This article describes the adaptation and use of the Monopoly® board game as a simple simulator to help introduce the principles of probability and risk. It focusses on teaching experiences in an undergraduate business program and offers a new approach to teaching probability and risk with dice to produce a collaborative simulated gaming…

The classroom activity described here allows mathematically mature students to explore the role of mean, median and mode in a decision-making environment. While students discover the importance of choosing a measure of central tendency, their understanding of probability distributions, maximization, and prediction is reinforced through active…