Answer #1

Odds are fundamentally an assessment of chance, which cannot be calculated mathematically. These means that odds of specific events taking place are more of an assessment of the likelihood of those events occurring to the likelihood of the events not happening.

Probability is basically an assumption of a chance, which is calculated mathematically by using a probability equation. This equation assesses the likelihood for a certain event to take place against the maximum amount of probabilities that event can produced.

The main thought when talking about odds is the fact they depend a lot on probability. Although it is true that both probability and odds are different in construction and concept, you can only calculate odds through using probability statistics.

In contrast, probability normally assesses the totality or entirety of a certain event taking place in a maximum amount of events. These means the main concern is not whether or not the occurrence is going to happen. Instead, probability focuses on how often the event will take place. A good example is considering how many times a person can pick a heart card from many cards. In this instance, you have to reflect on the total amount of hearts found in the normal card deck that contains 52 cards.

However, if you are attempting to determine the odds of doing the same action in a card deck, then you will also have to take the probability of picking a heart into consideration. This means odds are basically 1-3 that you will pick a heart card from the 52 cards.

In conclusion, probability only assesses the likelihood that a certain event will take place against the maximum amount of times that the event is going to occur. However, odds assess the likelihood for and also the likelihood against a situation even taking place.

Answered By: daniel [554 ]