L4 - Odds and probability Flashcards
Odds will not b e a major aspect of the course.
1
Q
what is conditional probability
A
Is when a the probability of event depends on another event.
Formula P(A|B) = P(A & B) / P(B)
2
Q
What are Odds?
A
- Odds are the restatement of probability. from a decimal or percentage to a ratio.
- Odds can be expressed in favour of, or against an event happening.
-odds are the ratio of favourable outcomes to non-favourable outcomes
3
Q
converting probability to odds
A
Odds = Probability of an event to occur / 1.0 - probability of an event to occur.
