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Probability and Odds - Probability and Odds - Diploma in Statistics

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Statistics - Probability and Odds

Odds and probability

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Zayzay KolubahLiberia
odds of losing and probability of wining 2015-08-22 14:08:31

Samkeliso R ShongweSwaziland
odds express probability in ways that makes payouts easy 2015-06-25 13:06:47

No MandavaSouth Africa
The higher odds correspond to higher probability and low odds low probability 2015-06-05 12:06:36

Juliet NwachukwuNigeria
odds of lossing and probability of wining 2015-06-01 13:06:24

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

Zayzay KolubahLiberia odds of losing and probability of wining2015-08-22 14:08:31

Samkeliso R ShongweSwaziland odds express probability in ways that makes payouts easy2015-06-25 13:06:47

No MandavaSouth Africa The higher odds correspond to higher probability and low odds low probability2015-06-05 12:06:36

Juliet NwachukwuNigeria odds of lossing and probability of wining2015-06-01 13:06:24

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

Corey NeilsUnited States of America Completely unnecessary and childish.2015-03-02 20:03:14

shirega shareEthiopia it is understandabale2015-01-04 07:01:55

Rachel NicArdghÃ¡ilIreland gambling uses odds to calculate probability2014-12-05 15:12:49