Question 1

Subjective probability is the probability that a given event will occur, given that another event has already occurred.

Accepted Answer

A) True 
 B)False

Question 2

There are two types of random variables, they are:

Accepted Answer

A)  discrete and continuous 
B)  exhaustive and mutually exclusive 
C)  complementary and cumulative 
D)  real and unreal 
A)  discrete and continuous 
B)  exhaustive and mutually exclusive 
C)  complementary and cumulative 
D)  real and unreal

Question 3

Suppose a randomly selected patron is a female. What is the probability the patron prefers beer?

Accepted Answer

The answer of Suppose a randomly selected patron is a...

Question 4

What is the probability that this project will be completed in less than 4 months from now?

Accepted Answer

The answer of What is the probability that this project...

Question 5

If events A and B are mutually exclusive, then the probability of both events occurring simultaneously is equal to:

Accepted Answer

A)  0.0 
B)  0.5 
C)  1.0 
D)  any value between 0.5 and 1.0 
A)  0.0 
B)  0.5 
C)  1.0 
D)  any value between 0.5 and 1.0

Question 6

Find the probability that three or fewer customers are in line.

Accepted Answer

The answer of Find the probability that three or fewer...

Question 7

The probability that event A will not occur is denoted as   .

Accepted Answer

A) True 
 B)False

Question 8

What is the probability that at most one person is waiting or being served in the express checkout line?

Accepted Answer

The answer of What is the probability that at most...

Question 9

A small grocery store is considering installing an express checkout line. Let X be the number of customers in the regular checkout line. Note that these numbers include the customers being served, if any. The probability distribution of X is given in the table below.  
-Find the probability that no more than one customer is in line.

Accepted Answer

The answer of A small grocery store is considering installing...

Question 10

What is the probability that a respondent chosen at random enjoys or does not enjoy shopping for clothing?

Accepted Answer

P(enjoys or does not

Question 11

​A probability tree is a graphical representation of how events occur through time, which is useful for calculating probabilities.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following best describes the concept of probability?

Accepted Answer

A)  It is a measure of the likelihood that a particular event will occur. 
B)  It is a measure of the likelihood that a particular event will occur, given that another event has already occurred. 
C)  It is a measure of the likelihood of the simultaneous occurrence of two or more events. 
D)  None of these choices describe the concept of probability. 
A)  It is a measure of the likelihood that a particular event will occur. 
B)  It is a measure of the likelihood that a particular event will occur, given that another event has already occurred. 
C)  It is a measure of the likelihood of the simultaneous occurrence of two or more events. 
D)  None of these choices describe the concept of probability.

Question 13

When we wish to determine the probability that at least one of several events will occur, we would use the addition rule.

Accepted Answer

A) True 
 B)False

Question 14

What is the probability that the demand of this product will be below its mean in the upcoming quarter?

Accepted Answer

P(D < 2720

Question 15

The number of cars produced by GM during a given quarter is a continuous random variable.

Accepted Answer

A) True 
 B)False

Question 16

If two events are independent, what is the probability that they both occur?

Accepted Answer

A)  0 
B)  0.50 
C)  1.00 
D)  This cannot be determined from the information given. 
A)  0 
B)  0.50 
C)  1.00 
D)  This cannot be determined from the information given.

Question 17

What is the probability of observing the sale of at least one bat on a given day at this sporting goods store?

Accepted Answer

This is P (X> 0) or

Question 18

Suppose A and B are mutually exclusive events where P(A) = 0.2 and P(B) = 0.5, then P(A or B) = 0.70.

Accepted Answer

A) True 
 B)False

Question 19

What is the probability that the demand for this product exceeds 2500 units in the upcoming quarter?

Accepted Answer

P(D > 2500

Question 20

If two events are mutually exclusive and collectively exhaustive, what is the probability that both occur?

Accepted Answer

A)  0.00 
B)  0.50 
C)  1.00 
D)  This cannot be determined from the information given. 
A)  0.00 
B)  0.50 
C)  1.00 
D)  This cannot be determined from the information given.

