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Friday, April 15, 2016

Assessment 1: Probability Concepts Report

 April 15, 2016     No comments   


Assessment 1: Probability Concepts Report


You are asked to undertake the following:

Select a popular gambling game that would be played in a Casino. Only two students may select the same game, however they each have to pick a separate “play”.



1.     Explain the basic properties of probability and how they apply to the game selected.

Pick a “play” and calculate the probability of this occurring. No student is allowed to select the same “play”. For example, if two students pick “Blackjack”, and if one student picks “21 – Ace + coloured card”, to calculate probability, the other student has to select another play, ie “splitting a pair”)

2.     Explain and represent graphically through Venn diagrams, what is meant by mutually exclusive, dependent and independent events. Discuss what type of events the game “play” they have selected is.

3.     Considering on the balance of probabilities, (ie a normal distribution), calculate the chances (z-score) of your “play” coming up in a game. Represent this calculation by using a z-score table to determine the area under the curve.

4.     Apart from “Gaming”, briefly discuss what business problems could typically be solved using normal distribution curves and z-scores.

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