Odds and Probability are essentially two different ways to express the same thing, the chances of something happening. Odds is expressed as a ratio or fraction, whereas probability is expressed as the decimal or percent equivalent. Watch the video below for an introduction to the basics.
Compound Odds and Probability:
Compound odds is simply the odds of multiple events happening at once. The compound odds of these events occurring is equivalent to the product of each individual event occurring. Watch the video below for an explanation of this concept.
Now that we are familiar with compound odds we can add in a few more 'interesting' concepts that center around this idea.
Measures of Central Tendency
(Mean, Median, Mode)
The measures (or measurements) of central tendency are measurements that we can use to observe the average or typical value in a group of data. The most basic measures are mean, median, and mode. We may have an acute understanding of these words by 7th grade, however, we will review them once more to ensure that we are all on the same page before continuing.