QMB Exam 2 (4-6)

________ probability is used when we know the number of possible outcomes of the event of interest and the total number of possible outcomes in the sample space. a. Empirical b. Simple c. Subjective d. Classical

Classical

An exponential probability distribution allows us to calculate the probability of a specific number of successes for a certain number of trials. True False

False

A listing of all the possible outcomes of an experiment for a discrete random variable along with the relative frequency of each outcome is called a discrete probability distribution. True False

True

A probability is a numerical value that indicates the chance, or likelihood, of a specific event occurring. True False

True

An expected value is another term for the mean of a probability distribution. True False

True

Discrete random variables have outcomes that typically take on whole numbers as a result of conducting an experiment. True False

True

Rating the satisfaction of a hotel room on a 1-5 scale is an example of a discrete random variable. True False

True

Testing whether a part is defective or not defective after it has been manufactured would be best described using a binomial probability distribution. True False

True

The complement to Event A is defined as all of the outcomes in the sample space that are not part of Event A. True False

True

The number of typographical errors found in a manuscript would best be described using a Poisson probability distribution. True False

True

When the discrete random variable is expressed in terms of dollars, the mean of the distribution is known as the ________________________. a. expected value of sample information b. expected value of the distribution c. average value of the distribution d. expected monetary value

expected monetary value

The probability of the intersection of two events is known as a ________ probability. a. marginal b. joint c. simple d. prior

joint

The ________ of a discrete probability distribution measures the dispersion of each outcome of the random variable from the mean of the distribution. a. standard deviation b. median c. expected value d. range

standard deviation

At the beginning of a Major League Baseball season, a panel of sports writers decided that the Los Angeles Dodgers were the most likely team to win the World Series that year. This is an example of using ________ probability. a. empirical b. simple c. subjective d. classical

subjective

The mean and the variance are equal for a ________ probability distribution. a. binomial b. uniform c. normal d. Poisson

Poisson

________ probability represents the likelihood of a single event occurring by itself. a. Classical b. Simple c. Empirical d. Subjective

Simple

________ probability is used when we rely on experience and intuition to estimate the likelihood of an event. a. Classical b. Simple c. Empirical d. Subjective

Subjective

Which of the following is not a characteristic of a Poisson experiment? a. The experiment consists of counting the number of occurrences of an event over a period of time, area, distance, or any other type of measurement. b. The mean of the Poisson distribution has to be the same for each interval of measurement c. The number of occurrences during one interval has to be dependent of the number of occurrences in any other interval. d. The intervals that are defined in the Poisson process cannot be overlapping.

The number of occurrences during one interval has to be dependent of the number of occurrences in any other interval.

Which of the following is not a characteristic of a binomial experiment? a. The experiment consists of a fixed number of trials. b. Each trial has only two possible outcomes—a success or a failure. c. The probability of a success must exceed the probability of a failure. d. Each trial is independent of the other trials in the experiment.

The probability of a success must exceed the probability of a failure.