Ternary operations in Python, also often referred to as conditional expressions, allow the programmer to perform an evaluation and return a value based on the truth of the given condition.
The ternary operator differs from a standard `if`/`elif`/`else` structure in the sense that it is not a control flow structure, and behaves more like other operators such as `==` or `!=` in the Python language.
In this example, the string `Even` is returned if the `val` variable is even, otherwise the string `Odd` is returned. The returned string is then assigned to the `is_even` variable and printed to the console.