Odds question...another method?

[Redleg7]

I read an old post on rgp by Abdul where he uses a different (I say different because I've never seen it in any of the books I've read) of calulating odds (to tell you the truth I'm not sure if its odds or what).

Formula:
if C(1+P) > D, where C is the number of
cards that are outs for you, P is the size of the pot, and D is the number of cards unseen in the deck. If the number computed is less than the number of cards in the deck (D) then fold, if it's greater then call.

My questions are:

Is this a valid method of computing "odds"?

If it is a valid method what makes it so?

What exactly does the number represent?

I will admit I'm a total math idiot when it comes to these things. I've memorized the most basic odds tables in order to help when at the table. I was just wondering if this method had any merit.

Thanks.