Question 1

Which rule is being followed when summing P(A) and P(B) then subtracting P(A $\cap$ B) from the sum?

Accepted Answer

A)  complement 
B)  multiplication 
C)  addition 
D)  joint probability 
A)  complement 
B)  multiplication 
C)  addition 
D)  joint probability C

Question 2

Tiffany Ham's business is thriving in Houston, TX. To reward her team, Tiffany is implementing a performance incentive program. Annual Bonuses begin at $5,000 for excellent performance, $3,000 for good performance, and $1,500 for fair performance, and $0 for poor performance. 
-The probability levels are 0.15, 0.40, 0.25, and 0.20, respectively. What is the expected value of the annual bonus amount for an employee?

Accepted Answer

A)  $1,875 
B)  $2,300 
C)  $2,325 
D)  $2,375 
A)  $1,875 
B)  $2,300 
C)  $2,325 
D)  $2,375 C

Question 3

Michael has interviewed for two jobs. He feels that he has a 56% chance of getting an offer on Job A and a 60% chance of getting an offer on Job B. He also believes there is a 60% chance of getting an offer on both jobs. What is the probability that he receives an offer on at least one of the jobs?

Accepted Answer

A)  0.60 
B)  0.25 
C)  0.10 
D)  0.56 
A)  0.60 
B)  0.25 
C)  0.10 
D)  0.56 D

Question 4

The union of two events is denoted as

Accepted Answer

A)  A $\subset$ S. 
B)  A $\cup$ B. 
C)  P(A $\cup$ 
B) . 
D)  A $\cap$ B. 
A)  A $\subset$ S. 
B)  A $\cup$ B. 
C)  P(A $\cup$ 
B) . 
D)  A $\cap$ B.

Question 5

Simone, owner of the Blue Canoe Coffee Shop, ran a report showing the identified valued customer visits the shop on average 18 times in a 30-day period. Simone now wants to break down the information further to determine how many visits she should expect in a 5-day period from a tracked value customer. How many visits should Simone expect?

Accepted Answer

A)  3 
B)  5 
C)  1 
D)  4 
A)  3 
B)  5 
C)  1 
D)  4

Question 6

Which one does not satisfy the Poisson process?

Accepted Answer

A)  Success is presented as an integer between one and infinity. 
B)  Number of successes counted in nonoverlapping intervals are independent. 
C)  The interval is the same for probability failure as in success in exceeding the size of the interval. 
D)  Probability of success in an interval is the same for all intervals of equal size and proportionality. 
A)  Success is presented as an integer between one and infinity. 
B)  Number of successes counted in nonoverlapping intervals are independent. 
C)  The interval is the same for probability failure as in success in exceeding the size of the interval. 
D)  Probability of success in an interval is the same for all intervals of equal size and proportionality.

Question 7

A result of attaching probabilities to the outcomes of a Bernoulli process is called a binomial distribution.

Accepted Answer

A) True 
 B)False

Question 8

In Holland, 72% of the people own a car. If five adults are randomly selected, what is the probability that none of the four have a car?

Accepted Answer

A)  4.93% 
B)  0.61% 
C)  23.60% 
D)  0.62% 
A)  4.93% 
B)  0.61% 
C)  23.60% 
D)  0.62%

Question 9

In reviewing retirement portfolios, Kim determined the probability of a client owning stock is 0.50 and the probability of owning a bond is 0.20. The probability of a customer who owns bonds already owning stock is 0.55. What is the probability a client owns both securities in their retirement portfolio?

Accepted Answer

A)  0.30 
B)  0.40 
C)  0.39 
D)  0.28 
A)  0.30 
B)  0.40 
C)  0.39 
D)  0.28

Question 10

Michael has interviewed for two jobs. He feels that he has a 65% chance of getting an offer on job A and a 45% chance of getting an offer on job B. He also believes there is a 40% chance of getting an offer on both jobs. What is the probability that he does not get an offer at either job?

