UCF QMB3200 Midterm Study Latest Update
2024-2025 Actual Exam from Credible Sources
with 100 Questions and Verified Correct Answers
Golden Ticket to Guaranteed A+ Verified by
Professor
Addition Law - CORRECT ANSWER: a probability law used to compute the probability
of the union of two events.
P(A ∩ B)= P(a)+P(B) - P(A u B)
Analytics - CORRECT ANSWER: the scientific process of transforming data into insight
for making better decisions
Bar Chart - CORRECT ANSWER: A graphical device for depicting categorical data that
have been summarized in a frequency, relative frequency, or percent frequency
distribution.
Basic requirements for assigning probabilities: - CORRECT ANSWER: 1. The
probability assigned to each experimental outcome must be between 0 and 1
2. The sum of the probabilities for all experimental outcomes must equal 1
Big Data - CORRECT ANSWER: A set of data that cannot be managed, processed, or
analyzed with commonly available software in a reasonable amount of time. Big Data
are characterized by 4 v's: volume, velocity, variety, and veracity.
Binomial Experiment - CORRECT ANSWER: An experiment with the following
characteristics:
(1) The experiment consists of a fixed number of trials denoted by n
(2) each trial has only two possible outcomes, a success or a failure
(3) the probability of success and the probability of failure are constant throughout the
experiment
, (4) each trial is independent of any other trial in the experiment.
Binomial Probability Function - CORRECT ANSWER: the function used to compute
binomial probabilities
bivariate probability distribution - CORRECT ANSWER: A probability distribution
involving two random variables. A discrete bivariate probability distribution provides a
probability for each pair of values that may occur for the two random variables.
Chebyshev's Theorem - CORRECT ANSWER: A theorem that can be used to make
statements about the proportion of data values that must be within a specified number
of standard deviations of the mean.
~ At least 75% of the data values must be within z=2 SD's of the mean
~ At least 89% of the data values must be within z=3 SD's of the mean
~ At least 94% of the data values must be within z=4 SD's of the mean
Class Midpoint - CORRECT ANSWER: the value halfway between the lower and upper
class limits
Classical Method - CORRECT ANSWER: a method of assigning probabilities that is
appropriate when all the experimental outcomes are equally likely. If n experimental
outcomes are possible, a probability of 1/n is assigned to each experimental outcome.
Coefficient of Variation - CORRECT ANSWER: A measure of relative variability
computed by dividing the standard deviation by the mean and multiplying by 100.
Combinations - CORRECT ANSWER: In an experiment we may be interested in
determining the number of ways n objects may be selected from among N objects
without regard to the order in which the n objects are selected.
Complement of A - CORRECT ANSWER: the event consisting of all sample points that
are not in A; denoted as Ac
2024-2025 Actual Exam from Credible Sources
with 100 Questions and Verified Correct Answers
Golden Ticket to Guaranteed A+ Verified by
Professor
Addition Law - CORRECT ANSWER: a probability law used to compute the probability
of the union of two events.
P(A ∩ B)= P(a)+P(B) - P(A u B)
Analytics - CORRECT ANSWER: the scientific process of transforming data into insight
for making better decisions
Bar Chart - CORRECT ANSWER: A graphical device for depicting categorical data that
have been summarized in a frequency, relative frequency, or percent frequency
distribution.
Basic requirements for assigning probabilities: - CORRECT ANSWER: 1. The
probability assigned to each experimental outcome must be between 0 and 1
2. The sum of the probabilities for all experimental outcomes must equal 1
Big Data - CORRECT ANSWER: A set of data that cannot be managed, processed, or
analyzed with commonly available software in a reasonable amount of time. Big Data
are characterized by 4 v's: volume, velocity, variety, and veracity.
Binomial Experiment - CORRECT ANSWER: An experiment with the following
characteristics:
(1) The experiment consists of a fixed number of trials denoted by n
(2) each trial has only two possible outcomes, a success or a failure
(3) the probability of success and the probability of failure are constant throughout the
experiment
, (4) each trial is independent of any other trial in the experiment.
Binomial Probability Function - CORRECT ANSWER: the function used to compute
binomial probabilities
bivariate probability distribution - CORRECT ANSWER: A probability distribution
involving two random variables. A discrete bivariate probability distribution provides a
probability for each pair of values that may occur for the two random variables.
Chebyshev's Theorem - CORRECT ANSWER: A theorem that can be used to make
statements about the proportion of data values that must be within a specified number
of standard deviations of the mean.
~ At least 75% of the data values must be within z=2 SD's of the mean
~ At least 89% of the data values must be within z=3 SD's of the mean
~ At least 94% of the data values must be within z=4 SD's of the mean
Class Midpoint - CORRECT ANSWER: the value halfway between the lower and upper
class limits
Classical Method - CORRECT ANSWER: a method of assigning probabilities that is
appropriate when all the experimental outcomes are equally likely. If n experimental
outcomes are possible, a probability of 1/n is assigned to each experimental outcome.
Coefficient of Variation - CORRECT ANSWER: A measure of relative variability
computed by dividing the standard deviation by the mean and multiplying by 100.
Combinations - CORRECT ANSWER: In an experiment we may be interested in
determining the number of ways n objects may be selected from among N objects
without regard to the order in which the n objects are selected.
Complement of A - CORRECT ANSWER: the event consisting of all sample points that
are not in A; denoted as Ac
