15 May WHAT IS THE DIFFERENCE BETWEEN UNCERTAINTY AND RISK?
What is the difference between UNCERTAINTY and RISK?
2. What makes pivot tables so powerful?
3. What is the range of numbers for PROBABILITY?
4. Can I have a probability of 1.2, -.1, or .5?
5. What is the rule of COMPLEMENTS in probability and what is the
NOTATION?
6. What does MUTUALLY EXCLUSIVE mean and provide an example?
7. Provide an explanation and example of EXHAUSTIVE EVENTS?
8. What are CONDITIONAL PROBABILITIES, provide the formula, and give an
example?
9. From the CONDITIONAL PROBABILITY FORMULA, find the formula for
the MULTIPLICATION RULE that pertains to CONDITIONAL
PROBABILITIES?
10. Please describe what PROBABILISTICALLY INDEPENDENT EVENTS
mean and what is the MULTIPLICATION RULE for INDEPENDENT EVENTS?
11. What is RELATIVE FREQUENCY and the LAW OF LARGE NUMBERS?
12. What is the difference between OBJECTIVE and SUBJECTIVE
PROBABILITIES and why would we worry about both?
13. How would one use SENSITIVITY ANALYSIS to help make a decision when
the probabilities are SUBJECTIVE?
14. DISCRETE versus CONTINUOUS, please explain.
15. What is the CUMULATIVE PROBABILITY, give an example?
16. What is the expected value of a PROBABILITY DISTRIBUTION?
17. What is the VARIANCE of a PROBABILITY DISTRIBUTION, the
FORMULA, and give an example?
18. UNBOUND and BOUNDED DISTRIBUTION, and DISCRETE and
CONTINUOUS DISTRIBUTION? Give examples of each type of distribution.
19. TWO-PARAMETER versus GREATER THAN TWO PARAMETERS: please
explain.
20. STANDARD NORMAL DISTRIBUTION, please describe and tell me what is
on the y axis?
21. When would you use the NORMAL, BINOMIAL, POISSON, and
EXPONENTIAL DISTRIBUTIONS?
22. How does one use the Z SCORE to make decisions?
23. If the distribution of a population is not normally distributed, how would you
still use the Z SCORE?
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