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Business Stats ch 6

Basic Statistics for Business and Economics ch 6

QuestionAnswer
Probability Distribution A listing of all the outcomes of an experiment and the probability associated with each outcome.
Characteristics of a Probability Distribution The probability of a particular outcome is between 0 and 1 inclusive. The outcomes are mutually exclusive events. The list is exhaustive, so the sum of the probabilities of the various events is equal to 1.
Random Variable A quantity resulting from an experiment that, by chance, can assume different values.
Discrete Random Variable A random variable that can assume only certain clearly separated values.
Expected Value The mean of a probability distribution.
Binomial Probability Distribution A widely occurring discrete probability distribution.
What are the binomial characteristics? An outcome of an experiment is classified into of 2 mutually exclusive categories. The random var counts the number of successes in a fixed number of trials. The probability of success and failure stay the same for each trial. The trials are independent.
The Greek letter pi is? The probability of success on each trial.
n = The number of trials.
x = The random variable defined as the number of successes.
Poisson Probability Distribution Describes the number of times some event occurs during a specified interval. The interval may be time, distance, area, or volume.
What are the characteristics of a Poisson Probability Distribution? The random variable is the number of times some event occurs during a defined interval. The probability of the event is proportional to the size of the interval. The intervals do not overlap and are independent.
mu is? The mean number of occurrences (successes) in a particular interval.
e is? The constant 2.71828 (base of the Napierian logarithmic system).
P(x) is? The probability for a specified value of x.
Created by: dengler