S-MD: Statistics and Probability - Using Probability to Make Decisions

Statistics and Probability - Using Probability to Make Decisions

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Using Probability to Make Decisions connects expected value calculations to real-world choices such as insurance and game strategy. Standards include evaluating probability models and making fair-decision analyses. This domain rounds out the Statistics and Probability strand in Algebra 2 and Statistics courses.

S-MD.ACalculate expected values and use them to solve problems.S-MD.BUse probability to evaluate outcomes of decisions.
Example Problems
A fair coin is flipped 5 times. Let be the number of heads. What is the expected value of ?
In a game you roll a fair six-sided die. You receive (3 times the number showing) dollars minus 5 dollars. What is the expected payout?
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Find the indicated probability.
A photocopier has a chance of breaking this month, which would cost to repair; otherwise, there is no repair cost. What is the expected repair cost for the month?
Ramkin is going to flip a fair coin 1,200 times.
What is the best prediction for the number of times that the coin will land heads up?
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