23 May BRIEFLY EXPLAIN THE CONCEPT OF THE MEAN AND STANDARD DEVIATION OF A DISCRETE RANDOM VARIABLE.
Two students (A and B) are randomly selected from a statistics class, and it is observed whether or not they suffer from math anxiety. List all the outcomes included in each of the following events. Indicate which are simple and which are compound events. Explain why.
1.Both students suffer from math anxiety.
2.Exactly one student suffers from math anxiety.
3.The first student does not suffer and the second suffers from math anxiety.
4.None of the students suffers from math anxiety.
2. What are the 3 main approaches to developing of probabilities? Explain which one you might use most in a business decision-making situation? Why? Try to come up with an example if you can.
3. A prospective employee has applied for a job. She is given the choice to interview this week or next. She doesn’t know it but one of the key managers in the hiring process is not available this week. If she interviews this week, there is a 50% probability that she will be asked to a second round of interviews so she can meet with the absentee manager. If she comes to the second round, there is a 50% probability that she’ll get hired. If she just waits until he returns and interviews next week, there is a 30% probability that she will get hired after the group interviews. Which week should she schedule her interview (Note: it requires math to figure this out). Is this an example of conditional probability? Why or why not?
4. Explain the meaning of a random variable, a discrete random variable, and a continuous random variable. Give one example each of a discrete random variable and a continuous random variable.
5. Explain the meaning of the probability distribution of a discrete random variable. Give one example of such a probability distribution.
6. Briefly explain the concept of the mean and standard deviation of a discrete random variable.
7. What is a binomial distribution? Provide a variable that you might expect to use in this type of distribution.
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