Today, I want to talk about probability, particularly odds in favor and against an event. I got really confused when it came time to calculate odds in favor and against in my summer math class, recently. Reading about this topic just didn't make it sink in so I have watched several videos and I think I have the hang of it, now. If you're struggling with this concept, this might help you!
So, to start, you certainly have to understand what is meant when one says odds. Like many people, I have always thought of the odds of winning the lottery or the odds when you talk about horse-racing. If you consider the odds of winning something, those odds come from the ratio of the probability that you would win to the probability that you would not.
This is how to calculate odds in favor:
Odds in favor of A = P(A)/1-P(A)
The odds against:
Odds against A = 1-P(A)/P(A)
There are just the opposite calculations! It's really not as confusing as it seemed, now that I look at it written on my own blog :) One thing to remember is that you have to have the probability to calculate the odds, and sometimes that means you have to actually calculate the probability, as well.
If you're like me, it's the variable in the expressions and knowing where to plug numbers in that gets me all confused when it comes to solving these kinds of problems. Once again, here is a great series of videos that helps these formulas come to life and make sense out of a bunch of "foreign" language:
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