|Posted: September 25, 2013, 5:36 pm - IP Logged|
"Odds is defined as rate of success or failure of a method, ideal or concept"
Where did you get that definition? Sounds like something you just made up.
Yeah, try picking a red marble from a total of four marbles(red,blue, yellow and green), what are the odds for or against picking a red marble?, what is the the chance/probability of picking a red Marble? I do apply the same ideal in my work out. I slice the total pool (0-9)(called it probability, which in itself a fluid concept left to interpretation) into segments(call it subsetting, section...etc), these segments are my odds. So in the above marble scenerio, I can slice my pool into 3 or 4 sections. The odds each section will be 1 against 3 (for 4 sections) against probability of a section which is 1/4. Now , am aware of classical definition of probability for total distribution(am not concerned) and ensued debates, I choose take a different approach. Google 'odds slang for probability?' and ' odds and probability relation'. Check this link http://www.collectionscanada.gc.ca/obj/s4/f2/dsk3/OWTU/TC-OWTU-428.pdf , and you may understand my assumption('sounds like something you just made up'). I assume the event is random, so historical data is not my concerned, am only focus on the Pool(sectors)- the odds are better than probability from my point of view.