Possibility and odds are two terms very closely related to the concept of Probability
or Probability theory, a wide-application and important area in Mathematics. Probability is a way of expressing knowledge or belief that an event will occur or has occurred. We talk about probability when dealing with experiments that are random and well-defined.The probability of a random event denotes the relative frequency of occurrence of an experiment's outcome, when repeating the experiment.Here comes the idea of possibility and odds.
Note: Random experiments are experiments whose outcome cannot be predicted with certainty, before the experiment is run.But the set of all possible outcomes are known beforehand,e.g. Tossing a coin can yield two results "Head" or "Tail",though we don't know what the result of a particular toss will be.
What are Possibility and Odds from the Concept of Proobability?
In Mathematics,a probability of an event A is denoted by a real number ranging from 0 to 1,i.e.0'