A simulator for teaching risk and probability: building the Monopoly® board game into a probability simulator.

Gazdula, Joe ORCID: 0000-0002-2809-2600 and Farr, Richard ORCID: 0000-0002-6615-9554 (2018) A simulator for teaching risk and probability: building the Monopoly® board game into a probability simulator. Management Teaching Review. ISSN 23792981 (In Press)

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Abstract

This paper describes the adaptation and use of the Monopoly® board game as a simple simulator to help introduce the principles of probability and risk. It can be used across a range of programmes from undergraduate to postgraduate studies and executive training and offers a new approach to teaching probability and risk with dice to produce a collaborative simulated gaming environment. It allows students to be actively involved in developing the probability of throwing dice numbers and analyses risk and decision making in a competitive environment. Concluding with a probability analysis technique, it allows the student to reflect on formal and informal approaches to decision-making in risk environments and helps build communication for discussion, collaborative learning and self-analysis among students.

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
L Education > L Education (General)
Divisions: Off-Campus Division
Depositing User: Dr. J.H. Gazdula
Date Deposited: 09 Nov 2018 11:15
Last Modified: 07 Mar 2019 13:02
URI: http://ubir.bolton.ac.uk/id/eprint/2023

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