The NCAA men’s basketball season starts with 327 college teams all dreaming of making it to “the big dance” and attaining the National Championship. Sixtyfive teams are selected for the tournament and only one wins it all.
a. What are the odds against a team being selected for the tournament?
b. What are the odds of a team that is in the tournament winning the National Championship?
c. Now wait a minute! What assumption did you make in order to answer the above questions? Does this seem realistic?