Step 1 :Given the probability for an event E is \(\frac{3}{4}\)
Step 2 :Calculate the probability against the event E as \(1 - \frac{3}{4} = \frac{1}{4}\)
Step 3 :The odds for an event is the ratio of the probability it will happen to the probability that it will not. So, the odds for the event E is \(\frac{3}{4} : \frac{1}{4} = 3:1\)
Step 4 :The odds against an event is the ratio of the probability that it will not happen to the probability that it will. So, the odds against the event E is \(\frac{1}{4} : \frac{3}{4} = 0.33:1\)
Step 5 :Final Answer: The odds for the event E is \(\boxed{3:1}\) and the odds against the event E is \(\boxed{0.33:1}\)