Assessment 1: Probability Concepts Report
(addresses learning outcome 5 – BS502B)
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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