http://sphweb.bumc.bu.edu/otlt/MPH-Modules/BS/BS704_Confidence_Intervals/BS704_Confidence_Intervals10.html
the odds(승산, 비율), probability(가능성, 확률)의 차이
■ Difference Between Odds and Probability
You might have noticed that we make statements like the trains may be late, it may take an hour, to reach home and so forth.
This type of statements indicates the probability of an event, as its occurrence is not certain. It implies the extent to which an event is possible to happen.
Probability is divided into two types, objective and subjective probability.
Subjective probability is based on attitude, belief, knowledge, judgment and experience of the person.
In mathematics, we study objective probability.
Probability is not similar to odds, as it represents the probability that the event will happen, upon the probability that the event will not happen.
Now, let’s take a look at the difference between odds and probability provided in the article below.
■ Odds :
refers to the chances in favor of the event to the chances against it.
Expressed in Ratio
Lies between 0 to ∞
Formula
Occurrence/Non-occurrence
■ Probability :
refers to the likelihood of occurrence of an event.
Expressed in Percent or decimal
Lies between 0 to 1
Formula
Occurrence/Whole