Question

How do you find odds in favor and odds in against ?

Answer 1

To find the odds in favor and odds in against we need to first understand the terms . The term favor is related to the probability of a particular event in which the event is going to occur successfully that comes under favor; we also call it mathematically as ‘ Favorable outcomes ‘ . Also there is a mathematical term given to the probability of a particular event in which the event is not going to occur successfully that comes under odds against that particular event , it is also known as ‘ Unfavorable outcomes ‘.

Complete Step by Step Solution:
First we will try to understand the what this actually odds means , as we say in our daily life that something is odd one out , so we are actually observing and separating the things which is likely to occur out of that particular event ( odds in favor ) and which is not likely to occur out of that particular event ( odds against )
– Theoretically , we can say that it is the ratio of the number of ways of having an outcome to occur relative to the number of ways not having an outcome to occur .
- Mathematically in context of favorable and unfavorable outcomes we can say ,
Odds in favor – Odds in favor of an event is the ratio of number of Favorable Occurrence or
Successes for that particular event to the number of Unfavorable Occurrence or Failures for that particular event .
Odds in favor = $\dfrac{{NumberofSuccesses}}{{NumberofFailures}}$
Odds in against – Odds in against of an event is the ratio of number of Unfavorable Occurrence or Failures for that particular event to the number of Favorable Occurrence or Successes for that particular event .
Odds against = $\dfrac{{NumberofFailures}}{{NumberofSuccesses}}$
This is how we can find the odds in favor and odds against .

Note: Always remember that there is a difference between the odds and the probability .
Probability of Success of an event states that it is the ratio of number of Favorable Outcomes /
Successes to the total number of possible outcomes of an event .
Probability of Occurrence of the event =
$\dfrac{{NumberofFavorableOutcomes}}{{TotalNumberofPossibleOutcomes}}$
Where total number of possible outcomes = Number of favorable outcomes + Number of
unfavorable outcomes .