Ordered logit

Ordered logit is a way of predicting a certain outcome or event when there are more than two possible outcomes. This is usually done using a statistical model, or a set of calculations.

Imagine you have a bunch of apples and oranges, and you want to figure out the likelihood of getting either an apple or an orange in a random draw. In this case, you can use ordered logit to help you figure it out.

First, you would put the apples and oranges into numerical order. So, apples would be 1 and oranges would be 2. Then, you can use a statistical model to figure out the chances of randomly getting either an apple or an orange. After you have that number, you can use it to figure out the likelihood of getting either an apple or an orange when you draw from the bunch.