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© 2014 Pacific Crest
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How to complete the activity
1. Pick one of the following four scenario/decision pairs.
Scenario
Decision
1 an upcoming storm
When and why do we close the local schools?
2 a pending election
How do we spend our remaining advertising money 1 week
before the election?
3 the stock market
When and how much do we invest in the stock market?
4 the outcome of key sporting
event such as the Super Bowl
Who do we bet on; when and how much?
2. Complete the Randomness and Decision-Making worksheet for your selected scenario (or respond
to each of its prompts).
3. Answer the Critical Thinking Questions.
4. Assess your worksheet to improve your decision, based upon new learning.
5. Complete the remainder of this activity (from Demonstrate Your Understanding through Assessing
Your Performance) on your own, or as directed by your instructor.
C
ritical Thinking Questions
Developing your understanding
1. When we talk about a “situation with a random component,” what do we mean by the word,
situation
?
2. When we talk about a “situation with a random component,” what do we mean by
random compo-
nent
?
3. What is the difference between an
expected outcome
and a
likely outcome
?
4. Why do we rank the random components?
3.2 Finding Patterns in Random Behavior