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What is the difference between chance, likelihood and odds in probability?

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What is the difference between chance, likelihood and odds in probability?
in Data Science & Statistics by Platinum (101k points) | 454 views

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Using examples to show the difference between chance, likelihood and odds, we have:

Managers often base their decisions on an analysis of uncertainties such as the following:

What are the chances that sales will increase if we decrease prices? What is the likelihood a new assembly method will increase productivity? What are the odds that a new investment will be profitable?

 

by Platinum (101k points)

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