Odds and Odds Ratio If an event takes place with probability p, the odds in favor of the event are p 1 p to 1. p = 1 2 implies 1 to 1 odds; p = 2 3 implies 2 to 1 odds. In this class, the odds ratio (OR) is the odds of disease among exposed individualsdivided by the oddsof diseaseamong unexposed. OR = P(diseasejexposed)=(1 P(diseasejexposed))
XLSTAT can display the classification table (also called the confusion matrix) used to calculate the percentage of well-classified observations for a given cutoff point. Typically, for a cutoff value of 0.5, if the probability is less than 0.5, the observation is considered as being assigned to class 0, otherwise it is assigned to class 1.
Likelihood ratios. A Likelihood ratio for a given diagnostic test result compares the likelihood of that result in patients with disease to the likelihood of that result in patients without disease. It provides an estimate of how much a test result will change the odds of disease in a patient.
The odds state that the bet pays 1 to 1. If you win, your $10 bet would pay $10. But the probability of the ball landing on a red number is 47.4 percent. We calculate the probability like this: There are 18 red numbers on the roulette wheel. And 38 total numbers that could come up: 18 red, 18 black, 0 and 00. 18 / 38 = 47.37%.
Pot odds represent the ratio between the size of the total pot and the size of the bet facing you. Keep in mind that the size of the total pot includes the bet(s) made in the current round. For example, if there is $2 in the pot and your opponent bets $1, your pot odds are 3 to 1.
Likelihood ratios. A Likelihood ratio for a given diagnostic test result compares the likelihood of that result in patients with disease to the likelihood of that result in patients without disease. It provides an estimate of how much a test result will change the odds of disease in a patient.
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