Accepted Answer

A)  0.10 
B)  0.30 
C)  0.70 
D)  0.25 
A)  0.10 
B)  0.30 
C)  0.70 
D)  0.25

Question 11

The Poisson process is satisfied only if the number of successes counted in nonoverlapping intervals is independent and is not dependent on the proportional size of an interval.

Accepted Answer

A) True 
 B)False

Question 12

Michael has interviewed for two jobs. He feels that he has a 65% chance of getting an offer on Job A and a 45% chance of getting an offer on Job B. He also believes there is a 40% chance of getting an offer on both jobs. What is the probability that he receives an offer on at least one of the jobs?

Accepted Answer

A)  0.60 
B)  0.25 
C)  0.10 
D)  0.70 
A)  0.60 
B)  0.25 
C)  0.10 
D)  0.70

Question 13

Which is not a characteristic of the normal distribution?

Accepted Answer

A)  It is bell-shaped. 
B)  It is inverse. 
C)  It is asymptotic. 
D)  It is symmetric. 
A)  It is bell-shaped. 
B)  It is inverse. 
C)  It is asymptotic. 
D)  It is symmetric.

Question 14

Which theorem can the posterior probability be found using the prior probability and conditional probability?

Accepted Answer

A)  Fisher 
B)  Poisson 
C)  Bernoulli 
D)  Bayes' 
A)  Fisher 
B)  Poisson 
C)  Bernoulli 
D)  Bayes'

Question 15

Based on the provided table, the expected employee bonus is 3.05 or 3,050. What is the variance and the standard deviation of the annual bonus amount?

Accepted Answer

A)   $\sigma$=9.36=3.059 
B)   $\sigma$=4.95=2.225 
C)   $\sigma$=9.85=3.138 
D)   $\sigma$=11.47=3.387 
A)   $\sigma$=9.36=3.059 
B)   $\sigma$=4.95=2.225 
C)   $\sigma$=9.85=3.138 
D)   $\sigma$=11.47=3.387

Question 16

A special case where the mean is equal to zero and the variance is equal to one is called _____.

Accepted Answer

A)  normal distribution 
B)  standard normal distribution 
C)  corresponding value 
D)  standard normal variable 
A)  normal distribution 
B)  standard normal distribution 
C)  corresponding value 
D)  standard normal variable

Question 17

The _____ of the discrete random variable X, denoted by E(X), or simply $\mu$, is a weighted average of all possible values of X.

Accepted Answer

A)  summary value 
B)  corresponding value 
C)  random value 
D)  expected value 
A)  summary value 
B)  corresponding value 
C)  random value 
D)  expected value

Question 18

Which is the best probability to determine the outcome of rolling seven with two dice?

Accepted Answer

A)  subjective 
B)  empirical 
C)  classical 
D)  random 
A)  subjective 
B)  empirical 
C)  classical 
D)  random

Question 19

Howard Simpson at Organics Central Market ran a report showing the identified valued customer visits the market on average 18 times in a 30-day period. Howard now wants to break down the information further to determine how many visits he should expect in a 5-day period from a tracked value customer. What is the probability of a valued customer visiting all 5 days?

Accepted Answer

A)  10% 
B)  8% 
C)  4% 
D)  9% 
A)  10% 
B)  8% 
C)  4% 
D)  9%

Question 20

The sample space contains all probable outcomes of an experiment.

Accepted Answer

A) True 
 B)False

Which rule is being followed when summing P(A) and P(B) then subtracting P(A $\cap$ B) from the sum?

Michael has interviewed for two jobs. He feels that he has a 56% chance of getting an offer on Job A and a 60% chance of getting an offer on Job B. He also believes there is a 60% chance of getting an offer on both jobs. What is the probability that he receives an offer on at least one of the jobs?

The union of two events is denoted as

Which one does not satisfy the Poisson process?

A result of attaching probabilities to the outcomes of a Bernoulli process is called a binomial distribution.

In Holland, 72% of the people own a car. If five adults are randomly selected, what is the probability that none of the four have a car?

