11.2 Odds

Question 1

Odds against

Answer 1

Odds against event = P(failure) ÷ P(success)
A ratio of the probability that the event will fail to occur (failure) to the probability the event will occur

Question 2

Odds against if the outcomes are equally likely

Answer 2

Odds against event E = (number of outcomes unfavorable to E) ÷ (number of outcomes favorable to E)

Question 3

Odds in favor of

Answer 3

Odds in favor of event = P(success) ÷ P(failure)
Expressed as a ratio of the probability that the event will fail to occur