Lessons

Latisha Develops an Investment Plan

Discipline

Mathematics

Grades

9, 10, 11, 12

Go To Resource >>

Collections Containing This Resource

Common Core State Standards for Mathematics

High School - Statistics and Probability

Using Probability to Make Decisions

Use probability to evaluate outcomes of decisions

HSS-MD.B.5

Weigh the possible outcomes of a decision by assigning probabilities to payoff values and finding expected values.

- Find the expected payoff for a game of chance.
*For example, find the expected winnings from a state lottery ticket or a game at a fast-food restaurant.* - Evaluate and compare strategies on the basis of expected values.
*For example, compare a high-deductible versus a low-deductible automobile insurance policy using various, but reasonable, chances of having a minor or a major accident.*

HSS-MD.B.7

(+) Analyze decisions and strategies using probability concepts (e.g., product testing, medical testing, pulling a hockey goalie at the end of a game).

Ohio Mathematics Academic Content Standards (2001)

Mathematical Processes Standard

Benchmarks (8–10)

A.

Formulate a problem or mathematical model in response to a specific need or situation, determine information required to solve the problem, choose method for obtaining this information, and set limits for acceptable solution.

E.

Use a variety of mathematical representations flexibly and appropriately to organize, record and communicate mathematical ideas.

Benchmarks (11–12)

A.

Construct algorithms for multi-step and non-routine problems.

J.

Apply mathematical modeling to workplace and consumer situations, including problem formulation, identification of a mathematical model, interpretation of solution within the model, and validation to original problem situation.

Principles and Standards for School Mathematics

Problem Solving Standard

Solve problems that arise in mathematics and in other contexts

Representation Standard

Create and use representations to organize, record, and communicate mathematical ideas

Select, apply, and translate among mathematical representations to solve problems

Use representations to model and interpret physical, social, and mathematical phenomena

Students are introduced to integer programming through practical problems in which they formulate decisions using 0-1 variables, by entering these integer variables into a decision matrix in a spreadsheet and manipulating the spreadsheet to evaluate alternative decision combinations. Activity sheets guide students step by step through the basic process. A 14-page resource for the teacher provides background to the lesson, describes extensions that include additional constraints, and poses real-life applications through case studies from businesses. Blackline masters, complete solutions to problems, and Internet extensions are also included. (author/sw)