Odds and Probabilities

Question 1

What are odds and probabilities a quantification of?

Answer 1

Likelihood of an event

Question 2

Define probability

Answer 2

Relative frequency of occurrences of a given event over a sequence of unlimited random trials done under similar conditions

Question 3

Value of Probability

Answer 3

0 (event will not occur) -1 (event must occur)

Question 4

What is the probability of an event not occurring?

Answer 4

1-p

Question 5

What is 1-p known as?

Answer 5

Probability of a complementary event

Question 6

Define odds

Answer 6

Ratio of the frequency that an event occurs to the frequency the event does not occur

Question 7

Calculation for odds

Answer 7

Probability / 1 - probability

Question 8

Calculation for probability

Answer 8

Odds / 1 + odds

Question 9

If X and Y are related but mutually exclusive, what is the formula of X or Y happening?

Answer 9

p(X) + p(Y)

Question 10

What is the addition rule for mutually exclusive events?

Answer 10

The formula p(X) + p(Y)

Question 11

If two events X and Y are unrelated, what is the formula for the probability of both X and Y happening

Answer 11

p(X) * p(Y)

Question 12

What is the multiplication rule for independent events?

Answer 12

The formula for two unrelated events occurring

Question 13

Formula for probability of A

Answer 13

n (A)/N

Question 14

What is the formula for the odds of A

Answer 14

n(A)/n(B)