Why It Matters
Use probability theory to compute the expected value of an event
Introduction
You are at the company picnic, and the boss divides everyone up to compete in a series of friendly competitions. The boss says that he has randomly chosen teams of six people, but the boss winds up on the same team as the five best athletes in the company. What are the odds of this happening by chance if there are ninety employees at the picnic?Learning Outcomes
- Distinguish between independent, mutually exclusive, and a union of events and their associated probabilities
- Understand and determine conditional probability
- Use Baye's Theorem to compute conditional probabilities
- Use the Basic Counting Rule to construct permutations and combinations
- Use permutations and combinations to construct probabilities of events
- Compute the expected value of an event
Licenses & Attributions
CC licensed content, Original
- Authored by: Paul Jones and Lumen Learning. License: CC BY: Attribution.
