I want all the information anyone can give me to help me understand implied odds and using them

Correct me if I'm wrong, my understanding of implied odds is the ratio of opponents chips/money you have the potential of winning if you hit your hand to bet size. If an opp bets $100 into a $150 with 1200 left behind: your pot odds are 2.5:1 and your implied odds would be 12:1? Am i correct so far? Now i've seen this in a lot of posts if implied odds warrant a call. What should I be looking for to see if implied odds warrant a call? Is there a general rule in terms of implied odds in set hunting, 2 overs, sc's?