@@@ A Simple Overview of Probability & Odds @@@
Definition: Probability is concerned with events of chance or uncertainity. ( Click on Probability! )
Probabilities are normally and usually represented as fractions e.g. 2/3 or 4/5
Scale of Probability: Impossible Maybe Certain
|-------------------------|-----------------------|
0
Low ½ High 1
Sample
Space (Universe of Event)
A listing or diagram of all possible outcomes from an experiment or occurrence.
Specific
Event (Subset of Universe)
Simple (single event) or Non-Simple (multiple events) of chance.
Types of Probabilities for an Experiment (Event) of Chance or Uncertainity.
P
= Probability * = Not P* = Not
Probability
|
Probability
Experiment: Draw a Card from a Standard Deck of 52
Cards. ( Cards should
be shuffled before each draw! ) ( Cards should
be spread out for drawing of card! ) |
Cards: Spades, Hearts,
Diamonds, Clubs ( Each Suit contains
13 Cards! ) 36 Number Cards
& 16 Face Cards, Total Deck contains
52 individual cards. |
@@@ Probability of Success = (Success / Total ) Probability of Failure* = ( Failure / Total )* @@@
|
P (Heart) = ____ |
P (Any Number) = ____ |
P (Ace of Clubs) = ____
|
|
P* (Heart) = ____ |
P* (Any Number) = ____ |
P* (Ace of Clubs) = ____
|
|
P (R) È P*(R) = 1 P (R) Ç P*(R) = 0 |
||
The Sum of P and P*
equals 1. The intersection of
P and P* equals 0.
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Definition: Odds represents the probability of
an event occurring and/or happening. (
Click on Odds! )
Odds are normally and usually represented as ratios e.g. 2:3 or 2
to 3
|
Summary of Odds: Deck of Cards Drawing card from a Standard Deck. ( Cards should be
shuffled before each draw! ) ( Cards should be spread out
for drawing of card! ) |
Cards: Spades, Hearts,
Diamonds, Clubs ( Each Suit contains
13 Cards! ) 36 Number Cards &
16 Face Cards, Total Deck contains
52 individual cards. |
Simple Example of the Odds for the above Experiment of Chance or Uncertainity.
Odds equals ratio of Probabilities. Thus represent Odds then reduce as ratios.
Odds in favor of Any Heart event: Of (R) = __/__ : __/__ = ___ : ___ or ___ to ___
Odds against Any Heart event: Oa (R) = __/__ : __/__ = ___ : ___ or ___ to ___
Odds in favor of Any Number event: Of (B) = __/__ : __/__ = ___ : ___ or ___ to ___
Odds against Any Number event: Oa (B) = __/__ : __/__ = ___ : ___ or ___ to ___
Odds in favor of Any Card event: Of (G) = __/__ : __/__ = ___ : ___ or ___ to ___
Odds against Any Card event: Oa (G) = __/__ : __/__ = ___ : ___ or ___ to ___
Thus using Probabilities to develop Odds readily shows that it is more likely to not get a Heart.