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# Probability and Odds

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• Study Notes

### Diploma in Statistics - Probability and Odds

• Topic Reviews
South Africa 08 April 2017
No M.

The higher odds correspond to higher probability and low odds low probability

Swaziland 08 April 2017
Samkeliso R S.

odds express probability in ways that makes payouts easy

Nigeria 08 April 2017
Juliet N.

odds of lossing and probability of wining

Ireland 08 April 2017
Rachel N.

gambling uses odds to calculate probability

United States of America 07 April 2017
Corey N.

Completely unnecessary and childish.

Iraq 07 April 2017
Olga K.

Can somebody help me with

Liberia 07 April 2017
Zayzay K.

odds of losing and probability of wining

Jahidul I.

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$\displaystyle =\frac{0.38}{1-.38}=\frac{0.38}{0.62}=0.61$

Jahidul I.

what is Basic Probability Formulas?

Ethiopia 07 April 2017
Shirega S.

it is understandabale

• Text Version

### Diploma in Statistics - Probability and Odds

XSIQ
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Statistics - Probability and Odds

Odds and probability

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