SVA Data Analytics Question

Description

1 : Calculate the Expected Monetary Value (EMV) for the following scenario

Imagine that you are asked to play the following game with 5 of your friends*. Everyone is given a number from 1 to 6, and each person puts in $10. The die is rolled and the lucky person that matches the number that comes up on the dice, gets to keep all the money ($60).

Formula: EMV = P(O1)*M(O1) + P(O2)*M(O2)+ . . . + P(On)*M(On)

What is the Expected Monetary Value (EMV) calculation for this game?

Is it a good idea to participate in this game?

Under what circumstances would it, or would it not be, a good idea to participate?

* Other than the obvious relationship to running a casino, the scenario is also similar to marketing scenarios in terms of calculating the expected monetary value associated with customer relationship management, loyalty programs, etc; that have their associated outcomes and probabilities of outcomes.

2 : Data Driven Marketing to Valued Customers

Based on the supplemental reading, come up with an example or use-case that would illustrate the 6 ways of using data/analytics as outlined in the supplemental reading.

This can be an actual example of a company/product in which you are a loyal customer; Or this could be a hypothetical example of how a company could market a product to you that you would be very interested in purchasing.

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