Maths IA - The dice game portfolio

[Katie Cavanaugh]

Hi guys, I'm doing my modeling maths porfolio on the dice game. You can find the task here. page 4.

Currently, i'm doing the last two questions.

For the second last task: let say, the player pays $30 for each game, and if he wins he will get his money back and the banks has to pay him as well. So if the probability of him winning the game is 15/36, out of 36 games, he can earn 15x30=$450 and the bank has to pay him a certain amount of money for every game he wins. does that sound alright?

For the last task: in the case of multiple players involved in the game, is it that the each player rolls their dice once only or for the same number of times? And how do we decide who will win the game?

Thank you in advance.

Edited April 27, 2013 by KT Ng

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You have to remember that the player EXPECTS to win $450 if he/she plays 36 games. But since it involves probability, he doesn't necessarily win $450. He may win less or more. Also consider the price and pay outs from the casino's point of view. You have to make sure that the casino does not EXPECT to lose. They may make a loss, or they may gain profit in reality. But as long as they can EXPECT to make a profit. You have to think of the possible price and pay out combination that will make the casino's margin of profit as wide of possible, but still enticing for players to play.

For the last task, multiple players, that's up to you. It's your suggestion/proposal on what could be done. You set the rules, you set the prices and pay outs, and analyse and judge it (whether it'll work or not, whether it's good or bad, etc.)

[yii yann]

Pro-tip: Make sure the last bit of your portfolio is super well thought out and written. Have at least 3 "variations", with each one having its own section on your portfolio. In each of the variations, get the general formulas, run a couple of sample situations, and consider the implications of it (like the person above said, whether it's profitable, will it "work" in a casino, what does it mean to attractive for both the player and the casino, etc).

I got a 20/20 for the Dice Game portfolio (teacher's mark, obviously not moderated yet), and my teacher said the only reason it was a 20 and not a 19 or 18 is cause of the "extra effort and dedication" shown in the last bit. So i'd advise you to do that too. An extra mark never hurt anybody