probability

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Probability

The relative likelihood of a particular outcome among all possible outcomes.

probability

the likelihood of a particular uncertain event occurring, measured on a scale from 0.0 (such an event is impossible) to 1.0 (such an event is certain to occur). People generally estimate probabilities on the basis of the relative frequency with which an event has occurred in the past, under given circumstances, and generalize from this past experience. In some circumstances it is easy to estimate the proportion of occasions on which an event occurs; for example, the probability of getting ‘heads’ when flipping a balanced coin is 0.5 because with such a coin in the long run we would get 50% ‘heads’ and 50% ‘tails’. In estimating probabilities in business situations, though, there may be no or only a few previous experiences that can be used to gauge the relative frequency of an event occurring. See also RISK AND UNCERTAINTY.
References in periodicals archive ?
The loss of chance analogy, borrowed from tort law and familiar from other probabilistic reasoning in law, can help to maintain the integrity of the current Guidelines regime.
As with event description alignment, the sample set has played a crucial role in making sense of a certain individual's probabilistic reasoning and, as a result, the sample set now plays a vital role in Chernoff and Zazkis' (2011) alternative approach to assigning probabilities.
The book is essential for those researching higher-order cognition, particularly those working in deduction, causality, or probabilistic reasoning.
The final section briefly outlines Haenni's 'probabilistic argumentation' framework, which purports to provide a unified model of both logical and probabilistic reasoning.
Indeed, Peter himself saw the limits of probabilistic reasoning when he wrote Against the Gods quoting from G.
Probabilistic reasoning is one of the techniques employed in artificial intelligence to handle uncertainty.
makes a general claim that both Plantinga and Aquinas represent a Western preoccupation with certitude and a lack of appreciation for probabilistic reasoning.

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