1
MSIS 3223 EXAM 2 REVIEW QUESTIONS
WITH VERIFIED SOLUTIONS | LATEST
2026
classical definition of probability - correct-answer -If the process that generates
the outcome is known, probabilities can be deduced from theoretical arguments,
this is the ______
Relative Frequency - correct-answer -based on empirical data. The probability that
an outcome will occur is simply the relative frequency associated with that
outcome.
subjective definition of probability - correct-answer -based on judgment and
experience as sports experts might predict at the start of the football season—
what is the probability of a specific team winning the national championship?
Random Variable - correct-answer -a numerical description of the outcome of an
experiment
1
, 2
discrete random variable - correct-answer -when the number of possible
outcomes can be counted
continuous random variable - correct-answer -has outcomes over one or more
continuous intervals or real numbers
The ____ of a random variable corresponds to the notion of the mean or average
for a sample - correct-answer -expected value
Joint Probability - correct-answer -the probability of the intersection of two events
Conditional Probability - correct-answer -the probability that one event happens
given that another event is already known to have happened
How is the variance of a discrete random variable computed? - correct-answer -as
a weighted average of the squared deviations from the expected value
2
MSIS 3223 EXAM 2 REVIEW QUESTIONS
WITH VERIFIED SOLUTIONS | LATEST
2026
classical definition of probability - correct-answer -If the process that generates
the outcome is known, probabilities can be deduced from theoretical arguments,
this is the ______
Relative Frequency - correct-answer -based on empirical data. The probability that
an outcome will occur is simply the relative frequency associated with that
outcome.
subjective definition of probability - correct-answer -based on judgment and
experience as sports experts might predict at the start of the football season—
what is the probability of a specific team winning the national championship?
Random Variable - correct-answer -a numerical description of the outcome of an
experiment
1
, 2
discrete random variable - correct-answer -when the number of possible
outcomes can be counted
continuous random variable - correct-answer -has outcomes over one or more
continuous intervals or real numbers
The ____ of a random variable corresponds to the notion of the mean or average
for a sample - correct-answer -expected value
Joint Probability - correct-answer -the probability of the intersection of two events
Conditional Probability - correct-answer -the probability that one event happens
given that another event is already known to have happened
How is the variance of a discrete random variable computed? - correct-answer -as
a weighted average of the squared deviations from the expected value
2
