Exploring Probability Concepts and Expected Values

What does probability help CEOs decide?

• Choosing company colors

• Hiring new employees

• New office locations

• Investments in research and mergers

How is probability conventionally expressed?

• As percentages

• Using whole numbers

• Between 0 and 1

• In fractions

What does a probability of 1 indicate?

• Absolute certainty of occurring

• Absolute uncertainty

• 50% chance of occurring

• Absolute certainty of not occurring

What is the probability of rolling a 4 on a six-sided die?

• 1/4

• 1/6

• 1/2

• 1/3

How do you calculate experimental probability?

• Total trials over number of events

• Successful trials over total trials

• Number of trials over successful trials

• Number of events over successful trials

What does an expected value of 5 mean in a card drawing experiment?

• Drawing a spade 5 times in 20 trials

• Drawing a heart 5 times

• Guaranteed 5 spades in a row

• Drawing any card 5 times

What is the expected value when hitting a target with a bow and arrow?

• 100 points

• 5 points

• 10 points

• 23 points

What is the most probable sum of rolling two 6-sided dice?

• 6

• 12

• 7

• 2

What does the complement of an event represent?

• The event happening twice

• Everything the event is not

• The event occurring under special conditions

• A duplicate of the event

How is the probability of not rolling a 3 on a six-sided die calculated?

• 2/3

• 1/6

• 5/6

• 1/3