Math621A_Chp5_2_ProbabilityAndOdds_W2016_wNotes.notebook

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March 30, 2016

Chapter 5.2 Probability and Odds

Odds are a way to show the confidence that a certain event will occur

Just like in set theory there is a compliment to every event. The probability of an event and it's compliment would be equal to 1 (or 100%).

or

1) Odds in Favor

ratio of favorable outcomes to unfavorable outcomes

2) Odds Against

ratio of unfavorable outcomes to favorable outcomes

or

If you were given the odds in favor of an event occurring F:A then you can find the probability of this P(F) by;

If P(A') is the complement of the event A then;

P(A') = 1 - P(A)

Ex. If the probability of the rolling a two with a standard die P(two) is 1/6 then the what is the probability of not rolling a two P(two') ?

Two different ways we can also express odds are;

Math621A_Chp5_2_ProbabilityAndOdds_W2016_wNotes.notebook

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March 30, 2016

P. 305

Math621A_Chp5_2_ProbabilityAndOdds_W2016_wNotes.notebook

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March 30, 2016

Complete exercises: p.310-312 # 1 - 18