Question 1

The Excel function NORM.DIST finds probabilities for the standard normal distribution.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is true of the parameters of a beta distribution function?

Accepted Answer

A)  The parameters of the distribution function, α and β, can be negative. 
B)  The values of the parameters do not affect the skewness of the distribution. 
C)  If either parameter is 1.0 and the other is lesser than 1.0, the distribution takes an "L" shape. 
D)  If the parameter β exceeds the other parameter α, the distribution is positively skewed. 
A)  The parameters of the distribution function, α and β, can be negative. 
B)  The values of the parameters do not affect the skewness of the distribution. 
C)  If either parameter is 1.0 and the other is lesser than 1.0, the distribution takes an "L" shape. 
D)  If the parameter β exceeds the other parameter α, the distribution is positively skewed.

Question 3

Identify and apply the basic concepts and tools of probability Use the data given below to answer the following question(s).
At a casino, a combination of two spinners is used to decide the winner based on the sum of scores from spinning. The spinners each have four colored spaces - red, yellow, blue, and green. Red = 1, Yellow = 2, Blue = 3, and Green = 4
-Compute the expected value of the random variable that denotes the possible summed scores from the
two spinners.

Accepted Answer

For a discrete random variable

Question 4

Identify and apply the basic concepts and tools of probability Use the data given below to answer the following question(s).
At a casino, a combination of two spinners is used to decide the winner based on the sum of scores from spinning. The spinners each have four colored spaces - red, yellow, blue, and green. Red = 1, Yellow = 2, Blue = 3, and Green = 4
-What is the probability that the spinners land on colors summing up to exactly 3?

Accepted Answer

There are 16 outcomes. The fol

Question 5

The VLOOKUP function in Excel can be used to generate outcomes from any discrete distribution.

Accepted Answer

A) True 
 B)False

Question 6

The exponential distribution:

Accepted Answer

A)  has the density function f (x) = e-λx , for x ≥ 0. 
B)  models the time between randomly occurring events. 
C)  has an expected value λ. 
D)  is described by the familiar bell-shaped curve. 
A)  has the density function f (x) = e-λx , for x ≥ 0. 
B)  models the time between randomly occurring events. 
C)  has an expected value λ. 
D)  is described by the familiar bell-shaped curve.

Question 7

What is a random number? How is it generated in Excel?

Accepted Answer

A random number is one that is uniformly

Question 8

How can normal probabilities be computed using Excel? Given the cumulative probability, how can the value of the random variable be found?

Accepted Answer

The Excel 2010 function NORM.DIST(x, mea

Question 9

Consider an event X comprised of three outcomes whose probabilities are $ \frac{9}{18}, \frac{1}{18} $, and $ \frac{6}{18} $ Compute the probability of the complement of the event.

Accepted Answer

A)  $ \frac{2}{18} $ 
B)  $ \frac{1}{2} $ 
C)  $ \frac{16}{3} $ 
D)  $ \frac{16}{18} $ 
A)  $ \frac{2}{18} $ 
B)  $ \frac{1}{2} $ 
C)  $ \frac{16}{3} $ 
D)  $ \frac{16}{18} $

Question 10

Explain the characteristics and applications of discrete probability distributions Use the data given below to answer the following question(s).
The profit from selling folding tables varies uniformly each quarter between $1,500 and $2,300.
-What is the probability that profit will be less than $1,900?

Accepted Answer

@#IMG-DLM& F(1,900) = (1,900 -

The Excel function NORM.DIST finds probabilities for the standard normal distribution.

Which of the following is true of the parameters of a beta distribution function?

The VLOOKUP function in Excel can be used to generate outcomes from any discrete distribution.

The exponential distribution:

What is a random number? How is it generated in Excel?

How can normal probabilities be computed using Excel? Given the cumulative probability, how can the value of the random variable be found?

Consider an event X comprised of three outcomes whose probabilities are $\frac{9}{18}, \frac{1}{18}$ , and $\frac{6}{18}$ Compute the probability of the complement of the event.

Business Analytics

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Sampling and Estimation

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

Filters

Exam 5: Probability Distributions and Data Modeling

The Excel function NORM.DIST finds probabilities for the standard normal distribution.

Which of the following is true of the parameters of a beta distribution function?

The VLOOKUP function in Excel can be used to generate outcomes from any discrete distribution.

The exponential distribution:

What is a random number? How is it generated in Excel?

How can normal probabilities be computed using Excel? Given the cumulative probability, how can the value of the random variable be found?

Consider an event X comprised of three outcomes whose probabilities are 918,118 \frac{9}{18}, \frac{1}{18} 189​,181​ , and 618 \frac{6}{18} 186​ Compute the probability of the complement of the event.

Business Analytics

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Sampling and Estimation

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

Filters

Consider an event X comprised of three outcomes whose probabilities are $\frac{9}{18}, \frac{1}{18}$ , and $\frac{6}{18}$ Compute the probability of the complement of the event.