Use probability to evaluate outcomes of decisions
Statistics and Probability: Using Probability to Make Decisions
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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).
Use probability to evaluate outcomes of decisions.