I AM USING HORSE RACING AS MY EXAMPLE Explain in detail how probabilities are used in the situation you chose. What makes probabilities useful in

I AM USING HORSE RACING AS MY EXAMPLE

  1. Explain in detail how probabilities are used in the situation you chose.
  2. What makes probabilities useful in this situation? Do these probabilities affect decision making in this situation? Explain your answer.
  3. Give a specific example of how probabilities are used in this situation.
  4. How are probabilities important to decision making in this situation? If they are not, then discuss why not.

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