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4.3 Odds

The document explains the concept of odds as a way to express confidence in an outcome through the ratio of probabilities of an event occurring versus not occurring. It includes examples illustrating how to calculate odds in favor and against various scenarios, as well as the relationship between odds and probability. Additionally, it provides specific examples to demonstrate these calculations in practical situations.

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dctutor2005
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23 views1 page

4.3 Odds

The document explains the concept of odds as a way to express confidence in an outcome through the ratio of probabilities of an event occurring versus not occurring. It includes examples illustrating how to calculate odds in favor and against various scenarios, as well as the relationship between odds and probability. Additionally, it provides specific examples to demonstrate these calculations in practical situations.

Uploaded by

dctutor2005
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Learning Goal: Odds

Odds: A way to express a level of confidence about an outcome by the ratio of the probability that the event will
occur to the probability that it will not occur. Odds is always presented in a form of a fraction or a ratio.

Odds in favour of A Odds against A reciprocal Be


*A) T
P(A) : P(A))
n
=

I -
P(AS)
n(A) * OR
n(A9)
4/ :

OR
Relationships between Odds and Probability
If ℎ = #$%&#'() a(A)
=
4 to 1
* = &#'+,('(-% #/ ℎ n(A9)
=

Probability: Odds in Favour:

P(A) = odds =
Example#1: Given total of 10 baskets: 3 are red 5 are black and 2 are white:
are
a) What /
is the odds in favour of red basket?
p(red) = *
we
b) What C
P(white)
is the odds against white basket?
white
To
odds

· odds
agains Odd ust ==
Example#2: Given the Odds in favour of passing the last unit test is 8:1, What is the probability of passing the last
unit test?
P(passing) =

=
Example#3:
If the chance of snowing in April is estimated at 0.4, what are the odds against having snows next April?
4 (snow) = odds =
odds against =
Example#4: zz =

The odds of Kevin passing data management are 2:7. What is the probability of Kevin passing data management?
A) Round your answer to 3 decimal places.

P(passing) =g =
betting payout :
ratio 3: 5

Codds against)
= ,
0 222 for every $5 you
bet o you will
B) Provide your answer in percent to 1 decimal place.
get $3 profit if you win
%5
.

22 2 .

pro = x= 9

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