Scenario
The CEO is interested in learning more about probability and how it works. The CEO is also asking about how probability and analytics can be integrated into the business model. In the process of looking for information on probability, you find that it is important to understand optimization and forecasting and how they can be applied to benefit the business. He would like you to show how to calculate probability via Excel while they are in a work conference in Atlantic City. The CEO specifically asked you to create a spreadsheet that shows how to calculate probability of rolling dice, playing roulette, and percentage of number of dogs rescued at the CEO’s favorite charity.
The following is the necessary information to complete this lab assignment.
Lab Components and Instructions
The deliverable for this lab is a Microsoft Word document, including completed work from all steps below.
This lab will use the following Lab Resources.
- Access Microsoft Excel from the DeVry Desktop (course navigation on the left side).
- You can also use Microsoft Excel, if its installed on your personal computer.
Please download the
in order to prepare for the steps below.
Watch the video below that goes into the lab steps:
- Start on cell K3 on the Dice worksheet.
- Enter the following formula: =COUNTIF($C$3:$H$8,J3).
- In cell L3, enter the following formula: =K3/36.
- Complete the similar formulas for the range K4:L13. (Hint: You could use the drop and drag feature in Excel.)
- In cell E16, enter the appropriate formula to calculate the probability of either rolling a 7 or 11.
- In cell E17, enter the appropriate formula to calculate the probability of either rolling a 2, 3, or 12.
- Save your work so far and go to cell E8 on the Roulette worksheet.
- Considering that the roulette ball can land on the numbers 1 through 36 or land on a 0 or 00, calculate the appropriate probability of landing on a red number.
- On cell E9, calculate the appropriate probability of landing on a 0 or 00.
- On cell E10, calculate the appropriate probability of landing on a black number.
- On cell E12, calculate the appropriate probability of landing on an even number not 0 or 00.
- On cell E13, calculate the appropriate probability of landing on an odd number not 0 or 00.
- Save your work so far and move to step 3.
- Go to the Joint Probability Worksheet Table
- Select the entire data table, including the blank total and row columns.
- Select the Sum function from the Home toolbar (it is the Greek letter Sigma, that looks a bit like a capital E). This will put totals in the outer right column and bottom row:
- Read, or calculate each probability from the joint probability table to answer questions 1 to 6. Use the video in the preparation portion of these instructions for how to calculate each probability. The formulas you should use are given below:
- Answer questions 7, putting your answer in the textbox. Make sure your answer to his question uses a probability based on the joint probability table.
- Save your work so far and move to Step 4.
Submit your Microsoft Excel file to Canvas.
Action
Select the Start Assignment button to begin.
Once you have uploaded your files, select Submit Assignment.
Rubric
BIAM110 Week 4 Lab – SEP25
BIAM110 Week 4 Lab – SEP25
CriteriaRatingsPtsThis criterion is linked to a Learning Outcome
Dice Rolling Problem
The COUNTIF function is used to calculate how often the dice produce each given total in the top right table. The probability of rolling each total is also given in this table. The probabilities of achieving the specific combined totals is given in the table at the bottom left.
20 pts
Full Marks
15 pts
Most elements are present
10 pts
Some elements are present
5 pts
Few elements are present
0 pts
All element are missing.
20 pts
This criterion is linked to a Learning Outcome
Roulette Problem
The probabilities in the bottom left table are calculated correctly.
20 pts
Full Marks
15 pts
Most elements are present
10 pts
Some elements are present
5 pts
Few elements are present
0 pts
This problem is not completed.
20 pts
This criterion is linked to a Learning Outcome
Joint Probability Table
The row and column totals are calculated properly using the sum function. Each of the probabilities in questions 1 to 6 are either read properly from the top right table, or are calculated properly. The answer to question 7 is correct and refers to the correct probability.
30 pts
Full Marks
24 pts
Most elements are present
18 pts
Some elements are present
12 pts
Few elements are present
6 pts
Very few elements are present
0 pts
No Marks
30 pts
Total Points: 70
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