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Odds Are: On the difference between odds, probability, and risk ratio.
Odds, Probability, Chance, Risks: Interchangeable?Not so much. What does it mean to say “smokers are X times more likely to get lung cancer than non-smokers?” What about when the weather channel says, “there is a 10% chance of rain?” The odds of 1 to 10 of winning? These words are often used in casual conversations as…