Probability and Decision Making · Data & Statistics

Expected Value and Risk

Evaluating the long term outcomes of probabilistic scenarios and games of chance.

Key Questions

  1. 1How do insurance companies use expected value to determine policy premiums?
  2. 2What does it mean for a game to be mathematically fair?
  3. 3How can probability models help us make decisions under uncertainty?

Common Core State Standards

CCSS.Math.Content.HSS.MD.A.2CCSS.Math.Content.HSS.MD.B.5
Grade: 10th Grade
Subject: Mathematics
Unit: Probability and Decision Making
Period: Data & Statistics

Suggested Methodologies

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