MTH216T_Wk5_Discussion_Response_&_Replies
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MTH/215T: Quantitative Reasoning II
Wk. 5 Discussion – Probability [due Thur.]
Discussion Topic
Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to classmates or your faculty member. Due Thursday
Have you ever wondered about the likelihood of an event occurring? Whether it’s the odds of your favorite football
team winning on Sunday or how much you pay for car insurance; probability concepts can play a role in making
those determinations.
Respond to the following questions in a minimum of 175 words:
Consider a situation that you might need to use your understanding of probability to make an informed decision.
What sorts of information would you collect?
How might you use what you have learned about probability to determine a course of action?
What are the possible benefits and limitations of this approach?
Due Monday
Post 2 replies to classmates. Be constructive and professional in your responses.
When considering the different types of situations that I face daily, weekly, monthly, that require me to make an informed decision I am drawn towards explaining the types of situations I encounter professionally rather than personally. Likely because I am required to make more of these types of decisions in my work life than I do in my personal life.
As I believe I have previously stated I am a banking professional centering mostly on financing. Therefore, many of the clients that I work with have a lending need that they would like to ask the bank I work for to assist with. My role is to collect a financial package consisting of supporting documentation that will provide me a detailed accounting of the applicant’s capacity to repay a loan.
The second thing I do is get to know the client and establishing a relationship. At times this consist of touring his business facility, sharing a meal, exchange small talk to learn about personality, meeting his circle of colleagues and peers. This allows me to form an idea of the applicant’s character.
A third piece of information that I investigate is the collateral, what does the client need lending assistance for and what are they willing to put at stake to get it. Is the value of the collateral enough to ensure the client will repay the debt so they don’t lose it?
The final piece of information I gather information from is the clients credit history. Have they repaid as agreed under similar circumstances? Have they ever borrowed this amount of money, or are they already borrowing more, maybe too
much elsewhere?
All of these things combined give you a general idea of the probability an application may or may not be approved so that you can mange expectations with clients, provide advice and continue to build rapport to move them further along the path to reach their financial goals.
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