Today we worked through a series of problems, determining the probability models and calculating expected values for the problems. There were good discussions about appropriate models and how to account for initial costs. By the end of working through and discussing the five problems we worked on everyone was feeling comfortable with creating probability models and calculating expected values using the models.
We then worked through a simulation to calculate the expected value from the simulation. This enabled students to compare the process for calculating expected values from a theoretical perspective and from a simulated perspective.
The next portfolio problem was assigned. This problem ties in creating probability models, verifying the model is valid, calculating an expected value, simulating the problem, and comparing the simulated result to the theoretical result.
Visit the class summary for a student's perspective of the class and to view the lesson slides.
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