What Branch of Math do I need?

[Kombaiyashii]

What is up people?

I was wondering if you could help me find exactly what's the type of math I need to do solve these kinds of problems...

Let's say I have 65% chance of my business being a complete success and had $200,000, how do I work out the optimal amount to put into the business?

Or

If I had a 75% chance that my team was going to win the game and I had $200 to spare, what would be the optimal amount to put on my team to win that will offer the best rate of return and minimise potential losses?

This isn't homework or anything, I'm actually 27 and haven't done math for years. So I was wondering what would be the branch of mathematics that covers these problems? Also could you suggest a good website or books to learn this kind of math.

Thanks very much,

Komb

 

[Vagn]

What is up people?

I was wondering if you could help me find exactly what's the type of math I need to do solve these kinds of problems...

Let's say I have 65% chance of my business being a complete success and had $200,000, how do I work out the optimal amount to put into the business?

Or

If I had a 75% chance that my team was going to win the game and I had $200 to spare, what would be the optimal amount to put on my team to win that will offer the best rate of return and minimise potential losses?

This isn't homework or anything, I'm actually 27 and haven't done math for years. So I was wondering what would be the branch of mathematics that covers these problems? Also could you suggest a good website or books to learn this kind of math.

Thanks very much,

Komb

I'd say either some Decision Mathematics, or Probability and game theory

 

[Quinzio]

What is up people?

If I had a 75% chance that my team was going to win the game and I had $200 to spare, what would be the optimal amount to put on my team to win that will offer the best rate of return and minimise potential losses?

I hope you're not playing with your own money.
This can be answered with basic math and common sense.

You got 75% probability that your team wins ? How do you get this figure ?
Imagining you have some crystal ball, and you know your team wins at 75% you can bet some money.
You bet x
If you lose you lose x, if you win, you win kx.
if k> 1/0,75 you should bet, otherwise not.