Question

MAT 203E: Assignment 2.2

In one to two pages, answer the following:

1. Why is probability useful for making better decisions? Your answer should include some discussion of the nature of probability, how we arrive at different probability outcomes, where we might get pertinent data, and how risk seeking or risk averse we are vis-à-vis probability percentages.
   
2. Select variables that a Las Vegas casino might use in picking the probability of the Super Bowl winner six months before the game is played.
   
3. Select what conditions could change over the course of the regular season that would require the same casino to revise its probability of the Super Bowl winner, or at least the odds of it winning the Super Bowl.

Answer 1