2018 NCAA March Madness basketball tournament

Your case deals primarily with the concepts of expected value and binomial distributions. This case will be based upon the 2018 NCAA March Madness basketball tournament that will just ended last week. There typically is a lot of news coverage of the brackets and all the teams playing and who is going to win the whole tournament, or how they did with their picks. The previous president of the United States even releases his picks in probably more coverage then when the budget is rolled out. And we have been fortunate to have our own school participate in the tournament in the past couple of years. In previous years Quicken Loans and Warren Buffet offered to give a billion dollars to anyone who got a perfect bracket (picked every team correctly). On one sheet of paper, I would like you to calculate the total number of points you could receive if you got every selection right, the maximum points that are available during each round, the expected number of points that a person would get for the whole tournament, and how many different brackets you would have to pick in order to guarantee yourself getting all the points (four questions). Please show work where practical and to support your answers. Clearly label each question or answer. You can answer the questions in an executive summary format or list them in order. Please describe how you came to the answer in words and use calculations to support your answer. The descriptions can be simple and composed in one or two sentences. Guidelines: The case must be typed, have your name and class and section, and no alterations can be made with pen or pencil (all questions typed and answered and no alterations to the assignment being turned in).
mis_301_case_assignment_1_sp18__section_1_2.doc

case_1___helpful_hint.doc

Don't use plagiarized sources. Get Your Custom Essay on
2018 NCAA March Madness basketball tournament
Just from $13/Page
Order Essay

clarification_about_the_first_case.doc

Unformatted Attachment Preview

MIS 301 Statistical Analysis for Business – Spring 2018, Section 1
CASE Assignment 1
Due April 23, 2018
Overview
The objective of this case is to introduce you to using statistics to solve everyday problems and reinforce
your concepts of expected value and binomial distributions.
Assignment:
Your case deals primarily with the concepts of expected value and binomial distributions. This case will
be based upon the 2018 NCAA March Madness basketball tournament that will just ended last week.
There typically is a lot of news coverage of the brackets and all the teams playing and who is going to
win the whole tournament, or how they did with their picks. The previous president of the United States
even releases his picks in probably more coverage then when the budget is rolled out. And we have
been fortunate to have our own school participate in the tournament in the past couple of years. In
previous years Quicken Loans and Warren Buffet offered to give a billion dollars to anyone who got a
perfect bracket (picked every team correctly).
On one sheet of paper, I would like you to calculate the total number of points you could receive if you
got every selection right, the maximum points that are available during each round, the expected number
of points that a person would get for the whole tournament, and how many different brackets you would
have to pick in order to guarantee yourself getting all the points (four questions). Please show work
where practical and to support your answers. Clearly label each question or answer. You can answer
the questions in an executive summary format or list them in order. Please describe how you came to
the answer in words and use calculations to support your answer. The descriptions can be simple and
composed in one or two sentences.
Guidelines:
•
You must turn in the packet at the beginning of class on Monday April 23rd at 4:00PM. Make sure
it is on time otherwise you will lose 10% of your grade for this assignment if it is late and an
additional 10% for each day late. I will not take any packets after Friday. For each day late it will
be an additional 10% deducted.
•
The case must be typed, have your name and class and section, and no alterations can be made
with pen or pencil (all questions typed and answered and no alterations to the assignment being
turned in).
Good Luck! And enjoy. This should be fun and not stressful. It is a relatively easy case.
Helpful Information:
Games
Name of Round
Each Correct Pick
(4 teams play to get into
32
First Round
1 Point
the main bracket. Those
16
Second Round
2 Points
games don’t count and
8
Sweet 16
3 Points
the scoring begins with
4
Elite 8
8 Points
the 64 team bracket)
2
Final 4
20 Points
1
Championship Game
50 Points
Seeds don’t matter, each team has the same probability of winning as any other team.
Probability for the round
0.5
.05x.05
0.25
Points Per Round
5 points
30 points
Max pts for Round
2 x 5pt = 10
1 x 30pt = 30
40 Max Points Tourney
A
Number of Brackets
2^3=8
1
Expected Points
B
3
.5 x 10pt =
.25 x 30pt =
C
2
5
7.5
E(x) = 12.5
D
Probability for the round
0.5
.05x.05
0.25
0.5×0.5×0.5
0.125
Points Per Round
5 points
20 points
50 Points
Max pts for Round
4 x 5pt= 20
2 x 20pt= 40
1 x 50pt = 50
110 Max Points Tourney
A
1
Number of Brackets
2^7=128
B
5
Expected Points
C
.5 x 20pt =
.25 x 40pt =
.125 x 50pt =
2
D
7
E
3
F
6
G
4
H
E(x) = 26.25
10
10
6.25
Clarification about the first Case:
First, you do not need to know anything about basketball or have to watch any
games. The case is based on an event that is popular at this time of year and I
thought it would be interesting to apply what we have learned in statistics to this
yearly event.
Another way that you can view this Case, would be, 64 people enter a room and
there are 32 tables and 2 people sit at each table. So 32 tables and 2 people at
each table makes a total of 64 people.
Each table, has a coin and they will flip it. You are trying to calculate and figure
out who will win at each table. If you guess right you get the points for that
round, if you guess wrong you don’t get the points.
After each round, we remove half of the tables and each new table will have 2
winners sitting at it. So for the second round, we will have only 16 tables and 32
winners that advanced. Each table will have 2 people sitting at it and we start the
same process over until there is only one person left.
So this Case has 4 questions that need to be answered based on this
information. I am giving you this helpful hint or an alternative way to think about
this so you don’t think it has anything to do with sports or that you have to be
privy to information to answer these questions correct.

Purchase answer to see full
attachment

GradeAcers
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

Order your essay today and save 15% with the discount code DISCOUNT15