When I think of Odds I always think of Gambling so I thought this picture did that justice.
FINDING THE ODDS
Odds are used to describe the chance of an event occurring. The odds are the ratios that compare the number of ways the event can occur with the number of ways the event cannot occur.
The odds in favor - the ratio of the number of ways that an outcome can occur compared to how many ways it cannot occur.
Odds in favor = Number of successes: Number of failures
The odds against - the ratio of the number of ways that an outcome cannot occur compared to in how many ways it can occur.
Odds against = Number of failures: Number of successes
Example:
A jewelry box contains 5 white pearl, 2 gold rings and 6 silver rings. What are the odds of drawing a white pearl from the jewelry box?
Number of successes = 5
Number of failures = 2 + 6 = 8
Numbers of ways to draw a white pearl: number of ways to draw another jewelry.
5:8
The odds are 5:8
Nice simple explanation! I am a big fan of keeping explanations simple and to the point. The odds in favor of being odds of success and odds against being odds of failure are a good touch to include.
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