MIS 301 Statistical Analysis for Business - Spring 2017 Overview The objective of this case is to introduce you to statistics 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 2017 NCAA NIT basketball tournament that will begin next week. There will be a lot of news coverage and people talking about brackets and who is going to win the whole tournament, or how they did with their picks. The 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 March 20th 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 Correct Pick 16 First Round 2 Points 8 Sweet 16 3 Points 4 Elite 8 8 Points 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