lesson
Evaluating Risk vs. Reward in Probability-Based Decisions
Weigh the probability and magnitude of potential gains against potential losses to make informed decisions.
Updated 1 month ago · 4 views
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This lesson is part of a track
Public learning track
Analyzing Real-World Decisions with Probability
5 lessons
Goal
Use expected value and conditional probability to evaluate real-world decisions in product testing, medical screening, sports strategy, and risk-reward trade-offs, culminating in a decision analysis project.
5 lessons
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- Sports Strategy Decisions Using Probability: Pulling the GoalieNot started yet
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- Real-World Decision Analysis ProjectNot started yet
Learning standards covered
HSS.MD.B.7Common Core State Standards · Math · 11th Grade(+) Analyze decisions and strategies using probability concepts (e.g., product testing, medical testing, pulling a hockey goalie at the end of a game).
Open Global Standard:OGM.13.PRB.4
HSS.MD.B.5Common Core State Standards · Math · 11th Grade(+) Weigh the possible outcomes of a decision by assigning probabilities to payoff values and finding expected values.
Open Global Standard:OGM.13.PRB.4
OGM.13.PRB.4