With multiple events, probability is found by breaking down each probability into separate, single calculations and then multiplying each result together to achieve a single possible outcome.

Probability can be used in a variety of situations, from creating sales forecasts to developing strategic marketing plans, and it can be a highly useful tool for businesses who want to develop sound projections on things like sales, revenue and expected costs of operating a business.

Calculating probability requires following a simple formula and using multiplication and division to evaluate possible outcomes of events like launching new products, marketing to larger audiences or developing a new lead generation strategy.

You can use the following steps to calculate probability, and this can work for many applications that fall under a probability format:.

The first step to solving a probability problem is to determine the probability that you want to calculate. This can be an event, such as the probability of rainy weather, or rolling a specific number on a die.

The event should have at least one possible outcome. For example, if you want to calculate the probability of rolling a three with a die on the first roll, you would determine that there is a possible outcome: you either roll a three or you do not roll a three.

Next, you need to determine the number of outcomes that can occur from the event you identified from step one. In the example of rolling a die, there can be six total outcomes that can occur because there are six numbers on a die.

So for one event—rolling a three—there may be six different outcomes that can occur. After determining the probability event and its corresponding outcomes, divide the total number of events by the total number of possible outcomes.

For instance, rolling a die once and landing on a three can be considered one event. You can continue to roll the die, however, and each time you roll would be a single event.

This essentially leaves you with two separate one-in-six chances. The rule for independent probabilities is that you multiply the individual probabilities together to get your result.

As a formula, this is:. This is easiest if you work in fractions. So the result is:. You are not likely to win in a year. If you divide by days in a year you get Not Helpful 11 Helpful 3.

Not Helpful 86 Helpful Considering that February 29 is a possible birthday so that a year could have dates , you might have to interview as many as people to find a match.

Not Helpful 3 Helpful 3. Unanswered Questions. If a single numbers hits 5 of the 8 times and that number is rewarded that grand prize, what are the odds of my number hitting 5 times?

Which formula is used for calculating odds? Can the book change my receipted odds later? What are the odds of winning the same bet in a row?

How do I calculate odds of winning when playing 7 card stud? Include your email address to get a message when this question is answered.

Check the rules for the specific game you are playing for further information that will help you calculate odds. Helpful 0 Not Helpful 1.

Charts where the odds are already calculated for you are available on the Internet. Look for free real time odds web services that will guide you in how the odds makers are calculating the odds for upcoming sporting events.

Helpful 1 Not Helpful 1. Submit a Tip All tip submissions are carefully reviewed before being published.

Know that in any gambling, the odds are against your winning. This increases when you play a random game that doesn't depend on previous outcomes, such as slot machines.

Helpful 12 Not Helpful 3. Related wikiHows. More References 4. Co-authors: Updated: September 11, Categories: Probability and Statistics.

Article Summary X To calculate odds, start by determining the number of favorable outcomes and the number of unfavorable outcomes. Italiano: Calcolare le Quote.

Deutsch: Gewinnchancen beim Wetten berechnen. Bahasa Indonesia: Memperhitungkan Peluang. Nederlands: Kansberekenen. Thanks to all authors for creating a page that has been read , times.

Did this article help you? Cookies make wikiHow better. By continuing to use our site, you agree to our cookie policy. About This Article. Determine the individual probability P of each event that is to be combined.

Determine if the two individual events are independent or not. Independent events are not influenced by each other.

Balls are picked out and replaced. John did this times and obtained the following results:. The experiment suggests that out of balls are green.

Therefore, out of balls, 45 are green using ratios. Suppose now we consider the probability of 2 events happening.

For example, we might throw 2 dice and consider the probability that both are 6's. We call two events independent if the outcome of one of the events doesn't affect the outcome of another.

On the other hand, suppose we have a bag containing 2 red and 2 blue balls. If we pick 2 balls out of the bag, the probability that the second is blue depends upon what the colour of the first ball picked was.

If the first ball was blue, there will be 1 blue and 2 red balls in the bag when we pick the second ball.