probability vs. odds
DESCRIPTION
Calculating One G iven the Others. Probability vs. Odds. Probability Review. Divided By. Probability = Success / Total Example: If you have 6 socks and 2 are red , what is the probability of randomly choosing a red sock? Success= Red Sock=2 Total=Total Socks=6 - PowerPoint PPT PresentationTRANSCRIPT
PROBABILITY VS. ODDS
Calculating One Given the Others
Probability Review
Probability = Success / Total
Example: If you have 6 socks and 2 are red, what is the probability of randomly choosing a red sock?
Success=Red Sock=2Total=Total Socks=6Probability of choosing a red sock? 2/6 → 1/3
Divided By
Your Turn to Try
If you have 18 marbles and 3 of them are red, 6 are blue and 9 are yellow, what is the probability of randomly choosing a red one?A. 1/6
D. 1/2
B. 1/3
C. 1/18
Remember success is the number of red marbles and total is the total number of Marbles. You may need to reduce your answer.Try again.
Wow!
Click on the option above that you think is the correct answer.
Odds Review
Odds = Success : Failure
Example: If you have 6 socks and 2 are red, what are the odds of randomly choosing a red sock?Success=red sock=2Failure=non-red socks=4Probability of choosing red sock?2:4 → 1:2
Number of ways the event can occur : compared to the number of ways the event can fail.
Your Turn to Try
If you have 18 marbles and 3 of them are red, 6 are blue and 9 are yellow, what are the odds of randomly choosing a red one?A. 1:6
D. 1:5
B. 1:18 C. 1:2
Click on the option above that you think is the correct answer.
Remember success is the number of red marbles and failure is the number of non-redmarbles. You may need to reduce your answer.Try again.
Super
Calculating Odds Given Probability Example:
If the probability of an event is 2/3, what are the odds of this event?1. Remember that probability is success/total.
2. If the total = 3 and the success = 2, failure is total-success = 3-2 =1
3. Odds = success : failure = 2:1
120
On average, 1 out of every 20 people wins, and the other 19 people lose. The odds in favor of winning the meal are1:(20 – 1), or 1:19.
The probability of winning a free dinner is . What are the odds of winning a free dinner?
Additional Example
The probability of winning a free laptop is . What are the odds of winning a free laptop?
130
On average, 1 out of every 30 people wins, and the other 29 people lose. The odds in favor of winning the laptop are 1:(30 – 1), or 1:29.
Another Example
Video Explanation
Click here for a video explaining how to solve these types of problems
(Ignore the part that talks about Odds against)
Your Turn to Try
If the probability of an event are 2/5, what are the odds of this event?
A. 3:2
D. 5:3
B. 2:7
C. 2:3
Remember to find the failure, you need to subtract total-success
Great!
Click on the option above that you think is the correct answer.
Calculating Probability Given Odds Example:
If the odds of an event is 2:3, what is the probability of this event?1. Remember that odds is success : failure
2. If the failure = 3 and the success = 2, total is failure + success = 3+2 = 5
3. Probability = success / total = 2/5
If the odds of winning a CD player in a school raffle are 1:49, what is the probability of winning a CD player?
On average there is 1 win for every 49 losses, so someone wins 1 out of every 50 times.
P(CD player) =1
501 + 491
=
Additional Example
If the odds of winning a bicycle in a raffle are 1:75, what is the probability of winning a bicycle?
Hint: On average there is 1 win for every 75 losses, so someone wins 1 out of 76 times.
P(bicycle) =1
761 + 751
=
Another Example
Video Explanation
Click here for a video explaining how to solve these types of problems
Your Turn to Try
If the Odds of an event are 2:5, what is the probability of this event?
A. 3/2
D. 5/3
B. 2/7 C. 2/3
Remember to find the total, you need to add failure + success
Cool!
Click on the option above that you think is the correct answer.
Homework
Complete the Probability vs. Odds assignment now.