Probability and Chance · Data and Probability

Probability in Decision Making

Using probability to assess risk and make informed predictions in games and insurance.

Key Questions

  1. 1How do casinos or insurance companies use probability to ensure they remain profitable?
  2. 2What does it mean for a game to be mathematically 'fair'?
  3. 3How can we use probability to predict the long term frequency of an event?

Ontario Curriculum Expectations

ON: Data - Grade 7
Grade: Grade 7
Subject: Mathematics
Unit: Probability and Chance
Period: Data and Probability

Suggested Methodologies

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More in Probability and Chance

Theoretical Probability

Calculating the mathematical likelihood of simple and compound events.

2 methodologies

Experimental Probability

Conducting trials and comparing observed results to expected theoretical values.

2 methodologies

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