Odds Calculation
March 12th, 2015 at 5:22:25 PM
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Hello,
I hope that I am posting this in the correct thread, my apologies if I am not.
We are looking for the odds of winning expressed as "1 in 3.43" and given the number of prizes claimed and remaining but not how many non-winners have been processed we'd like to find the most accurate way to compute the odds with the available information.
In this example, saying there are 3430 possible outcomes, 1000 are winners. Lets say a contest goes 5 days, and a random amount of winners and losers happen each day. Given the number of winners in a day and some way to account for deviation, what would be the most accurate way to calculate odds without knowing how many total tickets have been dealt each day?
Thank you kindly for taking the time to read this and offer any advise for us.
I hope that I am posting this in the correct thread, my apologies if I am not.
We are looking for the odds of winning expressed as "1 in 3.43" and given the number of prizes claimed and remaining but not how many non-winners have been processed we'd like to find the most accurate way to compute the odds with the available information.
In this example, saying there are 3430 possible outcomes, 1000 are winners. Lets say a contest goes 5 days, and a random amount of winners and losers happen each day. Given the number of winners in a day and some way to account for deviation, what would be the most accurate way to calculate odds without knowing how many total tickets have been dealt each day?
Thank you kindly for taking the time to read this and offer any advise for us.
March 15th, 2015 at 12:05:32 PM
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There is no way to answer a problem with so many parametres unknown or willingly fuzzy.
Reperiet qui quaesiverit
