Questions from Business Statistics

Q: a. What is the interpretation of independence of two events?

a. What is the interpretation of independence of two events? b. How can you tell whether two events are independent or not? c. Under what conditions can two mutually exclusive events be independent?

Q: a. What is a probability tree? b. What

a. What is a probability tree? b. What are the four rules for probability trees?

Q: What is a Venn diagram?

What is a Venn diagram?

Q: a. What is a probability? b. Which of

a. What is a probability? b. Which of the following has a probability number: a random experiment, a sample space, or an event? c. If a random experiment is to be run just once, how can you interpret...

Q: a. What is the relative frequency of an event?

a. What is the relative frequency of an event? b. How is the relative frequency different from the probability of an event? c. What is the law of large numbers?

Q: Suppose males and females are equally likely and that the number of

Suppose males and females are equally likely and that the number of each gender follows a binomial distribution. (Note that the database contains observations of random variables, not the random varia...

Q: a. Name the three main sources of probability numbers.

a. Name the three main sources of probability numbers. b. What is the equally likely rule? c. Are you allowed to use someone’s guess as a probability number? d. What is the difference between a Bayesi...

Q: a. What is a random variable? b. What

a. What is a random variable? b. What is the difference between a random variable and a number?

Q: a. What is a discrete random variable? b.

a. What is a discrete random variable? b. What is a continuous random variable? c. Give an example of a discrete random variable that is continuous for practical purposes.

Q: a. What is the probability distribution of a discrete random variable

a. What is the probability distribution of a discrete random variable? b. How do you find the mean of a discrete random variable? How do you interpret the result? c. How do you find the standard devia...