What to Expect–Decision-making and Expected Value

Overview:

This lesson extends the concepts of opportunity cost and risk by introducing students to expected value. Using the article “Using Scenario Planning as a Weapon Against Uncertainty?” students will think about managing uncertainty in the decision-making process. In particular, students will think about strategic “scenario planning,” and weighing the value of multiple outcomes.

NBEA Standard(s):
  • Economics, I. Allocation of Resources
  • Personal Finance, I. Personal Decision Making

Lesson Plan Details:

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