How are probabilities important to decision making
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How are probabilities important to decision making
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Counting Techniques and Introduction to Probability
Use the AIU Library or the Internet to research and find a situation where probabilities might be useful in daily life or in your chosen career. Complete the following:
- Explain in detail how probabilities are used in the situation you chose.
- What makes probabilities useful in this situation? Do these probabilities affect decision making in this situation? Explain your answer.
- Give a specific example of how probabilities are used in this situation.
- How are probabilities important to decision making in this situation? If they are not, then discuss why not.
- Choose a lottery game that you are familiar with, and find the odds and probabilities of winning that lottery game. Show exactly how these odds and probabilities are calculated. Discuss your findings as they relate to the possibility of winning.
- What is the difference between the probability given in a weather forecast and the probability of getting three heads in a row when flipping a coin?
