Students will use probability and regressions to evaluate outcomes of decisions.
Inference and Regression Analysis
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Weigh the possible outcomes of a decision by assigning probabilities to payoff values and finding expected values:
Use probabilities to make fair decisions (e.g., drawing by lots, using a random number generator)
Analyze decisions and strategies using probability concepts (e.g., product testing, medical testing, pulling a hockey goalie at the end of a game)
Calculate the sum of the squared deviations for a given line modeling a set of data and interpret the regression line as the linear model that minimizes this sum
Use the principle of least squares to find the curve of best fit for a set of data