Subjective probability is the probability that a given event will occur, given that another event has already occurred.

There are two types of random variables, they are:

Suppose a randomly selected patron is a female. What is the probability the patron prefers beer?

What is the probability that this project will be completed in less than 4 months from now?

If events A and B are mutually exclusive, then the probability of both events occurring simultaneously is equal to:

Find the probability that three or fewer customers are in line.

The probability that event A will not occur is denoted as .

What is the probability that at most one person is waiting or being served in the express checkout line?

What is the probability that a respondent chosen at random enjoys or does not enjoy shopping for clothing?

A probability tree is a graphical representation of how events occur through time, which is useful for calculating probabilities.

Which of the following best describes the concept of probability?

When we wish to determine the probability that at least one of several events will occur, we would use the addition rule.

What is the probability that the demand of this product will be below its mean in the upcoming quarter?

The number of cars produced by GM during a given quarter is a continuous random variable.

If two events are independent, what is the probability that they both occur?

What is the probability of observing the sale of at least one bat on a given day at this sporting goods store?

Suppose A and B are mutually exclusive events where P(A) = 0.2 and P(B) = 0.5, then P(A or B) = 0.70.

What is the probability that the demand for this product exceeds 2500 units in the upcoming quarter?

If two events are mutually exclusive and collectively exhaustive, what is the probability that both occur?

Introduction to Business Analytics

Describing the Distribution of a Single Variable

Finding Relationships Among Variables

Normal, Binomial, Poisson, and Exponential Distributions

Decision Making Under Uncertainty

Sampling and Sampling Distributions

Confidence Interval Estimation

Hypothesis Testing

Regression Analysis: Estimating Relationships

Regression Analysis: Statistical Inference

Time Series Analysis and Forecasting

Introduction to Optimization Modeling

Optimization Models

Introduction to Simulation Modeling

Simulation Models

Data Mining

Importing Data Into Excel

Analysis of Variance and Experimental Design

Statistical Process Control

Filters

Exam 4: Probability and Probability Distributions

Subjective probability is the probability that a given event will occur, given that another event has already occurred.

There are two types of random variables, they are:

Suppose a randomly selected patron is a female. What is the probability the patron prefers beer?

What is the probability that this project will be completed in less than 4 months from now?

If events A and B are mutually exclusive, then the probability of both events occurring simultaneously is equal to:

Find the probability that three or fewer customers are in line.

The probability that event A will not occur is denoted as .

What is the probability that at most one person is waiting or being served in the express checkout line?

What is the probability that a respondent chosen at random enjoys or does not enjoy shopping for clothing?

​A probability tree is a graphical representation of how events occur through time, which is useful for calculating probabilities.

Which of the following best describes the concept of probability?

When we wish to determine the probability that at least one of several events will occur, we would use the addition rule.

What is the probability that the demand of this product will be below its mean in the upcoming quarter?

The number of cars produced by GM during a given quarter is a continuous random variable.

If two events are independent, what is the probability that they both occur?

What is the probability of observing the sale of at least one bat on a given day at this sporting goods store?

Suppose A and B are mutually exclusive events where P(A) = 0.2 and P(B) = 0.5, then P(A or B) = 0.70.

What is the probability that the demand for this product exceeds 2500 units in the upcoming quarter?

If two events are mutually exclusive and collectively exhaustive, what is the probability that both occur?

Introduction to Business Analytics

Describing the Distribution of a Single Variable

Finding Relationships Among Variables

Normal, Binomial, Poisson, and Exponential Distributions

Decision Making Under Uncertainty

Sampling and Sampling Distributions

Confidence Interval Estimation

Hypothesis Testing

Regression Analysis: Estimating Relationships

Regression Analysis: Statistical Inference

Time Series Analysis and Forecasting

Introduction to Optimization Modeling

Optimization Models

Introduction to Simulation Modeling

Simulation Models

Data Mining

Importing Data Into Excel

Analysis of Variance and Experimental Design

Statistical Process Control

Filters

A probability tree is a graphical representation of how events occur through time, which is useful for calculating probabilities.