probability

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Related to probabilities: Conditional probabilities

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 ?
Again, the mathematical calculations underlying the fact and sampling error probabilities are blind to the quality of the statistical modeling, and the p-value does not reflect errors in modeling.
The suggestion that insurers are interested in reducing the probabilities of loss for specific insureds is more a matter of hype than actuality.
1995; Curtice 1997b), we share Hoek & Gendall's belief that subjective probabilities provide both a simpler and a more direct approach to measuring voters' likely behaviour on election day.
After we present some methods of counting, we examine probability theory, including topics from set theory, rules for calculating probabilities, revision of probabilities, and mathematical expectation.
The shuddering of the walls shifts the pattern of probabilities that an electron is in a given location, making it possible for electrons to enter the dot from outside and for others to be ejected.
They were able to compare the potential effect of each analogy on the ultimate outcome using percentage probabilities.
For a well made die, there is really only one symmetric probability, but there is an infinite number of experimental and subjective probabilities.
NICE pre-test probabilities of CAD (Table 1), are based on a version of Diamond and Forrester's pre-test probabilities published in 1979, modified using data from Duke's cohort study, published in 1993.
P3) A risk manager is looking for the difference between the probabilities that two stocks X and Y lose more than a prespecified loss level L.
Life tables are mathematical tables that document probabilities of dying and life expectancies at different ages in a society.
Probabilities of default rise and fall over a business cycle which allows a user to understand these peaks and troughs and to plan and react accordingly.

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