Flashcard - Discrete Probability Distributions

Front

What is a discrete probability distribution?

Back

A discrete probability distribution is a statistical distribution that describes the likelihood of outcomes for a discrete random variable, which can take on a countable number of values.

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How do you calculate the mean of a discrete probability distribution?

Back

To calculate the mean, multiply each possible value by its probability and sum all the products.

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What is the expected value in probability?

Back

The expected value is the long-term average or mean of a random variable, calculated as the sum of all possible values, each multiplied by its probability.

Front

Define 'discrete random variable'.

Back

A discrete random variable is a variable that can take on a finite or countably infinite number of values.

Front

What is the probability of an event?

Back

The probability of an event is a measure of the likelihood that the event will occur, ranging from 0 (impossible) to 1 (certain).

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How do you find the probability of getting at least 4 correct answers on a 5-question true-false quiz?

Back

Calculate the probabilities of getting exactly 4 and exactly 5 correct answers, then sum these probabilities.

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What is the difference between discrete and continuous data?

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Discrete data consists of distinct, separate values (e.g., number of students), while continuous data can take any value within a range (e.g., height, weight).

Front

What is a probability mass function (PMF)?

Back

A probability mass function is a function that gives the probability that a discrete random variable is equal to a specific value.

Front

How do you round a number to the nearest hundredth?

Back

To round to the nearest hundredth, look at the third decimal place; if it's 5 or more, round up the second decimal place by one.

Front

What is the formula for calculating the expected value of a stock?

Back

Expected Value = (Probability1 * Value1) + (Probability2 * Value2) + ... + (ProbabilityN * ValueN).