Discrete Probability Distributions - Business Analytics 1
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
a. Standard deviation
The data that results from a survey question that uses the Likert Scale is the ___________ measurement level. a. Nominal b. Ordinal c. Interval d. Ratio
b. Ordinal
Which of the following is NOT a condition of a discrete probability distribution? a. Each outcome in the distribution needs to be mutually exclusive with other outcomes in the distribution. b. The probability of success must exceed the probability of a failure. c. The probability of each outcome, P(x), must be between 0 and 1 (inclusive). d. The sum of the probabilities for all the outcomes in the distribution needs to add up to 1.
b. The probability of success must exceed the probability of a failure
Which of the following in 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.
c. The probability of a success must exceed the probability of a failure.
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
d. Expected monetary value
true or 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
true or false Discrete random variables have outcomes that typically take on whole numbers as a result of conducting an experiment
true
true or false In a binomial experiment, the number of successes can never exceed the number of trials
true
true or false Rating the satisfaction of a total room on a scale of 1 - 5 is an example of discrete random variable.
true
true or false The Poisson distribution can be used to approximate the binomial distribution when the number of trials is greater than 20 and the probability of success is less than or equal to 0.05
true
true or false The mean of the binomial distribution represents the long-term average number of successes to expect based on the number of trials conducted
true
true or false The number of typographical errors found in a manuscript would be best described using a Poisson probability distribution
true
true or false an expected value is another term for the mean of a probability distribution
true
true or false because of the ambiguity of the intervals, technically, it's not proper to calculate the mean and standard deviation of ordinal data
true
true or false testing wether a part is defective or not defective after it has been manufactured would be best described using a binomial probability distribution
true
true or false the mean and standard deviation for discrete probability distributions are useful when comparing two different distributions
true
true or false the mean of a discrete probability distribution is the weighted average of the outcomes of the random variables that comprise it
true
true or false the number of successes in a binomial experiment must range from zero to n
true
