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 ?
There is therefore need to use simple probality regression model like probit or tobit models to investigate the effects of some of the factors that affect students library use to add to the knowledge gap and be able to elicit suggestions for improved library use among students.
Prospects of transport road metal structures' elements and their system design are related with probality calculation elements (Jankovski and Atkociunas 2008).
Probality of Severeness Category Occurence Estimate Minimal Moderate Severe (1) (2) (3) Remote (A) 1A 2A 3A Occasional (B) 1B 2B 3B Frequents (C) 1C 2C 3C