Assignment:
DISCUSSION
Have you ever wondered about the likelihood of an event occurring? Whether it's the odds of your favorite football team winning on Sunday or how much you pay for car insurance, probability concepts can play a role in making those determinations.
Respond to the following questions in a minimum of 175 words:
1. Consider a situation that you might need to use your understanding of probability to make an informed decision. Discuss a specific example of a decision that you have made in the past, or contemplating for the future.
2. What sorts of information would you collect? Discuss how would you estimate the probabilities of the possible outcomes based on the information you collect and the readings for this week.
3. How might you use what you have learned about probability to determine a course of action?
4. What are the possible benefits and limitations of using the probability approach for decision making?