## Module 1

### 1. Module 1

### Module 1 Introduction

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Many natural phenomena can be difficult to predict. When will an earthquake occur? Should you buy earthquake insurance? Will your house get flooded next year? Are you covered for floods? How many days of sunshine will your town get next year? When should you book a holiday?

All of these problems can be difficult to answer directly. However, it is possible to describe the likelihood of any of these events occurring and use this information to help make decisions. Probability and odds are two methods of mathematically representing the chance an event will occur.

In this module you will focus on probability. You will work to answer the module question: How can probability be used to help you make better decisions? To do this, you will explore the lessons and questions in the table.

Lesson |
Topic |
Lesson Questions |

1 |
Experimental Probability |
How does probability affect your decisions? |

2 |
Theoretical Probability |
How does theoretical probability differ from experimental probability? |

What is the theoretical probability of an event? |
||

3 |
Odds and Probability |
What is the relationship between odds and probability? |

How are odds calculated? |
||

How does an understanding of odds and probability help you make decisions and solve contextual problems? |
||

4 |
Applications and Problem Solving |
How can probability and odds be used to help make decisions? |

You will be prompted to complete Module 1 Project: Applying Probability in a Business as you work through the lessons. You might want to skip forward to the Module 1 Project for a sneak peek now.

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