Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 16 Feb 2018 My Price 8.00

telemarketing supervisor

19.      Expand Your Knowledge: Odds in Favor Sometimes probability statements are expressed in terms of odds.

 

 

The odds in favour of an event A are the    ratio

 

P(A)

 

P(notA)

 

P(A)

= P(Ac).

 

For instance, if P(A) = 0.60, then P(Ac) = 0.40 and the odds in favor of A are

 

0.60

 

0.40

 

6      3

=     =     , written as 3 to 2 or 3:2 4                                2

 

 

(a)     Show that if we are given the odds in favor of event A as n:m, the probabil-

n

 

ity   of   event   A   is   given by

 

P(A) =

 

.  Hint:  Solve  the   equation

 

n           P(A)

=

m       1 - P(A)

 

 

for P(A).

 

n + m

 

 

(b)    A telemarketing supervisor tells a new worker that the odds of making a sale on a single call are 2 to 15. What is the probability of a successful call?

(c)     A sports announcer says that the odds a basketball player will make a free throw shot are 3 to 5. What is the probability the player will make the shot?

Answers

Maurice Tutor
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Status NEW Posted 16 Feb 2018 10:02 PM My Price 8.00

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