Probability and odds measure the same thing: the likelihood or propensity or possibility of a specific outcome.
People use the terms odds and probability interchangeably in casual usage, but that is unfortunate. It just creates confusion because they are not equivalent.
How Odds and Probability Differ
They measure the same thing on different scales. Imagine how confusing it would be if people used degrees Celsius and degrees Fahrenheit interchangeably. “It’s going to be 35 degrees today” could really make you dress the wrong way.
In measuring the likelihood of any outcome, we need to know [Read more…] about Logistic Regression Analysis: Understanding Odds and Probability