Michael has interviewed for two jobs. He feels that he has a 65% chance of getting an offer on job A and a 45% chance of getting an offer on job B. He also believes there is a 40% chance of getting an offer on both jobs. What is the probability that he does not get an offer at either job?

The Poisson process is satisfied only if the number of successes counted in nonoverlapping intervals is independent and is not dependent on the proportional size of an interval.

Michael has interviewed for two jobs. He feels that he has a 65% chance of getting an offer on Job A and a 45% chance of getting an offer on Job B. He also believes there is a 40% chance of getting an offer on both jobs. What is the probability that he receives an offer on at least one of the jobs?

Which is not a characteristic of the normal distribution?

Which theorem can the posterior probability be found using the prior probability and conditional probability?

Based on the provided table, the expected employee bonus is 3.05 or 3,050. What is the variance and the standard deviation of the annual bonus amount?

A special case where the mean is equal to zero and the variance is equal to one is called _____.

The _____ of the discrete random variable X, denoted by E(X), or simply $\mu$ , is a weighted average of all possible values of X.

Which is the best probability to determine the outcome of rolling seven with two dice?

The sample space contains all probable outcomes of an experiment.

Introduction to Business Analytics

Data Management and Wrangling

Data Visualization and Summary Measures

Statistical Inference

Regression Analysis

Advanced Regression Analysis

Introduction to Data Mining

Supervised Data Mining: K-Nearest Neighbors and Naãve Bayes

Supervised Data Mining: Decision Trees

Unsupervised Data Mining

Forecasting With Time Series Data

Introduction to Prescriptive Analytics

Filters

Exam 4: Probability and Probability Distributions

Which rule is being followed when summing P(A) and P(B) then subtracting P(A ∩\cap∩ B) from the sum?

Michael has interviewed for two jobs. He feels that he has a 56% chance of getting an offer on Job A and a 60% chance of getting an offer on Job B. He also believes there is a 60% chance of getting an offer on both jobs. What is the probability that he receives an offer on at least one of the jobs?

The union of two events is denoted as

Which one does not satisfy the Poisson process?

A result of attaching probabilities to the outcomes of a Bernoulli process is called a binomial distribution.

In Holland, 72% of the people own a car. If five adults are randomly selected, what is the probability that none of the four have a car?

Michael has interviewed for two jobs. He feels that he has a 65% chance of getting an offer on job A and a 45% chance of getting an offer on job B. He also believes there is a 40% chance of getting an offer on both jobs. What is the probability that he does not get an offer at either job?

The Poisson process is satisfied only if the number of successes counted in nonoverlapping intervals is independent and is not dependent on the proportional size of an interval.

Michael has interviewed for two jobs. He feels that he has a 65% chance of getting an offer on Job A and a 45% chance of getting an offer on Job B. He also believes there is a 40% chance of getting an offer on both jobs. What is the probability that he receives an offer on at least one of the jobs?

Which is not a characteristic of the normal distribution?

Which theorem can the posterior probability be found using the prior probability and conditional probability?

Based on the provided table, the expected employee bonus is 3.05 or 3,050. What is the variance and the standard deviation of the annual bonus amount?

A special case where the mean is equal to zero and the variance is equal to one is called _____.

The _____ of the discrete random variable X, denoted by E(X), or simply μ\muμ , is a weighted average of all possible values of X.

Which is the best probability to determine the outcome of rolling seven with two dice?

The sample space contains all probable outcomes of an experiment.

Introduction to Business Analytics

Data Management and Wrangling

Data Visualization and Summary Measures

Statistical Inference

Regression Analysis

Advanced Regression Analysis

Introduction to Data Mining

Supervised Data Mining: K-Nearest Neighbors and Naãve Bayes

Supervised Data Mining: Decision Trees

Unsupervised Data Mining

Forecasting With Time Series Data

Introduction to Prescriptive Analytics

Filters

Which rule is being followed when summing P(A) and P(B) then subtracting P(A $\cap$ B) from the sum?

The _____ of the discrete random variable X, denoted by E(X), or simply $\mu$ , is a weighted average of all possible values of X.