What is meaning of Odds?: (A) It is the chance that some event will occur, (B) Chance of frequency of occurrence of a characteristic relative to its non-occurrence, (C) Chance of frequency of non-occurrence of a characteristic relative to its occurrence, (D) Inverse of probability
Answer is B. Odds is Chance of frequency of occurrence of a specific event, relative to its non-occurrence Odds = Probability/ 1- probability Eg: Probability of Mr. Ram developing MI in his lifetime is 75% , what are odds of developing MI = 0.75/ 0.25 = 3:1