Look at different situations involving probabilities (dice, American football, the chance of rain, and life insurance) and see how many decisions are based on assessment of probabilities.
- A lot of decisions in life are based…on our assessment of probabilities.…Probability is the chance that an event will occur.…A probability is often stated in percentage terms.…For example, there is 15% chance…that your academic paper will be accepted for publication.…Or with your test scores, there is an 80% probability…you'll be accepted to the graduate program.…We will look at four different situations…involving probabilities:…dice, two-point conversions in American football,…the chance of rain, and life insurance.…
Now, a numbered cube is a common device…for generating random numbers in a game.…We call these dice,…although I guess technically a single cube…should be called a die.…I'll just say dice.…Dice have six sides,…with each side containing a different number of dots…from one up to six.…The probability to give a number one through six…will appear face up when you roll the dice is 16.7%, 1/6.…There's no mystery here.…If the cube is constructed properly…and is bounced around sufficiently,…the mechanics of the situation determine…
In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.
Skill Level Beginner
1. The Power of Ratios and Percentages
2. Applied Probability and Statistics
3. Numerical Planning and Measurement
4. Interest: Paying and Earning
5. The Art of Numerical Estimation
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