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In relation to risk, probability is used to figure out the chance that taking a risk will pay off. A probability, on the other hand, is a measure or estimation of how likely is it that an event will come to pass, or that a statement is true. The risk may even pay off and not lead to a loss, it may lead to a gain. As event rates increase, e], the two ratios diverge and can no longer be used interchangeably.Key difference: Risk is essentially the level of possibility that an action or activity will lead to lead to a loss or to an undesired outcome. When the outcome is rare (typically <10%), the value of OR is not too different from that of RR, and the two can be used interchangeably irrespective of whether the risk is lower or higher in the exposed group as compared to the unexposed. Thus, when RR <1, OR is lower than RR by contrast, when RR is more than 1.0, OR is higher than the RR. When there is an association between an exposure and an outcome, OR exaggerates the estimate of their relationship (is farther from 1.0 than RR). When there is no association between exposure and outcome, both OR and RR are identical and equal to 1.0. Table 3 shows RR and OR for different event rates. The relationship of OR and RR is complex. Though OR also indicates the nature of association between exposure and outcome, it is not identical to RR. RELATIONSHIP OF RISK RATIO AND ODDS RATIO This means that the odds of death after ligation is 48% of the odds of death after sclerotherapy, or that ligation decreases the odds of death by 52% as compared with sclerotherapy. The OR for death in ligation group versus sclerotherapy group = 39/81 = 0.48.
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This implies that ligation decreases the risk of death by 37% (calculated as 100 minus 63%) as compared with sclerotherapy. This means that the risk of death after ligation is 63% of the risk of death after sclerotherapy. In the same example, the RR of death in ligation group versus sclerotherapy group = 0.28/0.44 = 0.63. As for other summary statistics, confidence intervals can be calculated for RR and OR. An RR (or OR) more than 1.0 indicates an increase in risk (or odds) among the exposed compared to the unexposed, whereas a RR (or OR) <1.0 indicates a decrease in risk (or odds) in the exposed group. The odds ratio (OR) is the ratio of odds of an event in one group versus the odds of the event in the other group.Īn RR (or OR) of 1.0 indicates that there is no difference in risk (or odds) between the groups being compared. The relative risk (also known as risk ratio ) is the ratio of risk of an event in one group (e.g., exposed group) versus the risk of the event in the other group (e.g., nonexposed group). By contrast, the odds of death in the two groups was 18/46 (0.39) and 29/36 (0.81), respectively. The risk of death in the ligation group was 18/64 (28% or 0.28), and the risk of death in the sclerotherapy group was 29/65 (44% or 0.44).
#DIFFERENCE BETWEEN RISK PROBABILITY AND RISK IMPACT EXAMPLE TRIAL#
Let us look at the hypothetical example of a randomized trial comparing endoscopic sclerotherapy ( n = 65) versus band ligation ( n = 64) for the treatment of bleeding esophageal varices. At first glance, though these two concepts seem similar and interchangeable, there are important differences that dictate where the use of either of these is appropriate. “Odds” refers to the probability of occurrence of an event/probability of the event not occurring.
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The term “odds” is often used instead of risk.
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Statistically, risk = chance of the outcome of interest/all possible outcomes. “Risk” refers to the probability of occurrence of an event or outcome.