Friday, February 7, 2014

Probability Vs Odds
The probability of an event happening is equal to the number of successful outcomes over the total number of outcomes. So when rolling a die, the probability of rolling a 3 is 1/6. Since there is only one successful outcome out of six possibilities.

The odds of an event happening is equal to the number of successful outcomes over the number of failed outcomes. The odds in favor of rolling a 3 on a die is 1:5 because there is one successful outcome and five outcomes that will be a failure to roll a 3. Odds will always add up to the total number of outcomes in the probability. The odds against rolling a 3 would be 5:1 since there are five successful ways not to roll a 3 and one failure, which would be to roll a 3.

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