Probabilistic Decision Making

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Students will use properties of normal distributions to make decisions about optimization and efficiency.
Calculate theoretical and empirical probabilities using standardized and nonstandardized data.
Analyze and interpret the probabilities in terms of context.
Consider contextual factors and investigate issues within the decision-making process.
Apply techniques to quality control settings.
Students will use properties of other distributions (e.g. binomial, geometric, Poisson) to make decisions about optimization and efficiency
Calculate theoretical and empirical probabilities using standardized and nonstandardized data.
Analyze and interpret the probabilities in terms of context.
Consider contextual factors and investigate issues within the decision-making process.
Students will use other probabilistic models to make decisions
Use program evaluation review technique (PERT) to investigate completion times of a project
Develop and apply transition matrices to make predictions using Markov Chains
Apply queuing theory.
Consider contextual factors and investigate issues within the decision making process.
Students will use computer simulations to make decisions.
Use technology to simulate a real world situation.
Analyze, evaluate, and interpret results.
Examine alternate decisions in response to contextual changes.

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