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