CC S-MD 5
(+) Weigh the possible outcomes of a decision by assigning probabilities to payoff values and finding expected values.
a. Find the expected payoff for a game of chance. For example, find the expected winnings from a state lottery ticket or a game at a fast- food restaurant.
b. Evaluate and compare strategies on the basis of expected values. For example, compare a high-deductible versus a low-deductible automobile insurance policy using various, but reasonable, chances of having a minor or a major accident.
Category: Statistics and Probability
Domain: S-MD Using Probability to Make Decisions
Cluster: Use probability to evaluate outcomes of decisions.
All Standards Common Core Standards 8-12