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Diploma in Statistics


Comments about Probability and Odds - Probability and Odds

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- Module: Probability and Odds
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Latest Comments

  • aaa
    Jahidul Islam Bangladesh what is Basic Probability Formulas?
    2015-04-30 20:04:07

  • aaa
    Jahidul Islam Bangladesh 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

  • aaa
    Corey Neils United States of America Completely unnecessary and childish.
    2015-03-02 20:03:14

  • aaa
    shirega share Ethiopia it is understandabale
    2015-01-04 07:01:55

  • aaa
    Rachel NicArdgháil Ireland gambling uses odds to calculate probability
    2014-12-05 15:12:49

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