A formula is derived for a 'two-dice horse race', in which two ordinary dice are thrown repeatedly and each time the sum of the scores determines which horse (numbered 2 to 12) moves forward one space. This paper answers a question posed in a former "Teaching Statistics" article, and demonstrates the value of simulation.

The formula for the variance of a binomial distribution is both concise and elegant. However, it is often taught without reference to the underlying reasoning. That being the case, is it important, or useful, to understand why this formula can be used to calculate the requisite result? In this article, the author demonstrates a teaching sequence…

In this paper, we derive the result of the classical gambler's ruin problem using elementary linear algebra. Moreover, the pedagogical advantage of the derivation is briefly discussed.

This paper presents a comparison of three approaches to the teaching of probability to demonstrate how the truth table of elementary mathematical logic can be used to teach the calculations of conditional probabilities. Students are typically introduced to the topic of conditional probabilities--especially the ones that involve Bayes' rule--with…

Financial analysts generally create static formulas for the computation of NPV. When they do so, however, it is not readily apparent how sensitive the value of NPV is to changes in multiple interdependent and interrelated variables. It is the aim of this paper to analyze this variability by employing a dynamic, visually graphic presentation using…

This study reports the results of a study examining how easily students are able to transfer frequency solutions to conditional probability problems to novel situations. University students studied either a problem solved using the traditional Bayes formula format or using a natural frequency (tree diagram) format. In addition, the example problem…

Descripting Statistics provides methodology and tools for user-friendly presentation of random data. Among the summary measures that describe focal tendencies in random data, the mode is given the least amount of attention and it is frequently misinterpreted in many introductory textbooks on statistics. The purpose of the paper is to provide a…

Preservice Secondary Mathematics Teachers (PSMTs) were surveyed to identify if they could connect early-secondary mathematics content (Grades 7-9) in the Common Core State Standards for Mathematics (CCSSM) with mathematics content studied in content courses for certification in secondary teacher preparation programs. Respondents were asked to…

Today's students demand that their lessons be real, interesting, relevant, and manageable. Mathematics is one subject that eludes many students partly because its traditional presentation lacks those elements that encourage students to learn. Easy accessibility through electronic media has exposed people all over the world to a variety of sports…

Bayes's theorem is notorious for being a difficult topic to learn and to teach. Problems involving Bayes's theorem (either implicitly or explicitly) generally involve calculations based on two or more given probabilities and their complements. Further, a correct solution depends on students' ability to interpret the problem correctly. Most people…

A heuristic approach to explaining of the Black-Scholes option pricing model in undergraduate classes is described. The approach draws upon the method of protocol analysis to encourage students to "think aloud" so that their mental models can be surfaced. It also relies upon extensive visualizations to communicate relationships that are…

The author of this paper submits the thesis that learning requires doing; only through inquiry is learning achieved, and hence this paper proposes a programme of use of a modified Moore method in a Probability and Mathematical Statistics (PAMS) course sequence to teach students PAMS. Furthermore, the author of this paper opines that set theory…

Games are promoted as examples for classroom discussion of stationary Markov chains. In a game context Markov chain terminology and results are made concrete, interesting, and entertaining. Game length for several-player games such as "Hi Ho! Cherry-O" and "Chutes and Ladders" is investigated and new, simple formulas are given. Slight…

Presents four cases of real-world probabilistic situations to promote more effective teaching of probability. Calculates the probability of obtaining six of six different prizes successively in six, seven, eight, and nine boxes of cereal, generalizes the problem to n boxes of cereal, and offers suggestions to extend the problem. (MDH)

Describes three activities to teach mathematical concepts involving probabilities related to outcomes using "Sicherman" and other dice; geometric representations of algebraic identities; and the volume of a cone. (MDH)