Medical Statistics - Part 4: Calculating Odds

Imagine playing a dice game and you need to roll a six to win. The probability of winning is 1 out of 6 because there are six ways the dice can land. But, you can also look at this from a different perspective. You could also say: There’s only one number on the dice needed to win, a six, and five numbers that’ll make you lose. So, the odds of rolling a 6 with the dice is 1 to 5. It’s calculated by dividing the probability of an event occurring by the probability of the event not occurring.

Outline:
00:00 - Introduction
00:37 - Odds
01:45 - Risk vs. Odds
04:23 - Range of values
06:11 - Summary

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[michaelolagbenro]

Lovely resource, succinct explanations.