Standard #: MAFS.912.S-MD.2.5 (Archived Standard)


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Weigh the possible outcomes of a decision by assigning probabilities to payoff values and finding expected values. ★
  1. Find the expected payoff for a game of chance. For example, find the expected winnings from a state lottery ticket or a game at a fast-food restaurant.
  2. Evaluate and compare strategies on the basis of expected values. For example, compare a high-deductible versus a low-deductible automobile insurance policy using various, but reasonable, chances of having a minor or a major accident.


Related Courses

Course Number1111 Course Title222
1210300: Probability and Statistics Honors (Specifically in versions: 2014 - 2015, 2015 - 2019, 2019 - 2022, 2022 - 2024, 2024 and beyond (current))
1298310: Advanced Topics in Mathematics (formerly 129830A) (Specifically in versions: 2014 - 2015, 2015 - 2022 (course terminated))
1200500: Advanced Algebra with Financial Applications (Specifically in versions: 2014 - 2015 (course terminated))
1200387: Mathematics for Data and Financial Literacy (Specifically in versions: 2016 and beyond (current))


Related Resources

Lesson Plans

Name Description
Modeling Conditional Probabilities 2 This lesson unit is intended to help you assess how well students understand conditional probability, and, in particular, to help you identify and assist students who have the following difficulties representing events as a subset of a sample space using tables and tree diagrams and understanding when conditional probabilities are equal for particular and general situations.
Probability

This lesson is designed to develop students' understanding of probability in real life situations. Students will also be introduced to running experiments, experimental probability, and theoretical probability. This lesson provides links to discussions and activities related to probability as well as suggested ways to integrate them into the lesson. Finally, the lesson provides links to follow-up lessons designed for use in succession with the current one.

Phalangelpodscribitis? - Analysis with Probability

In this Model Eliciting Activity, MEA students will be presented with seven (7) medications that will help cure an individual of Phalangelpodscribitis (a fictitious ailment). Students will be given the effectiveness of each medication, the cost to patients with and without insurance, and the possible side effects of each. Each team will be tasked with ranking these medications for a client to help decide the pros and cons of the medications that should be used in treating Phalangelpodscribitis (PPS).

Model Eliciting Activities, MEAs, are open-ended, interdisciplinary problem-solving activities that reveal students’ thinking about the concepts embedded in realistic situations. MEAs resemble engineering problems and encourage students to create solutions in the form of mathematical and scientific models. Students work in teams to apply their knowledge of science and mathematics to solve an open-ended problem while considering constraints and tradeoffs. Students integrate their ELA skills into MEAs as they are asked to document their thought processes. MEAs follow a problem-based, student-centered approach to learning, where students are encouraged to grapple with the problem while the teacher acts as a facilitator. To learn more about MEAs visit: https://www.cpalms.org/cpalms/mea.aspx

Perspectives Video: Expert

Name Description
How Math Models Help Insurance Companies After a Hurricane Hits

Hurricanes can hit at any time! How do insurance companies use math and weather data to help to restore the community?

Download the CPALMS Perspectives video student note taking guide.

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