Chapter 5 Business Analytics
Excel's _____ function can be used to compute the expected value of a discrete random variable. AVERAGE SUMPRODUCT MEDIAN VAR
SUMPRODUCT
Excel's _____ function can be used to compute the variance of a discrete random variable. MEDIAN SUMPRODUCT VAR AVERAGE
SUMPRODUCT
Highway patrol officers measure the speed of automobiles on a highway using radar equipment. The random variable in this experiment is speed, measured in miles per hour. This random variable is a _____. discrete random variable complex random variable continuous random variable uniform random variable
continuous random variable
The expected value of a discrete random variable _____. -is the most likely or highest probability value for the random variable -is the average value for the random variable over many repeats of the experiment -cannot be calculated using Excel will always be one of the values x can take on, although it may not be the highest probability value for the random variable
is the average value for the random variable over many repeats of the experiment
A marketing manager instructs his team to make 80 telephone calls to attempt to sell an insurance policy. The random variable in this experiment is the number of sales made. This random variable is a _____. continuous random variable binomial random variable discrete random variable complex random variable
iscrete random variable
Which of the following is a required condition for a discrete probability function? ∑f(x) = 0 f(x) < 0 f(x) ≥ 1 for all values of x ∑f(x) = 1
∑f(x) = 1
Which of the following is NOT a characteristic of an experiment where the binomial probability distribution is applicable? -Exactly two outcomes are possible on each trial. -The trials are dependent. -The experiment has a sequence of n identical trials. -The probabilities of the outcomes do not change from one trial to another.
The trials are dependent.
Which of the following is a characteristic of a binomial experiment? The probability of success changes from trial to trial. The experiment consists of a sequence of different trials. At least two outcomes are possible. The trials are independent.
The trials are independent.
The weight of an object, measured to the nearest gram, is an example of _____. a continuous random variable a discrete random variable either a continuous or a discrete random variable, depending on the units of measurement either a continuous or a discrete random variable, depending on the weight of the object
a discrete random variable
Variance is _____. a measure of the average, or central value of a random variable the square root of the standard deviation the sum of the deviation of data elements from the mean a measure of the dispersion of a random variable
a measure of the dispersion of a random variable
A probability distribution showing the probability of x successes in n trials, where the probability of success does not change from trial to trial, is termed a _____. normal probability distribution hypergeometric probability distribution uniform probability distribution binomial probability distribution
binomial probability distribution
A random variable that can assume only a finite number of values is referred to as a(n) _____. discrete probability function discrete random variable infinite sequence finite sequence
discrete random variable
A measure of the average value of a random variable is called a(n) _____. expected value median variance standard deviation
expected value
The key difference between binomial and hypergeometric distributions is that with the hypergeometric distribution the _____. trials are independent of each other probability of success changes from trial to trial random variable is continuous probability of success must be less than .5
probability of success changes from trial to trial
A weighted average of the value of a random variable, where the probability function provides weights, is known as _____. the standard deviation the expected value a random variable a probability function
the expected value