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University of Phoenix Probability and Decision Making Discussion

University of Phoenix Probability and Decision Making Discussion

Question Description

Due by Thursday

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:

  • Consider a situation that you might need to use your understanding of probability to make an informed decision.
  • What information would you collect? What variables would be important in making a decision?
  • How would you use what you have learned about probability in your readings for this week to determine a course of action?
  • What are the possible benefits and limitations of this approach?

Use the information in your readings to inform and guide your response.


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