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Jahidul IslamBangladesh
what is Basic Probability Formulas? 2015-04-30 20:04:07
Jahidul IslamBangladesh
Odds and Probabilities
Odds and probabilities
If there is a $ p$ probability of something happening, then the odds can be considered the number of successes you expect to get for every failure on average. High odds correspond to high probabilities, low odds to low probabilities.
To calculate the odds:
$\displaystyle O=\frac{\text{proportion of successes}}{\text{proportion of failures}}=\frac{p}{1-p} $
To go from odds back to probabilities:
$\displaystyle p=\frac{O}{1+O} $
While probabilities are bound to [0,1], odds are bound to [0,$ \infty$)
Let's take the titanic example. What was the overall odds of survival on the Titanic. 38% of passengers survived the Titanic. Therefore:
Odds of survival$\displaystyle =\frac{0.38}{1-.38}=\frac{0.38}{0.62}=0.61$ 2015-04-30 20:04:08
Comments about Probability and Odds - Probability and Odds
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- Module: Probability and Odds
- Topic: Probability and Odds
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2015-04-30 20:04:07
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