The importance of learning to make a mathematically sound risk analysis.
Posted December 11, 2020 by Jessica Fahrenholtz
Students learn many valuable things in school, but one important lesson missing in most curriculum is the ability to make a mathematically sound risk analysis. School is a safe environment, as it should be, but that does not leave much room for students to make decisions and analyze the risk that comes with those decisions.
Learning to analyze risk is an important life skill that students need to know to succeed as they grow and begin to make choices more independently. This skill is crucial for many reasons, but here are the top 3 reasons students should start learning to make a mathematically sound risk analysis part of their thought process today.
- Risk is a huge part of daily life. Whether it’s what to wear today or how much of a monthly payment you can afford on a car payment, we continuously assess the risks around us and use our assessment to make educated decisions. Students rarely get the opportunity to make these kinds of decisions in a school setting. This makes adding a competition like the Modeling the Future Challenge even more important. This challenge will allow students to make decisions big and small in a controlled environment and see the direct outcome of their choices.
- Many significant risks and choices are involved in going to college and choosing a career. The subject’s students study are just one aspect of what they learn in college. They also learn how to make big, life-altering decisions. If students have never had the opportunity to make decisions on their own, they may struggle. Participants in the Modeling the Future challenge will learn the actuarial process of analyzing risk. With a concrete understanding of this process, students will have a go-to formula when deciding how many classes to take, whether they should live on campus, or choose a major.
- Being confident in their ability to analyze risk will help students confidently take chances. Taking chances is a huge part of growing up and finding success. If a person is afraid to mess up or make the wrong decision, they are not likely to take risks. While some risks should be avoided, making calculated risks is the only way to grow and create thriving adult lives. Teaching kids how to make mathematically sound risks at a young age will give them a concrete formula to fall back on and allow them to make decisions confidently. This confidence will add up to a lifetime of good decision making, healthy risk-taking, and success.
As you can see, there are many benefits to teaching students to make mathematically sound risk analysis a part of their daily lives. Some may even argue that this skill is crucial for success in adulthood. With this skill missing from most curriculum, parents and teachers must find a way to teach kids to analyze risk before they are faced with real-life decisions on their own.
Participating in an academic competition like the Modeling the Future Challenge is a great way to do just that. This competition is already in full swing, but it is never too late to begin preparing for next year. Sign up for the Modeling the Future Challenge newsletter so you don’t miss next year’s registration deadline and get a peek at what this year’s teams are up to.
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