Chapter- 4

Question 1

A variable that assumes numerical values that are determined by the outcome of an experiment

Answer 1

Random Variable

Question 2

Possible values can be counted or listed (number of iPods sold in a week)

Answer 2

Discrete Random Variable

Question 3

May assume any numerical value in one or more intervals

The interest rate charged for a mortgage loans at a bank

Answer 3

Continuous Random Variable

Question 4

Displays the probability associated with all the possible outcome

Answer 4

Probability Distribution

Question 5

The average of the squared deviation of the different values of the random Variable from the expected value

Answer 5

Variance

Question 6

The square root of the variance

Answer 6

Standard deviation

Question 7

The probability of the occurrence is the same for any intervals of equal length.

The occurrence in any interval is independent of an occurrence in any non-overlapping interval

Answer 7

Poisson Distribution