Module 1 Summary: Module 1 Summary

1. Module 1 Summary

Mathematics 30-3 Module 1

Module 1 Summary

This photograph shows a storm with a tornado at the end of a paved and lined highway.

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Many events cannot be predicted with certainty. In these cases it is often useful to determine the chance of the event occurring. Probability and odds are two methods of describing the chance of an event occurring.

In this module you learned about experimental probability, theoretical probability, and odds. You learned how to interpret these and use them to help make decisions. The following summarizes what you have learned.

Probability	Probability is a number between 0 and 1 that tells you the chance of something occurring. The closer the number is to 1 the more likely it is to occur.
Experimental Probability	Experimental probability is determined from historical data, a sample from a population, or data from a set of trials.
Theoretical Probability	Theoretical probability is determined by comparing the number of possible favourable outcomes to the total number of possible outcomes.
Odds For	Odds for is the ratio of favourable outcomes to unfavourable outcomes.
Odds Against	Odds against is the ratio of unfavourable outcomes to favourable outcomes.