Thinking out Loud
What do we mean if we say that the probability of tossing a coin and seeing a head is about 0.5 (50%, or the odds are 50/50)?
One possible answer: We are claiming that if you toss the coin in question a large number of times then you should see heads appearing about half of the time.
Thinking out loud
What do people mean when they refer to a "100 year" flood?
One possible answer: They are claiming that the likelihood of a flood of that magnitude happening in any given year is 0.01 (1%, or the odds are 1/100).
Pamini Thangarajah (Mount Royal University, Calgary, Alberta, Canada)