classified by the use of a contingency table?

qualitative